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General information about buying a property, the process, mortgages, signing at the notary etc...
Property administration after signing in the notary, Donations, Wills & Inheritances, No resident tax declarations etc...
It is a good idea to have a budget in mind before starting your research and to decide on how you wish to finance the purchase, cash sale, equity from your property at home or a Spanish Mortgage, as most Spanish banks will lend non-residents up to 60% of the property valuation.
Now here comes the fun part! Arrive in sunny Tenerife to view properties.
Once you have decided which property you want to purchase, you may wish to make an offer to the owner, which we will negotiate on your behalf. When both parties have agreed on the price, it is time to sign a Sales Reservation Contract, that state the terms and conditions of the purchase, including the price, the deposit (normally 10%) required and the time frame for signing at the Notary
At this point we will start to check the status of the property; ownership, utility bills, community payments, existing mortgages, possible debts etc..
We will introduce you to a local bank to open a no-resident account. We will also help you to obtain a NIE number which is required for all non-residents buying a property, a car etc... in Spain.
Now we are ready to go and sign at the notary (normally 60 days after signing the Sales Reservation Contract) You as the buyer need to take care that you have all the funds on your Spanish bank account at least 3 days before the date of signing. Upon signing the Title Deeds the outstanding balance becomes due.
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This information is for guidance only and is not a substitute for proper legal advice!