Buying a property in Tenerife is an important decision and an excellent investment, whether as a primary residence, a second home, or for rental income. The process may seem complex, but with the right guidance it becomes safe, transparent, and straightforward. At Altamar Tenerife, we support you through every step, from the initial search to the final signing at the notary, ensuring peace of mind and security throughout the entire process.
1. Define your budget
Before starting your property search, it is essential to establish a realistic budget. You should consider not only the purchase price but also additional costs such as taxes, notary fees, registry fees, and legal services, which typically represent between 8% and 12% of the total purchase price. A clear financial plan will help you make safer decisions and avoid unexpected expenses.
2. Property search support
At Altamar Tenerife, we assist you from the very beginning, helping you find the best opportunities on the market based on your needs, goals, and budget. We carefully select and filter properties that have been previously reviewed, ensuring each option is legally and technically sound, saving you time and giving you full confidence.
3. Deposit contract (Arras): property reservation
The deposit contract, known as contrato de arras, is a key step in the Spanish buying process. It is a private agreement between buyer and seller that formalizes the reservation of the property.
In this contract:
The buyer pays a deposit, usually 10% of the purchase price.
The property is reserved for an agreed period.
Both parties commit to completing the sale.
Types of deposit contracts:
Penitential arras: allow withdrawal with a penalty (loss or double refund of the deposit).
Confirmatory arras: legally bind both parties to complete the transaction.
Penalty arras: include additional penalties in case of breach.
At Altamar Tenerife, we carefully draft and review all deposit contracts to protect your interests and ensure a secure transaction.
4. Financing and mortgage
If you require financing, we assist you throughout the mortgage process with Spanish banks. Non-resident buyers can typically access financing between 60% and 70% of the property value, depending on their financial profile. We support you with documentation, feasibility studies, and negotiations to secure the best possible conditions.
5. Legal review and documentation
Before proceeding with the purchase, we carry out a complete legal review of the property to ensure everything is in order.
One of the most important documents is the Land Registry extract (nota simple), which allows us to verify: the legal owner of the property. Whether there are any mortgages, debts, or charges. The legal and registry status of the property.
We also review all necessary documentation for the purchase:
Title deed. Energy efficiency certificate. Property tax receipt (IBI). Community of owners certificate (if applicable). Habitation certificate or first occupancy licence (where required). This process is essential to guarantee a safe purchase with no legal risks or surprises.
6. Notary signing
The sale is completed through a public deed signed before a notary. At this stage, the final payment is made, all legal documents are signed, and the keys are handed over.
7. Property registration
After signing, the property is registered in the Land Registry, ensuring legal security and officially confirming ownership.
8. Full support from Altamar Tenerife
At Altamar Tenerife, we do more than show properties — we provide full support throughout the entire buying process:
Property search and selection. Price negotiation. Legal and document review. Deposit and contract management. Coordination with banks and notaries. Assistance until key handover. Our goal is to ensure you buy with complete confidence, whether you are a resident or an international buyer.
Conclusion
Buying a property in Tenerife is a strong and secure investment with great long-term potential. With professional support, the process becomes simple, safe, and well-structured. At Altamar Tenerife, we guide you every step of the way to ensure your purchase is a success from start to finish.