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Once you have decided which Tenerife property 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 we will draw up a contract and you will need to place a deposit on the property. The deposit is usually 10% of the property purchase price. It can be possible to place a holding deposit to remove the property from the market and then transfer the balance to our client account when you arrive home normally within 10-14 days.
The contract that is drawn up when you place your deposit will have the completion date written in to it which would normally be 4 to 6 weeks. It is most important that you arrange for the balance of the purchase price plus fees and taxes to be available in Tenerife for that date. You will loose any deposit you may have paid if you are not able to complete the purchase. We will however guide you through the whole process to ensure that everything to do with your property purchase here in Tenerife goes smoothly. Don’t forget that even if the process is not familiar to you thousands of people like you have gone through the same process
Should you need a mortgage we can help you arrange it with one of a number of Spanish banks. You will find that the rates are very competitive compared to the UK
You will also need to allow approximately 10% extra to cover all your legal and tax liabilities.
You will need to select and instruct a lawyer to act on your behalf. We can introduce you to a lawyer, should you require, who is an expert in Spanish and Canarian property law and speaks fluent English.
If you are not 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 progress of the purchase, 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 with arranging travel.
Your lawyer will sort out all the legal matters and also all expenses and taxes, so you will not have to worry about anything. We will also keep a check on the progress of the purchase and will go to the notary office for the completion in case there are any complications.
The 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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