Below we give you the overview of the basic procedure, costs and taxes that you need to take into account when buying a property in Tenerife. This is a basic breakdown and is subject to change by decision of the Canarian government or local municipalities. If you are interested in a particular property, we will provide you with up-to-date information.
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The procedure for purchasing real estate

SIGNATURE OF THE RESERVATION AGREEMENT
(contrato de Arras).10% deposit must be paid within 5 working days of signing the contract (standard time). You can sign the contract from abroad and send a scanned copy. We recommend to transfer the payment to a solicitor's office.

SIGNING OF THE PURCHASE AGREEMENT AT THE NOTARY
Usually within 60 days of payment of the deposit, but it can be signed earlier. We recommend personal attendance at the signing at a notary, however, the contract can also be signed on the basis of a power of attorney issued by a notary. We will assist you in all steps and interpret (if necessary).
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REQUIRED DOCUMENTS

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• Obtaining a N.I.E. (Numero Identidad de Extranjero) at the POLICE - this is an alien identification number - can be done by proxy

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• Opening a bank account - can be done by proxy

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• All transfers of energy, waste, etc. - can be done by proxy

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• Extract from the Land Registry (nota simple) - to be supplied by the seller

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• Utility invoices - to be supplied by the seller

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• Energy label of the property - supplied by the seller

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Example:

Property price: €320,000.

Deposit 10% to be paid: €32,000 on signing the reservation contract (ARRAS)

Additional payment 90% (€288,000)

Total price with fees: €355,200

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Fees breakdown: 11%: (35 200 €)

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• tax 6,5%,

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• notary

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• legal representation

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• registration with the Land Registry

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• registration of the real estate register

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• energy transcripts

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• processing of NIE

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• agency commission

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• account opening

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• bank fees

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• fee for issuing a cheque by the bank. Maturity: on the day of signing at the notary's office