• PROCEDURE AFTER A PURCHASE •

Buying a property in the Canary Islands is an exciting step, but it also involves several legal and administrative formalities that you cannot ignore. Here we explain, step by step, everything you need to do to enjoy your new home with complete peace of mind.

1.Notary deed: Your starting point

Signing at the notary is the first official step towards becoming a homeowner. If you have applied for a mortgage, you will receive two deeds: one for the home and one for the loan. This document is essential for the subsequent formalities.

2.Pay the taxes: Don't miss the deadline

You have 30 working days from the signing of the deed to pay the corresponding taxes:

· Second-hand property: You will pay the Transfer Tax (ITP),which in the Canary Islands is 6.5% of the value of the property.

· New property: You will have to pay the IGIC (Impuesto General Indirecto Canario), which is 7%, and the Actos Jurídicos Documentados (AJD).

3.Registration in the Land Registry: Protect your investment.

Registering your property is crucial to ensure that no one can claim rights over it without your consent. You will need:

· Copy of the deed.

· Proof of payment of ITP or IGIC and municipal capital gains tax.

The cost of registration will depend on the value of your property, but this investment gives you legal peace of mind.

4.Basic supplies: electricity, water and community of owners.

If the property is second hand, change the ownership of the supplies such as electricity, water and/or Internet. You will need:

· Identification of the previous and new owners.

· Copy of the deed.

· Details of the property.

For new homes, you will have to arrange the initial registration and pay the corresponding fees.

You will also have to notify the Owners' Association of the change of ownership.

5.Registration: Welcome to your municipality

Registering at your new address is the key to accessing municipal services, such as health centres, schools and cultural activities. Go to the town hall with:

· Identity document.

· Deed that accredits the use of the property.

Important: Also update the address on your ID card, passport and driving licence.

6. Home insurance: Protect yourself against unexpected events.

Although it is not mandatory (unless you have a mortgage), home insurance is a smart investment. Analyse the coverage well and make sure you include the contents and the building. Remember that the difference in price is in the details of the coverage.

Ready to start this new stage? 💬 Write to us, at La Boutique · Canary Real Estate, we not only help you find that home with a WOW effect, but we also accompany you every step of the way.

With love, La Boutique team