At Wady Properties, we take pride in offering a comprehensive and personalized service for those looking to invest in property in Tenerife. We collaborate with all professional and registered real estate agents on the island, giving you access to the largest property database in Tenerife. Our goal is your peace of mind, and our commitment is to guide you through every step of the buying process, ensuring a smooth and secure experience, with the highest legal and financial security.

A) A Safe, Simple, and Hassle-Free Buying Process

Buying a property in Tenerife is a transparent process as long as the proper procedures are followed with the guidance of our agents.

Finding and Selecting Your Ideal Property

The first step is choosing the property that best suits your needs. Wady Properties helps you find the perfect house, apartment, or villa based on your preferences and budget.

  • Access to the largest property database in Tenerife
  • Advice on locations, prices, and investment profitability
  • Coordination of property viewings

Reservation and Purchase Agreement

  • Once the ideal property is chosen, we proceed to reserve it to ensure it is not sold to another buyer.
  • Signing of the private purchase contract (drafted in Spanish, the official language in Spain), along with an initial deposit to secure the reservation.
  • If you are on vacation and cannot immediately pay the 10% deposit, you can reserve the property with just €3,000 and complete the remaining amount within a week upon returning home.
  • Payment is made via bank transfer to the owner or their legal representative. We also offer the option of transferring it to Wady Properties’ company account, where it will be safeguarded until the public deed is signed.
  • After signing the purchase agreement, for private sales, there is a period of two months to sign the public deed at the notary. During this period, the buyer must transfer the remaining funds to their Spanish bank account.
  • Wady Properties automatically requests a Nota Simple from the Property Registry—an official document verifying ownership and confirming that the property is free of encumbrances, mortgages, liens, or debts.

This document is also requested by the notary the day before the deed signing and is attached to your purchase deed.

(If purchasing a NEW BUILD property, deposit conditions may vary, possibly involving stage payments.)

IMPORTANT: If you decide to cancel the purchase, the reservation deposit is non-refundable.

PRE-PURCHASE PROCEDURES

1. Opening a Bank Account in Spain

  • This account allows you to transfer the necessary funds for your property purchase, ensuring the correct balance plus taxes a few days before signing at the notary.
  • A Spanish bank account is essential for managing payments related to your new property (property tax, community fees, utilities, etc.).
  • Since 2018, banks require:Your latest income tax return from your home country, translated by a sworn translator and apostilled.
  • Additional documentation as per bank requirements.
  • Wady Properties will accompany you to the bank for a fast and efficient account opening.

2. Obtaining the NIE (Foreigner Identification Number)

  • The NIE is a mandatory requirement to buy a property in Spain. It is obtained by filling out two forms—one with personal details and another form (Modelo 790, Code 12).
  • It is issued at the police station.
  • The fee is approximately €10.
  • Wady Properties assists with this process so you don’t have to worry about anything.

3. Legal and Tax Advisory

  • If you are a foreign buyer, you must appoint a Tax Representative in Spain to handle taxes and formalities. (Wady Properties can act as your representative.)
  • We recommend signing a Will before a notary in Spain at the same time as the Purchase Deed.

This protects your family and simplifies future inheritance procedures, avoiding unnecessary costs and delays.

B) Signing the Public Deed Before a Notary and Key Handover

  • On the signing day, the buyer and seller appear before a notary, who reads the deed aloud to formalize the sale, ensuring the legality and transparency of the transaction.
  • An official translator will be present if you do not speak Spanish, guaranteeing full understanding of the deed. The translator’s details are recorded in the sale deed, and they are responsible for the complete and accurate translation.
  • The final payment is made with a nominative check issued from your Spanish bank account to the property owner. (Wady Properties will accompany you to the bank beforehand to ensure the check is correctly issued.)
  • Once the deed is signed and payment is made, the owner hands over the keys, and you officially become the legal owner.

C) Post-Sale Service: Guaranteed Peace of Mind

Wady Properties handles all post-purchase procedures, ensuring everything is transferred to your name without any worries.

Property Registration and Document Delivery

  • We register the deed with the Property Registry.
  • We manage the payment of applicable taxes.
  • You will receive the original documents between 45 and 60 days after signing.

Transfer of Utility and Community Ownership

  • Wady Properties takes care of transferring water, electricity, waste collection, property tax (IBI), and community fees to your name.
  • If you are not present, you can authorize our agency to handle these changes for you.
  • All payments will be automated via direct debit from your Spanish bank account to prevent any future issues.

Property Tax (IBI)

Property tax in Tenerife is significantly lower than in other EU countries, ranging from €100 to €600 for apartments and up to €2,500 for luxury villas.

Wady Properties ensures this tax is directly debited from your Spanish bank account for your peace of mind.

Optional Legal Consultancy

For those requiring additional legal advice, we provide access to Tenerife’s most prestigious law firms.

Why Buy with Wady Properties?

  • Extensive network of collaborations with the best real estate agents.
  • Comprehensive support throughout the entire purchase process – from property selection to key handover and post-sale services, we are with you every step of the way.
  • Simplified legal and tax procedures for foreign buyers.
  • Legal Security & Transparency – We ensure all documents are in order, verifying that the property is free from debts and encumbrances.
  • Post-sale documentation management & service setup – We handle taxes and legal formalities, so you don’t have to worry.
  • Personalized Attention & Continuous Support – We take care of all the details so you can enjoy your new property without stress or complications. We don’t just sell properties—we build trust-based relationships with our clients.

LET’S TALK! YOUR PROPERTY IN TENERIFE AWAITS YOU

Don’t miss out on the opportunity to invest in one of Spain’s best locations. Contact Wady Properties and let us help make your dream of owning a property in Tenerife a reality.

Get in touch with us today and let’s make your dream come true!