Tenerife property buyers guide 

With AronaSol we will take great care with your every need and you can be assured that you will have a smooth, quick and no nonsense purchase of your property in Tenerife.

Below you will find some of the main points involved in purchasing your property in Tenerife.

THE PROCESS
Usually a 10% deposit is requested on a resale property and 10 to 25% when buying directly from the builder 
of a new property.

Contracts are immediately drawn up and the document will include the completion date and forms of payment.

The agency or solicitor has the responsibility to gather any pending receipts and to ensure that these are cleared before the sale goes through so that at the time of signing there are no debts on the property. These include: -

• Nota Simple (confirmation of ownership and any mortgages or embargo’s).
• I.B.I (Local council rates).
• Electricity & Water receipts up to date.
• Community receipt up to date, signed and approved by the President of the Community itself.
• Copy of the Title deed (Escritura).

If the original of these documents is not presented, the Notary cannot sign the deed on the day of completion. However, should the buyer be aware that certain receipts are lacking and this is clearly stated, the procedure would go ahead.

NB: Should there be a mortgage on the property, it can be cancelled and registered on the day of the signing at the Notary.

TAXES & LEGAL FEES (to be added to the Sale price)
They will be approximately 10% of the sale price and are made up as follows:

• 6.5% (Impuesto sobre Tramisiones Patrimoniales y Actos Juridicos Documentados Mod. 600) of the new declared value on the deeds (Equivalent of VAT) when buying a resale property.
• 5% if new and 0.5% of Mod.600.
• Notary Fee.
• Property Registration Office.
• Plus Valia (Added value).