Below I present the basic procedure, an overview of costs and taxes that you need to consider when buying a house in the Canary Islands or Tenerife. This is a basic overview that can be changed by decision of the Canary Islands government or local municipalities. In case of solid interest in a specific property, I 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). The 10% deposit must be paid within 2 working days of signing the contract (standard time). You can sign the contract from abroad and send a scanned copy. I recommend paying to a lawyer's depository.

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

• Obtaining a NIE (Numero Identidad de Extranjero) AT THE POLICE - this is a foreigner's identification number - can be done on the basis of a power of attorney

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• Opening a bank account - can be done on the basis of a power of attorney

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• All transfers of energy, waste, etc. - can be handled on the basis of a power of attorney

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• Extract from the real estate register (nota simple) - supplied by the seller

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• Energy invoices - supplied by the seller

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• Property energy label - supplied by the seller

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Example:
Property price: €320,000

• 10% deposit to be paid: €32,000 upon signing of the reservation contract (ARRAS)

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• Balance 90% (€280,000)

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• Fees: 8-9%: (€25,600)

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• tax 6.5%,

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• notary

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• legal representation

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• cadastre registration

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• registration real estate register

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• transcriptions of energies

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• settlement of NIE

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• create an account

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• Bank charges

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• bank check issuance fee. Maturity: on the day of signature at the notary.

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• CanarexReal commission 1% (€3,200). Due date: ½ of the amount is paid when signing the reservation contract, the other ½ when signing the purchase contract at the notary.

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• Total purchase price of the property including all fees: approx. €348,800