Discover the pitfalls to avoid when buying off plan in Spain

Do you want to buy real estate in Spain and have you spotted houses on the plan? Do you want to become a homeowner on the Spanish coast and are looking to save money on your Spanish property purchase? As long as you are wary of the pitfalls, an off-plan real estate purchasein Spain is a good solution. Less expensive than buying a used house, this type of acquisition of a property before it is built is a solution that saves money and has advantages if you are not in a hurry to buy a property. '' live in your new residence. Nevertheless, for a transaction in all serenity, there are several elements that you should be wary of before making your off-plan property purchase in Spain. To help you, we give you the main pitfalls to avoid when deciding to buy off-plan property in Spain.

Check the strength of your real estate developer

First of all, before committing to an off-plan property purchase in Spain, be sure to find out about the property developer you are going to sign with. You should be wary of whether this developer has enough money to be able to complete the work on your future residence. Otherwise, your investment could simply be wiped out. To do this, conduct your investigation into its economic situation as well as its solvency and know that the banks in Spain can offer you guarantees to protect you against this eventuality. We therefore strongly advise you to obtain with your bank what is called an aval bancario in Spanish for your individual property. This solution will be the one that will offer you the best protection in the event of a problem. Also remember to check that your real estate developer is registered in the commercial register, the Registro Mercantil in Spanish.

We also advise you to make sure that your real estate developer has all the up-to-date legal documents. You have two options to check the building permit: with the developer directly or on the land register.

In addition, do not forget to check that the land on which you want to buy your property is registered in its name. You can find this information very easily on the Internet from the property registry. The last point on which you must concentrate, your promoter must have his own insurance against possible damage to the building. You can check this information directly in the property manual.

Check the information on the land where your property will be built

Then, buying real estate off plan gives you the chance to see what your future apartment or house will look like. You will be able to visualize your new accommodation and we advise you to dwell on all the details of the plan that will be presented to you. The off plan purchase also allows you like any real estate purchase to visualize the land and the place where your property will be located. And, we suggest you go see for yourself where you want to invest in Spain to avoid unpleasant surprises.

In addition, it is recommended to verify that the land on which you are investing is completely legal. For this you can get what is called a cadastral certificate in which you will have all the information about the land and a certificate which indicates the status of the planning. This way you will have the exact boundaries of your land, the region's construction restrictions or even the projects filed in your area. To find these documents, you can request them on the Internet or directly at the town hall of the town where you are making your real estate purchase. At the town hall, you can also very simply reassure yourself that the residence has the authorization for construction on this land and that the promoter has all the necessary permits such as the building permit.

Check your contract carefully before signing it

Before signing your contract, be sure to review it a few times and make sure the most important information is clear. Make sure that your purchase agreement does not include unfair clauses that allow, for example, to modify the design of the property without your agreement or, again, for your real estate developer to release himself from his responsibilities regarding delays caused by external events .

The two most important pieces of information about your compromise are the amount to pay and the date of delivery of your property. Your contract must indeed clearly indicate the amount you must pay as well as the deadline set for the end of construction work on your future home. On these points, it is essential to specify the compensation and the conditions if the work were to be delayed and you cannot have your property on time.

When the work is completed, you must then have a certificate of completion as well as a first occupation permit. Before paying, you absolutely have to make sure that everything is in good condition and that the construction is fully compliant with what you signed. You must also wait to have these documents in hand to make your payment. Finally, do not forget that your property has guarantees and that you can call on them if you have problems both for the finishes and for a structural or housing defect.

You now know the main pitfalls to avoid when buying off-plan property in Spain. So, even if it seems like a lot of checks to do, we strongly advise you to do everything to complete your transaction with confidence since despite these constraints, off-plan purchase remains a good option when it is well mastered.