Buying property in Tenerife
Having chosen your ideal property in Tenerife, obviously some form of payment has to be made before you can start moving in your collection of Burt Bacharach LPs and putting flip-flops marks all over the sofa.
How much deposit needs to be put down depends on the type of property you’re looking to buy. Generally, for a resale property 10 per cent is requested up front, increasing to anything up to 25 per cent if you’re buying a new property in the Canary Islands.
Contracts then need to be drawn up clarifying the ‘who, what, when and how’ of the agreement such as the completion date and method of payment.
Before the deeds can be handed over, all the tax and utility receipts need to be checked to see that there are no outstanding debts remaining on the property.