Wady Properties collaborates with all registered and professional real estate Agents on the island of Tenerife, having access to the largest database of real estate in Tenerife.
Wady Properties wants to make clear that the owners always pay the fee for the sale of all the properties of the website.
Wady Properties accompany the buyer during the purchase process.
If you are a foreigner, you must choose a tax representative in Spain.
The process of buying a property in Tenerife is simple, it only requires the correct procedures, “attention and understanding”.
1.- After choosing the correct property, the client is asked to sign a purchase agreement for the private sale, in which a sign is requested so that the house is blocked and reserved.
Only contracts in Spanish are valid in Spain.
Normally, 10% of the total sale price is requested to sign and book a house. You will lose this signal if you do not complete the purchase.
Since most of our customers are on vacation and are not able to pay 10% of the initial payment, the contract for the purchase of a private sale offers the option to leave € 3,000 (three thousand euros) and the rest of the deposit 10% to pay once the buyer is at home.
There is usually a period of 1 week to do this.
This payment is made by bank transfer from your account of origin to the account of the owner or his legal representative. The contract also leaves an option to transfer the deposit to the account of the company of our office so that Wady Properties keeps it until the day of signing the public deed.
(If your purchase is a NEW development, the deposit conditions may vary and this may involve payments per stage)
Please note that our office automatically requests a “Simple Note” in the land registry after selecting the property.
This document shows the current owner, if there are debts, mortgages or liens on the property.
In principle, this document is also requested by the notary the day before the deed and is attached to your deed of purchase.
2.- The next step is to open a bank account in your name (in this account you can transfer the money necessary to purchase your property, this must be the correct balance plus taxes a few days before the signing of a notary).
It will be useful and necessary for different payments: IBI (property taxes), garbage, community costs and public services such as water, electricity and telephone. Wady Properties helps you open the bank account by accompanying you to the bank.
Please note that since the beginning of 2018, most banks require the following when opening an account for a foreigner:
The last tax return of your country of origin, this must be translated into Spanish by a sworn translator and with the apóstillados.
Keep in mind that this will take a while
3.- You must request an NIE (foreign national identification number) from the police station, this is a mandatory step to acquire a house in Spain.
The NIE can be obtained through the national police by completing a document with your personal data and paying a fee of 10 euros in a Spanish bank through another document (model 790 code 12).
Here, too, Wady Properties will guide you throughout the process at the central office of the police, the bank and your NIE.
This takes 1 hour and costs nothing, except about 10 euros for the police.
4.- We recommend that, along with the deed of purchase, process your will before a notary, do not exaggerate its value and save your family from a long and expensive process in case of death.
5.- We also obtain the history of debt-free certificates: IBI. (Property tax), garbage, community costs and public services (water, electricity and telephone).
All this to ensure that, at the time of signing, the property is free of all types of debts or fees, so it protects your interests.
We make sure that the buyer buys it completely free of debts or that the debts are deducted from the price you pay the seller.
6.- The purchase contract for private sales offers a period of 2 months for writing. During this period, the buyer must send the rest of the money to his own account in Spain.
Once confirmed the day of the signing of the public deed, the buyer must return to Tenerife or send their legal representative.
The final payment is made with a nominative check, in the name of the owner.
We accompany the buyer to the bank to verify if the check has been made correctly.
We organize a transaction at a notary with the participation of an interpreter.
After the notary has read the deed of the buyer and the seller, the buyer gives the check to the owner, who gives him the key.