If you're
looking for a great investment opportunity then buying property in
Tenerife could be it. Whether for retirement or just a change in
scenery we could help you live your dream. With the relaxed lifestyle
and brilliant climate of Tenerife , contentment is just around the
corner.
We have a wide range of Tenerife properties that could appeal to everyone and might just be what you're looking for. As you may know Tenerife (web: Tenerife information) has become the most popular resort for Europeans wanting a life in the sun while still being within easy reach of home.
On our Tenerife Properties Search
site we supply all the information you need to know about buying
property in Tenerife, we also give you details of top estate agents in
Tenerife, both Spanish and foreign companies that offer a wide
selection of properties from the humble studio, nice Tenerife house to the top of the range villa in Tenerife and also a great selection of Tenerife golf properties.
This is very easy to say but how does one know if that lovely smiling
salesman is one of the top estate agents in Tenerife? Any agency that
doesn't have a G.I.P.E or A.P.I. number in the name of the proprietor
showing that they are qualified and registered should be avoided. It's
very easy for anyone wanting to start an estate agency to rent the
number of a qualified agent but that rented number will still have the
name of the qualified person on it.
Although buying your first Tenerife property can be exciting please
ensure that you keep your feet firmly on the ground. One wouldn't spend
tens and sometimes hundreds of thousands of pounds in one's own country
without taking advice so why do it here when one's knowledge of local
laws etc. is so much less. One further point, many estate agents offer
the use of their 'in house' English speaking lawyer but if you are not
paying the lawyer who is? And isn't the said lawyer working for the man
who pays him? And doesn't the man who pays him want to make a sale?
Often the only work the 'in house' lawyer will do is to draw up a
purchase contract for a property which will contain details of the
vendor and purchaser, it will also contain purchase price and payment
methods, it will state that the title deeds are in the correct name,
you will receive a copy of this. On completion of the sale, completed
in front of a notary, you will receive a copy of the escritura (deeds)
which MUST be registered with the land registry. This escritura is your
proof of ownership, do NOT let anyone have the original, there are many
times that you will be required to give a COPY to public officials but
NEVER let that original go until you've sold the property.
If you have agreed to buy a Tenerife property
while on holiday and do not wish to return for the signing of the deed,
you can appoint someone as your agent to appear before the notary and
sign on your behalf. This person must be officially appointed by a deed
which is called a power of attorney, many lawyers will automatically
get you to sign a general power but bear in mind that the person with
the 'power' also has the right to sell your newly acquired villa for
whatever price he chooses. He wouldn't sell it to his wife for 1 Euro
would he? Far better to restrict his right with the notary to the
purchase on your behalf.
There are fees and taxes payable on all transfers of Tenerife properties,
the notary is entitled to a fee for preparing the deeds and ensuring
that all taxes community fees and bills are fully paid up, there is
also an additional fee for registering the property in the new owners
name, plus a transfer tax which is at present 5% of the official value
if you are purchasing a new property from a developer, or 6% if you are
purchasing a resale property from a private owner. As a general rule an
allowance of ten percent of the purchase price will be enough to cover
taxes and expenses.
