Purchase process in Tenerife

Before you make an offer, it is important to know your options. In Spain, transactions often move faster than in Belgium, so thorough preparation is essential. An NIE number (Número de Identificación de Extranjero) is mandatory for any foreigner purchasing property in Spain. This identification number is used for all official documents, banking transactions, and the notarial deed.

We also assist you in engaging a reliable lawyer (abogado) who will represent your interests and conduct all legal due diligence. This is a standard practice in Spain and ensures you can sign the deed with peace of mind.

In Belgium, you usually work with a single real estate agent who can assist both the seller and the buyer. In Spain, the system is structured differently. A selling agent represents the seller. They promote the property, organize viewings, and defend the seller’s interests. A buying agent, on the other hand, works exclusively for the buyer. They actively search the entire market, not just their own portfolio, and negotiate on your behalf. Their role is to translate your wishes into the right purchase, under the right terms.

This distinction is important: the selling agent works for the seller; the buying agent works for you. At Chapter Tenerife, we are able to fulfill both roles thanks to our deep-rooted presence and experience, allowing us to offer all real estate options to you as a buyer or seller of a property. We can also offer property rental services as part of our portfolio.

Once you have found a property, a reservation contract is often signed. This temporarily removes the property from the market pending legal checks. At that point, you pay a small deposit, usually between 6,000 and 10,000 euros.

Your lawyer will then review all documents: title deeds, permits, debts, or outstanding costs. Only when everything is legally in order will the next step be taken.

After the legal review, a private purchase contract (Contrato Privado de Compraventa) is drawn up. At this stage, the buyer typically pays 10% of the purchase price, including the reservation fee already paid.

This contract is legally binding on both parties, similar to a preliminary agreement in Belgium. Your attorney ensures that all clauses are correctly drafted and that your interests are protected.

The final step is signing the notarial deed (escritura pública) at the Spanish notary’s office. At that point, the remaining amount is paid, and you officially become the owner. Your lawyer or representative can be present on your behalf if you have provided a power of attorney, which is convenient if you are not in Spain on the day of signing.

After the deed is signed, the property is registered in the Spanish land registry and the utilities are transferred to your name.

Please allow for approximately 10% in additional costs on top of the purchase price. This includes transfer tax (or VAT for new construction), notary fees, registration fees, and your lawyer’s fees. We’ll help you draw up a complete overview so there are no surprises.