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General Information

General Information about Buying or Selling Real estate.

The Property must be free from Loads, Encumbrances, Tenants and Rights.

This must be demonstrated through a Deed (not older than 10 days), that also simultaneously blocked the Land Registry for this period (Replacement for the Priority notice).

The Object must be up to Date at: charges for Electricity, Water, Telephone, Garbage collection and also indispensable: Housing Benefit or Urbanisationskosten (Comunidad) and property taxes to the municipality (Contribución Urbana or IBI)

This is by original Supporting documents, as well as by the last Tax return before the notarial Transfer, to prove by the Seller.

With Acquisition of the Property by a Spaniard, or an in Spain registered Company or an in Spain resident Foreigner, is required a proof a Capital Imports of the Purchase Price.

If the Seller is a non resident Foreigner (not with 1. Place of Abode of Tenerife), this Proof is not necessary. However, it should be noted that 3% from the prescribed Purchase Price for incidental Gains Taxes from the Sale will be retained, provided that the Property was not bought before 01.01.1987 from the current Owner.

The Buyer and the Seller need a tax identification number (NIE – Number) for non-Residents.

3% Retención (possibly non-resident Tax)

plusvalía (municipal capital gains tax is being computed on the increase in value of the land portion of the Property. This is different, depending on the Holding period

Broker Commission

Income Tax (please consult a Tax Advisor )

Real estate transfer tax 6.5%, from the prescribed Purchase Price

Notary and Registry Costs about 2% of the prescribed Purchase Price

Fees for the Circumlocutions from Water, Electricity, Garbage, Telephone and Taxes.

 

 

 

 

 

 

 

 

 

Right of withdrawal

Share this on WhatsAppThanks for your property inquiry. We want to alert you to this page on your withdrawal options: Right of withdrawal If you sign a contract with the provider of the requested property, you have the following cancellation right: You can revoke your contract within 14 days without giving reasons in writing (eg. …

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