Why are title deeds sealed
How to buy
1. Private contract & deposit.
Our clients normally visit 6 to 12 properties before making a decision, and the viewings would normally take 2 days. Once you have selected a property, we will request an updated certificate from the land register to ensure that the property is free of debts, legal fees and encumbrances. After receiving the certificate, report one Private sales contract with the owner or his legal representative, and pay a deposit of some 3 to 5,000 euros in cash or by bank transfer. At the same time we will open one for you Bank account in a Spanish bank. It usually takes about 20 minutes and doesn't cost you anything. Your passport or identity card is required. If you are not resident in Spain, we will accompany you to the police in Las Americas, you will receive one NIE number (Tax identification number). It will take 2 hours and won't cost you anything apart from € 11 for the government mark.
2. 10% deposit.
Since most of our clients are on vacation then when they buy a property, sometimes they are unable to pay a full 10% deposit during their stay. In this case, the contract of sale becomes private gives you the option to leave a deposit, as mentioned above, and the balance of the usual 10% deposit to be paid when you return home. The contract would normally be 2 weeks ago. This payment should be made with a Bank Transfer from your bank account at home to the account of the owner or his / her legal representative. The contract also allows the option to transfer the 10% deposit to our agency instead of the owner, so that it is deposited with Asten Realty until the date of signing the title deed.
The contract would normally give the buyer 2 months to complete. During this time you should transfer the rest of the money to your Spanish bank account. As soon as the day of signing the title deed is confirmed by you and the owners, you will have to come back to Tenerife, or send you legal representative. The signature at the notary (lawyer) always takes place. We usually sign all of our title deeds at the notary of Don Nicolas Castilla, in Los Cristianos, Arona. The final payment to the owner is always with one bank’s check done. We will escort you to your Spanish bank to make sure it's done in the right way. After the notary reads the text of the title deed, the bank’s draft hand you over to the owner, the owner gives you the keys to the property, both parties and the notary sign the title deed, and you become a legitimate owner of the property. You have the right to move in your property on the same day.
4. Taxes & municipal contracts.
Under Spanish law, all income taxes, as well as paper work, are to be paid and presented within 30 days. As a general rule, we delegate the payments and paperwork Accountants (gestoria). You will be responsible to pay the 6.5% IGIC tax to the government, to register the title deed in the land register, to change your electricity, water contracts, to change you name with the company, to put the community and community fees in your name.
5. Final touch.
In 45 days after signing at the notary, we will seal and register all your papers, receipts, contracts and the original of your title deed, in our office. We will call you to come to pick it up, or will mail it to you with a certified mail to any country you wish.
As you can see, buying a property in Tenerife is a simple and easy process when you delegate it to the right agent.
Asten Realty is here to help.
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