Protocol to follow when you buy new build property in Costa Blanca
When we buy a property in another country there are always aspects that differ substantially as they are done in our country. In this article we give information about the steps you need to follow if you buy new construction homes in Costa Blanca.
The economic crisis led to a slowdown in housing construction in Spain. During the last two years it seems that the situation has turned around. In coastal areas are flourishing urban development.
It should be noted that the process of buying a new home differs somewhat from buying second-hand housing. In this case the seller is the promoter and housing can not be built yet, hence the operating present some differences.
Vincent Real Estate will list the steps so you do not miss:
1. Delivery of a signal.
In Spain it is common that the builder requests a signal that we want to buy the property as a reserve. This amount should be deducted from the total sale price. It is appropriate that all documentation on the monitor signal that your lawyer.
2. Signature of private contract.
Signing a private contract that will indicate the end date of the work with the delivery of keys, and payments to be made to the promoter until that date (specifying whether these amounts is included in the VAT). The Act provides protection buyer for the amounts paid on account during the construction phase. The sponsor should endorse those amounts, as it is obliged to take out insurance and deposit them in a bank account separate from other funds.
3. The certificate of occupancy.
When work is finished, wait the first occupation license or certificate of occupancy, which confirms that space as being suitable for housing and meets the safety requirements for supplies and services.
4. The Statute of the residents.
Community Statutes (if they exist, are not mandatory) and standards and service contracts and supplies. Sometimes these statutes can hide binding rules on the facades or house rules.
5. Check the Land Registry.
To do this you are prompted for the registry data to the promoter, or, where appropriate, consultation is done directly in the Property Registry.
6. Watch for surrogacy.
The developer may have performed the work with their own financial resources or finance such hipotecándola promotion. Once the housing and if you need financing has two alternatives:
a) the party subrogated mortgage constituted by the promoter that corresponds to your home.
b) Getting another outside this financial offer.
In any case, the developer can not force you to subrogation and should get another financing costs cancellation will have to pay the current promoter.
7. The signing of the deed.
In Spain the sale culminates with the signing of the deed of sale and the mortgage deed if the purchase is financed with a mortgage loan (or other mortgage subrogation).
8. Insurance Housing Decennial on new construction.
Information on the effect decennial insurance for damage to the building. It is good that in the new housing the developer has responsibility for housing defects. This responsibility is limited to 10 years it must be guaranteed with a secure called "decennial".
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