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Once you have decided which property you would like to buy, you will need to make an offer. Your offer is as much to do with the terms and conditions of the purchase as it is to do with the price.
If your offer to buy the property is accepted a contract will be prepared and you will need to place a deposit on the property. The deposit is usually 10% of the purchase price. It can be possible with the sellers agreement to accept a holding deposit to remove the property from the market and then transfer the balance to a client account when you arrive home normally within 10-14 days.
The contract that is drawn up when you place your deposit will have a completion date which would normally be 4 to 6 weeks in the future. If both parties are in a position to proceed immediately completion could be within a few days. It is most important that you arrange for the balance of the purchase price plus fees and taxes to be available in Tenerife for the completion date. We will guide you through the whole process to ensure that everything to do with your property purchase here in Tenerife goes smoothly. Do not forget that even if the process is not familiar to you thousands of people like you have gone through the same process that you are about to go through.
Should you need a mortgage we can help you arrange it with one of a number of Spanish Banks.
You will need to allow approximately 10% to 11% extra funds to cover all your legal and tax liabilities.
You will also need to select and instruct a lawyer to act on your behalf, we can introduce you to a Law practice who are experts in Spanish and Canarian property law and of course speak fluent English.
If you are not a Resident in Tenerife it is advisable to give your lawyer Power of Attorney to act for you as this can save a lot of complications in the purchase process. This is quite normal in Tenerife as the Notary date can have a habit of being moved at the last moment. By giving Power of Attorney to your lawyer it can save you the inconvenience and worry when you are making your travel arrangements.
Your lawyer will sort out all the legal matters and also all the expenses and taxes so you will have nothing to worry about. We will also be keeping a check on the progress of the purchase and will go to the Notary office for the completion to oversee the final signing.
Your lawyer will also arrange all the utility bills to be transferred to your name and help set up direct debits for payments.
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