The sales process step by step.

A brief and simplified explanation of the process of selling a property:

Step 1 - The Offer

When the buyer has decided to buy your property, delivery of the Offer will occur. This is the legal mechanism used for the buyer to inform the seller that they are interested in purchasing the property and the price they are willing to pay.

The Real Estate Agent of the buyer is the person in charge of guiding the buyer in creating this document. This Offer must incorporate the approval letter for the mortgage if applicable. If the purchase is to be made in cash, it must include a bank statement corresponding to the funds to be used by the buyer.

Step 2 - Acceptance of the Offer

If the Offer is agreeable to you, instructions will be given to a "Title House" to create all pertinent documentation regarding the transfer of the property; specialized lawyers do this. To do this, the buyer must reserve the property he wishes to buy by paying a percentage of the amount, which usually ranges between 5% and 10% of the final amount of the Offer. This money is placed in a security deposit (Escrow Money Deposit). If it is a building in the pre-construction stage, the procedure could vary.

Step 3 - The Closing

Once the lawyers have thoroughly studied the property's title, a date will be set for the signing of the sale contract. At the time of signing, the buyer will deliver the payment for the remaining amount, and the seller will transfer the title to the new buyer.

Lars Polegato

Lars is a real estate agent in the city of Santa Cruz de Tenerife, with years of work experience in the sector, where LPC Collective has developed commercial strategies to promote the purchase and sale of properties.