Vital things to remember when purchasing an off-plan property in Spain

There are plenty of options when it comes to purchasing property in Spain. To use the services of luxury real estate agency in Spain you should check out the Spain-Real.Estate website. The specialists from the agency will help you find previously owned housing as well as newly built or even off-plan real estate. When buying a home in Spain, which is still under construction, it is worth remembering some important nuances. This article is about them.

What to check before the deal

When buying housing under construction, you must first analyze the legal side of the issue. It is better to turn to lawyers for help. This step will allow you to be sure that all the documentation is available and valid, and as a result, it will guarantee you the fulfillment of all obligations on the part of the developer.

1. It is necessary to order Escritura de Compra – this government document helps to establish whether the developer is registered as one legal owner of the land where construction is underway.
2. Obtaining Nota Simple in the Cadastral Register is another document that will allow you to find out if the land for construction is not encumbered with any pledges or proceedings.
3. Ask the developer for a receipt for payment of IBI tax for the last year. If this tax is not paid, it will subsequently pass to the new owner, that is, the home buyer. It is also possible to request information about this tax at the state office of SUMA.
4. Request Certificación catastral and Plan Parcial from the Cadastral Register. They contain information confirming the registration of the building.
5. In the Department of Urban Development, clarify whether the construction of the house is legal and whether any measures are planned that can interfere with the construction or postpone it.
6. Make sure the developer has a Building Permit (Licencia de Obra)

As soon as all these 6 points are fulfilled, and it becomes clear that the construction is carried out legally, it will be possible to start drawing up the purchase and sale agreement.

What to remember when drawing up a sales contract

You need to check the following documents when you will draw up a sales contract :

• Licencia de Obra – building permit. State document confirming the compliance of the design work with the norms and regulations of urban planning.
• Aval bancário – bank guarantee. It allows you to return all funds sent by the buyer for the construction of housing + 6% per annum if the developer for some reason cannot finish it.
• Declaración de Obra Nueva – a declaration of work. This document testifies that the construction is correctly entered in the cadastre, and all the constituent parts of the object are entered into it.

What to do after the house is built

Once the house is built, you need to register it. To do this, you need the following:

• Certificado Final de Obra – This certificate permits construction and is issued by the Project Architect.
• Licencia de Obra – a document from the city hall, authorizing the construction of a house.
• Licencia de primera ocupacion – a document authorizing the settlement of residents, issued by the mayor’s office after a comprehensive check of the compliance of the plan and the building, its safety.

Real Estate in Spain

Buying off-plan real estate in Spain is a highly profitable investment. Spain-Real.Estate website can help you with this and the specialists will assist you at every step of the deal.