New Developments-A Simple Guide
Buying a new property, either off plan or 'key ready' can often offer an alternative to purchasing a resale home.
In the current climate, developers are beginning to offer additional incentives to generate more sales - a trend that is likely to continue for the forseeable future.
Builders are becoming much more realistic with their pricing structures, payment terms are much more flexible and generally the standards of build quality are significantly higher than a decade ago.
We deal exclusively with a handful of developers that offer quality properties in privileged locations, residential developments that in the future will command a premium, an uplift in value - a tangible asset in premier location.
Any new development we recommend has been fully researched with regard to planning issues, solvency of the developer and quality of the actual build. All payments made during the construction period are automatically bank guaranteed, a clear title is issued on completion together with a full 10 year guarantee against defects, (similiar to an NHBC certificate in the UK.)
A Buyers Guide
When you agree to buy, a private Purchase Contract ( Contracto de CompraVenta ) is made between yourself and the builder. On completion of the property the official title deed (Escritura Publica de Compra-Venta ) will be prepared by a Spanish Public Notary ( Notario ) and signed by both parties.Upon signature you will receive a temporary copy ( Copia Simple ) of the Escitura whilst the original is sent to the Spanish Land Registry for inscription in the register. Once this is completed it is returned to the Notary who will pass it on to you. In the interim period the Copia Simple is your official notarised title deed to the property.
Typical Payment Schedule for New Build Homes
1. On signature of contract €3000. Non - refundable builder's deposit payable by credit card, cash, personal or travellers cheque or bankers draft.
2. After 30 days. 25% of agreed property value, less the €3000 deposit ( above )
3. After 90 days. 25% of agreed property value. The time of this payment may vary and is dependent upon the completion date.
4. Upon completion / signature of title deeds. Balance outstanding ( including taxes )
The payment terms above are fairly typical, however certain developers are willing to accept different payment structures to suit your own circumstances.
Recommended Developments.
If you would like futher information on either key ready or off - plan developments please contact us directly and we can either e mail or post you our current recommendations.
We can also provide you with the latest special offers on select developments, investment opportunities and price reductions.