Taxes and cost
You need to allow approximately 8,5% of the purchase price for fees and costs of acquiring a property. This is additional to the purchase price. The 8,5 % includes 5,75% tax on a new development or 6,5% tax on a second-hand property, notary fees, land register fees and plus valia tax.

Yearly costs
You have to pay monthly community fees to an owners association that looks after the general running of the complex.

Once a year you have to pay IBI ( Impuesto sobre Bienes Inmuebles), this is rates. Which is very low compared with other countries.

Legal procedures
All property transfers in Spain are registered and the Title deeds ( Escritura) prepared by a notary (Notario). Seller and buyer sign the Title deeds witnessed by the notary. He ensures that all paperwork has been correctly drawn up. Then the Escritura is presented to the land registry office where the details of the new owners are recorded.
The whole process can be completed in 3 workdays ( buying and singing). If it is a cash transaction.
Those who may have purchashed on a short visit to Tenerife and do not wish to return simply for singing of the deeds, may appoint a representative by “Power of Attorney” to appear before the Notario and sign on their behalf.