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Associated costs Associated costs When buying the property on Tenerife the buyer pays VAT which is 7% of the property value for residential property and 16% for commercial property and land.  Conclusion of the sales contract Conclusion of the sales contract Any real estate in Spain must be registered in Property Register - Registro de Propiedad. There you can get the information about the owner of the property, its cadastral value, exact area, depts. State registration of transaction State registration of transaction The buyer receives the keys when the sale contract is signed.  Property payment phases Property payment phases In the case of getting the mortgage the credit costs are paid at the Notary when the buyer signs the contract. The order of real estate transaction in Tenerife The order of real estate transaction in Tenerife All payments of transaction according to the contract take place at the notary.

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