When considering a property purchase in Tenerife, you might find that the property has outstanding debt. While this may sound concerning, it’s not the end of the world. As a knowledgeable real estate agent, I can assure you that navigating this situation is manageable with the right support.
Your lawyer will conduct thorough due diligence to uncover any records of outstanding debts associated with the property. It’s essential that any debts are addressed before finalising your purchase. There are two main options: the debts must either be cleared before your appointment at the notary or disclosed during the notary process.
Your lawyer will play a critical role in this process. They will hold back any necessary funds that need to be allocated to pay off these debts. This ensures that when you become the owner, the lawyer will pay off any outstanding amounts, leaving you with a property free from debt.
In conclusion, if you encounter outstanding debt when buying property in Tenerife, rest assured that it can be resolved effectively. With the assistance of a qualified lawyer, you can ensure that you purchase a property that has no lingering financial obligations. If you have any questions about the buying process or need assistance, feel free to reach out.
