Alicanteos

Buying a property off-plan (off-plan property is a property that has not yet been fully constructed) can present certain risks.
First you cannot check what is offered to you until some substantial construction have been made, secondly the developer can vanish in the air even before the date of the construction. There are a few guarantees that you should always check out when you buy off-plan.

An off-plan reservation contract starts with the deposit of a sum of money then the buyer and developer can sign agreements, the contract presented to the buyer should always be negotiable, if the developer refuses to negotiate the buyer has the right to receive a full refund of his deposit.

The buyer has the following rights:

To know the identification information of the developer and the architect

Detailed description of the property and its surface.

General description of the building, common zone, related services; details and layout of the electrical , gas, water and heating system installation. Details of the safety measures against fire.

Reference of the material used for isolation during the construction.

Legal copy of authorization and administrative licenses.

Registration information of the building (Datos registrales del inmueble)

The Statutes of the Community (they are norms that regulates what the building will be used for, the insurances , repair and maintenance and much more aspects in regard to the Community the building depend on)

Date of delivery and phases of development.

Price including honorary and IVA (VAT in english)

Mode of payment

Copy of the document that justify the legal guarantees, amount that was paid as deposit.

Type of contract with terms and conditions

Right the buyer has after the contract is signed

All the information includes in the offer; promotional information, publicity must be given to the buyer even if this is not expressed in the contract.

Interpretation of the contract: If doubt about one of the clause in the contract, the Law impose the contract to be interpreted more favourably in favour of the buyer

The developer must secure banking guarantee so it can insure to the buyer that the he has fund to build a property.

Invalidity of abusive clauses: If the contract includes abusive clauses they will be cancelled even the buyer already signed the contract.

What are considered abusive clauses ?

Attribution by the developer the right to interpret or modify unilaterally the contract .

Inclusion of a conditional delivery date.

Sell to the buyer of unsolicited services and other things.

Authorization for the developer to increase the price for things that not imply additional services

Obligation by the buyers to subrogate themselves or to pay a loan asked for by the promoter.

Obligation by the buyer to pay for changes that weren’t know to him – her.

Make the buyer pays for banking or administrative expenses that the buyer didn’t generate.

Deny the buyer the right to choose a notary.

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