When purchasing a resale property the purchase agreement will contain the details of the vendor and purchaser, the purchase price and details of the payment method.
It will also confirm that the title deeds (Escritura de Compraventa) are in the name of the vendor and this will be transferred to the purchaser upon completion of the sale.
As in the United Kingdom there are associated costs in purchasing property in Tenerife. (i.e. in the U.K stamp duty & legal expenses).
There are a number of factors that enter into the calculations of the fees, taxes and costs involved. As a guide you should budget around 10% to 11% of the purchase price of the property to cover all the costs.
Owning a property in Tenerife has proven to be for many a sound investment, the price of property and land has proven to be the best investment over the medium and long term.
Although forming part of the Sovereignty of Spain, Tenerife has it's own stable government and an expanding economy. Spain is a member of the E.E.C. This makes it very attractive to foreign investors.
When purchasing a property in Tenerife it is a requirement that you obtain a fiscal identification number (N.I.E.). Also known as N.I.F., essentially the same, namely a form of identification issued to non-Spanish nationals.
Buying a property has proven to be one of the most secure forms of capital investment that you can make as property values have always risen at a higher rate than inflation.
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As in the United Kingdom, you must ensure you have insurance on your property abroad.
