How to buy a property in Tenerife ?

Buying a property in Tenerife for a foreigner may seem daunting at first, but in reality it is a relatively simple process as long as you are well guided and advised by a trusted professional. At 4Life Properties we are committed to making your project easier by doing everything we can to assist you through the various stages of the buying process. But what exactly are they?

1. Determine your budget :

Before starting your search, the first step is to determine your budget and the conditions of purchase (cash payment, pre-approved bank loan).

2. Property search and selection

With your budget determined and validated, it is now time to focus on the property search criteria. It is important to give as much information as possible so that your estate agent can fully understand your expectations and propose suitable properties. The agent will then propose a selection of properties available on the market and it will be time to organise visits.

3. The reservation contract (contrato de arras)

Once you have identified the property you wish to buy and have reached an agreement with the owner on the purchase price, all that remains is for you to formalise this agreement in writing. Your estate agent will prepare a reservation contract, which includes a deposit of 10% of the final sale price to guarantee both parties' formal intention to proceed. Please note that this amount is not refundable in the event of withdrawal by the buyer.

4. Obtaining the N.I.E. (foreign identification number)

For foreigners who wish to carry out a real estate transaction in Spain, it is imperative to obtain the NIE. For this purpose, we accompany our clients through the process and appointments until the document is obtained at the police station.

5. Opening an account in a Spanish bank

We strongly advise you to have a Spanish bank account for expenses related to your property (bills, taxes, etc.). Here again, and to make it easier for you, we offer our help and guidance in opening an account with a local bank.

6. Before the public deed of sale

Once the above formalities have been completed, we start the preparations for the public deed of sale. In your interest, we check that all the covenants have been met and that the property is free of any charges or debts. During this time, the buyer must transfer the amount required for the signing of the sales contract, as well as the after-sales expenses, to his Spanish bank account or to the notary's deposit account.

6. Signing of the deed of sale

Everything is now ready and the appointment is set. The official deed of sale is then signed at the notary's office and the buyer has to pay the rest of the money corresponding to the price of the property indicated in the reservation contract to finalise the sale.

7. Change of ownership and administrative formalities

We attach great importance to the quality of our services, which is why our involvement is not limited to the signing at the notary's office. We will also assist you with the formalities related to the change of ownership, such as electricity, water and community contracts, property tax (IBI), rubbish, etc. We make sure that everything is done properly to ease your transition to your new property.

Do you have any other questions?

We are available to clarify all your doubts and prepare a personalised offer!