Buying property off plan in Spain
Buying a new apartment or villa off plan in Spain is a common method of buying your dream home in the Sun. I areas of Spain where the demand for property is high. It often works out a lot cheaper and you can have an input with the property developers on the building specifications and the internal fixtures and fittings. If you are considering buying off plan there are many aspects to consider and the help of a good solicitor with experience of Spanish property law is essential. The solicitor will conduct a number of vital checks on your behalf to ensure everything is above board. They will also prepare a formal contract to protect your interests. The solicitor will also verify the property developer actually owns the land and that there are no outstanding mortgages attached to the title.
The solicitor will also be able to incorporate safeguards and penalty clauses for delays etc in to your signed property sales contract. Spanish law does now allow title on a property to be established until the property is completed and formally registered. It is worth knowing that many banks will not grant a mortgage or allow you to raise finance on a off plan property until the build is fully completed.
Many property developers and estate agents offer inspection trips with discounted or free flights. Do not be pressurised in to parting with any money directly to a property developer or estate agent. Very often it makes sense to consider all the options, do your research and work in conjunction with your appointed solicitor to ensure everything is above board prior to the sale being completed. |
