Off Plan New Build Resale
Introduction Who Are Marina Estates? Professional Advice At the Heart of Golf Local Knowledge Who to Trust? Is it Safe? Surfing the Net Inspection Trips Decisions, Decisions! Investment Types Currency Mortgages Legal Advice Contracts What Happens Next Is There Anything Else to Pay? Purchase Requirements What Next? The Community
The Island Airports Places of Interest Beaches Food Shopping
Owners Packages Rentals Insurance Furnishings
The Premier Real Estate Agents in Tenerife

Tenerife Property Buying Guide

Contracts

For a re-sale property the purchase contract will have your details on as well as those of the vendor, it will also have on the agreed purchase price and the agreed method of payment. Also on the contract will be confirmation that the Title Deeds (Escritura de Compraventa) for the property are in the name of the vendor and confirmation that these will be passed to you on completion.

The contract should also contain confirmation that the property will be transferred free from all encumbrances and rights of third parties, it will also confirm who is liable for the taxes and costs involved in the transfer. There may also be stipulations regarding penalties for non-execution of the contract.

The contract for an off-plan property will have similar details and further information regarding building permits, land ownership, completion dates and the community which will be set up on completion.

The contract should be in Spanish with a certified English translation, you should not sign this contract until your legal representative has had chance to read the contract and confirm that they are happy with the details. All vendors or developers should be happy to take an initial holding deposit for the property and then allow you a timescale, normally 28 days, in which to have the contract checked out legally before signing and paying the agreed deposit. This initial deposit will be refundable if your legal representative finds reasonable cause for you not to proceed. If they don’t I would consider not proceeding with the purchase.