1. Initial Research and Preparation Define Your Requirements: Determine your budget, preferred location, type of property, and key features. Financial Preparation: Ensure you have the necessary funds for the purchase, including the down payment, taxes, and fees. Consider getting a mortgage pre-approval if needed. Legal and Financial Advice: Hire a lawyer and a financial advisor who are familiar with Spanish property laws and the Tenerife market. 2. Property Search Real Estate Agents: Engage with reputable real estate agents who have a good knowledge of the Tenerife property market. Viewings: Schedule and attend property viewings. Make notes and compare the properties you visit. Online Resources: Utilize property websites and online portals to browse listings. 3. Making an Offer Negotiation: Once you find a property you like, negotiate the price and terms with the seller or through your agent. Formal Offer: Make a formal offer to the seller. This is usually done in writing and may include an earnest money deposit. 4. Legal Due Diligence Lawyer’s Role: Your lawyer will conduct thorough due diligence, including checking the property’s legal status, verifying the title deed, and ensuring there are no outstanding debts or encumbrances on the property. Nota Simple: Obtain a “Nota Simple” from the Land Registry to confirm ownership and any existing charges on the property. 5. Preliminary Contract (Contrato de Arras) Drafting the Contract: Your agent will draft a preliminary contract outlining the terms and conditions of the sale. Deposit Payment: Pay the deposit (usually 10% of the purchase price) to secure the property. This amount is non-refundable if you decide to back out of the deal without a valid reason. 6. Mortgage Application (if applicable) Documentation: Submit all required documents to the bank for the mortgage application. Valuation: The bank will conduct a property valuation to determine the mortgage amount. Approval: Upon approval, you will receive a mortgage offer outlining the terms and conditions. 7. Final Contract (Escritura de Compraventa) Notary Appointment: Arrange an appointment with a notary to sign the final purchase deed. Payment: Pay the remaining balance of the purchase price, taxes, and notary fees. If you are using a mortgage, the bank will transfer the funds. Signing the Deed: Both the buyer and the seller, or their legal representatives, must sign the deed in the presence of the notary. 8. Registration Land Registry: The notary will forward the signed deed to the Land Registry for registration. Title Deed: Once registered, you will receive the official title deed confirming your ownership of the property. 9. Post-Purchase Obligations Utilities and Services: Transfer or set up accounts for utilities (water, electricity, gas, internet, etc.) in your name. Community Fees: If applicable, notify the community of property owners about the change in ownership and arrange for payment of community fees. Insurance: Obtain property insurance to protect your investment. 10. Taxes and Fees Transfer Tax (Impuesto de Transmisiones Patrimoniales - ITP): Typically 6.5% for resale properties. Notary and Registry Fees: Vary based on the property value. Lawyer’s Fees: Generally 1% of the purchase price. Other Costs: Possible costs include mortgage arrangement fees, survey fees, and administrative costs. Tips for a Smooth Purchase Process Hire Professionals: Engage experienced real estate agents, lawyers, and financial advisors. Understand the Market: Research the Tenerife property market to make informed decisions. Document Everything: Keep records of all transactions, agreements, and communications. Plan Visits: If possible, visit Tenerife multiple times to get a feel for different areas and properties. By following these steps and seeking professional advice, you can ensure a smooth and successful property purchase in Tenerife.