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Step by step purchasers guide - Buying property with a mortgage from a Spanish Bank - What happens after signing at the Notary?


It is a good idea to have a budget in mind before starting your research and you should also decide on how you wish to finance the purchase, cash sale, equity from home in UK or Spanish Mortgage as most Spanish banks will lend non-residents 65 to 70% of the property valuation.

There are many agencies in Tenerife who have been in business a long time and who have very good reputations. Take a look at their Clients Comments to see what previous clients thought.

A good estate agent will have many varied testimonials and will be happy to supply you with references. So please choose an agency you feel confident with, one that responds to your initial enquiry with lots of helpful information and advice.


Now here comes the fun part! arrive in sunny Tenerife to view the properties. estate agents in tenerife

Once you have decided on which property you want to purchase, you may wish to make an offer to the owner, which your agent will negotiate on your behalf. Assuming the owner accepts your offer or you re-negotiate the price, this is the time to sign a Sales Reservation Contract.

These are fairly standard documents that state the terms and conditions of the purchase, including the price, a deposit required, and the time frame for signing in the Notary etc.

Usually a small deposit is asked for at this point, which will hold the property until the balance of the deposit is paid. This is normally 10% of the sales price, and generally 7 working days are given for the buyer to come up with the funds.

At this point your agent will ask the current owner for paperwork relating to the property, so they can check ownership and that there are no debts levied against the property.

Contracts should state that if the buyer decides to pull out of the sale, the seller may keep the deposit paid and if the seller pulls out, then he has to return the deposit & usually pay the buyer compensation.

A good agent will then introduce you to a local bank and help with obtaining a non-resident account. They will also take you to the Police Station to obtain an NIE number, which is required by all non-residents for the payments of taxes here in Spain.

The next step is to arrange a date to complete the transaction at the Notarys office, normally within 60 working days of signing the Sales Reservation Contract. The buyer should ensure that sufficient funds are lodged with their bankers here at least five days prior to signing in the Notary.

Your agent will ask the seller for receipts to show that all the utility bills, community fees and local rates are up to date.

On the big day of signing for your property, your estate agent will help you with the bank and then take you to the Notarys office. Prior to signing the Title Deeds or (Escritura) the Notary will have done a search (Nota Simple) to see the status of the property.

Upon signing the Title Deeds the outstanding balance of the purchase becomes due.

After signing for your property the costs associated with the sale will then have to be paid.

Now See: What happens next after the signing of your property?

step by step purchasers guideThis information is for guidance only and is not a substitute for proper legal advice!


VisaVerde Consultancy Services S.L. - B107 Garden City, Playa de las Americas, San Eugenio Bajo, 38660, Tenerife. tel: +0034 922794214.

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