8 Tips for buying off-plan homes

The purchase of a home, whether as a first residence, or as a holiday home, is one of the most important decisions which families face, so it is important to avoid unnecessary risks.

It is important to follow these 8 tips to avoid risks when buying a house off-plan:

  1. To know the developer and his background

    . It is necessary to know who the developer is, to know if he has experience in the sector, if he is the owner of the land on which he is going to build the houses and if he is solvent.

  2. Read the contract carefully

    . In Spanish law, the contract is law between the parties, so it is very important to review the clauses of it carefully and clarify any doubts that may arise.

  3. Request that a copy of the plans and the quality report be incorporated as part of the contract

    .  This way you could demonstrate any unilateral changes made by the developer.

  4. Final price of the property, including VAT, and the date of delivery

    must be clearly stated in the contract. To avoid unpleasant surprises, you should never accept a document with estimates.

  5. Contract must indicate which is the special bank account

    opened by the developer to receive deposits from the buyers.  This account can only be used by the developer for building costs and deposits paid by the buyers must be guaranteed by bank guarantee or insurance.

  6. Check that the project has a building permit

    before making payments to the developer. Only at this moment, the property will be considered to be under construction and will arise the obligation of the promoter to provide a bank guarantee, and therefore, the responsibility of the bank where the special account is opened to ensure that the money of buyers is guaranteed.

  7. Request from the builder a copy of the general bank guarantee

    for all the project and confirmation of the possibility of getting an individual bank guarantee for your payments.

  8. And above all, and especially, hire the services of a certified lawyer that specialized in real estate law

    and with experience in the area that defends your interests.

At Imont Legal Services you will find lawyers are members of the Bar Associations of Murcia and Cartagena, experts in Real Estate Law, with more than 15 years of experience defending real estate cases in Courts, and above all, focused on legal and tax advice for international clients to ensure the satisfaction and guarantee of the process of buying and/or selling a property in Spain. More than 5,000 satisfied clients over 15 years support us, and our legal services appear on the recommendation lists of both British and Belgian consulates. Our motto: Trust us & Relax