IN today’s article, we want to inform our readers and clients about some legal issues, tips and practical advice, to be born in mind when buying a property off plan (i.e. a property that has not been built).<\/p>\n
The fact is that there is a clear indication that the real estate market in Spain is recovering and a number of developments re beginning to be built. During the worst years of the real estate market crisis in Spain the construction of new properties was very rare and at that time, the few transaction which took place, were mainly concerned with second-hand properties or new properties that had already been built.<\/p>\n
Through this article, we want to share some legal advice that is fundamental to consider when buying a property off plan or to be built.<\/strong><\/p>\n Off plan purchase guarantees<\/span><\/strong>:<\/span> with the recent change of the regulations, law 20\/2015 that modifies the First Additional Provision of the LOE (law 28\/1999), it is necessary to emphasise, that although the developers continue being forced to guarantee the deposit and amounts paid on account, this new regulation is less protective for the buyers, especially with regards to the deadline to claim. It is therefore essential when buying off plan that:<\/p>\n Other essential documents<\/span><\/strong>: Purchasers must also request and check the basic documentation of the complex: ownership of the land, building and construction licenses, cadastral situation, etc.<\/p>\n Essential clauses to be included in the contract<\/span><\/strong>: In the purchase contracts, the inclusion of certain clauses is imperative in order to ensure the protection of the rights of the buyers, such as:<\/p>\n We would conclude by saying that the purchase of properties off plan in Spain, if it is done correctly, checking the relevant documentation, the guarantees stated in the law, etc.is extremely safe, but if not done correctly, it can be very risky and it should be remembered in the last years, thousands of expatriates and residents in Spain, have lost all their savings, buying this type of property.<\/p>\n\n
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