Best advises to buy an off-plan property in Spain
During the last years, the resale homes have leaded the ranking of sold properties. The stock of built properties was high and the level of new-built and off-plan properties has been extremely low since 2008. However, the improvement of the sector and the increasing demand have stimulated the construction of off-plan homes.
Here are some relevant advises to keep in mind if you are considering to buy an off-plan property in Spain:
Ask and keep a copy of the plans of the property when you sign the contract. The reason why this is important is to avoid any future dispute related with the features of the property you paid for and what you get. In this way, you could prove any unilateral changes made by the promoter.
Legally the contract will not be carried to a notary review and approval until the buyer has handed the keys of the property. For this reason, it is very important that you read carefully the private contract between you and the developer or company that will be signed. This seems obvious but always is important to take a double-check to clauses of the contract, and ask for an explanation in case you find any unclear point or have any doubt.
During the negotiation phase you must ask for a guarantee
During the negotiation phase you must ask for a guarantee (by an assurance agency or financial institution) that ensure a compensation to recover your money given in advance. If the property is part of a big development it is advisable a double guarantee: one general for the whole development or project; and an individual guarantee with specific compensation conditions for your home.
The contract should include clearly the final price of the home and the date of delivery of the keys. Approximations are not recommendable. Try that your contract will as much precise as possible in terms of dates and figures.
Many of this reccomendations can be obvious, but not all the buyers of a off-plan property in Spain keep in mind all of them, which it can represent a negative future experience related with such as important purchase for individuals and families.