purchase and sale agreement

The purchase and sale agreement will contain details of the seller’s property, the purchase price and method of payment. It will also confirm that the ESCRITURA (Title Deeds) is in the name of the seller and that this will be passed to the purchaser on completion of the sale. It will also state that the property will be transferred without encumbrances or other rights of third parties.

off-plan / underconstruction

The purchase and sale agreement for an off plan property or a property still under construction will contain similar details to those above in addition to further information regarding ownership, building licenses, date of completion etc.

spanish / english translation

Contracts are written in Spanish with an English translation. Your representative will go through the contract with you thoroughly and explain any details that you maybe unsure of. If you are not entirely satisfied with any of the detailing the contract, or have any doubt about its clarity of any of its stipulations in the contract, then you should seek further advice before signing it. Your agent or representative should be able to assist with this matter. Costa Sol Tenerife has its own in-house legal representative who is fluent in Spanish and English.

holding deposit / down payment

In order to secure a property you should pay a holding deposit to avoid another purchaser jumping or gazumping as it is known in UK. Ask your legal advisor to vet the contract before you sign. Any reasonable developer or seller will not refuse to refund a holding deposit should a solicitor or legal representative find any legal reason why you should not proceed. The holding deposit is on average 10% of the selling price.