Tenerife Property Buying Guide
Legal Advice
Once you have decided to buy a property abroad you should find a good lawyer for advice and assistance. Marina Estates local legal experts guide you through the purchase of foreign property including any fees and taxes that are applicable.
Lawyers
The lawyer will ensure that the property has no associated debts owing and that the investment is safe and secure.
Your lawyer will also arrange connection of services such as gas, electricity and water and will also liaise with you on setting up direct debits or standing orders.
The lawyer will detail the exact costs associated with a specific property purchase, but as a general rule of thumb, add 8% - 10% to the purchase price for costs associated with property purchase in Tenerife. This is made up of:
| IGIC (VAT) Stamp Duty Lawyer Notary and other disbursements |
5% 1% 1% 1% ---- 8% |
In Tenerife, I.G.I.C. is payable on property completion. It is 5% for New Build properties but rises to 6.5% for re-sales.
Under FOPDAC regulations we have to recommend two independant firms of lawyers. We will be delighted to put you in touch with either firm, both of whom are dynamic, national law firms.
To allow for complete client security:
- All deposits are lodged with our lawyers
- All development contracts are forwarded to our lawyers prior to release for their approval
