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Overview of fees and the basic procedure for buying real estate in Tenerife

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.

The procedure for purchasing real estate

(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.

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).


  • 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

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

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

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

  • Energy invoices - supplied by the seller

  • Property energy label - supplied by the seller

Property price: €320,000

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

  • Balance 90% (€280,000)

  • Fees: 8-9%: (€25,600)

  • tax 6.5%,

  • notary

  • legal representation

  • cadastre registration

  • registration real estate register

  • transcriptions of energies

  • settlement of NIE

  • create an account

  • Bank charges

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

  • 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.

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

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