If you are thinking of buying an off-plan home in 2023, there are several advantages and some disadvantages of choosing this form of purchase, over the traditional way of buying a property here in Spain.
At Just Law Solicitors we have been helping clients buy property since 1992. We have English speaking Spanish lawyers property registered with the bar association and we include the NIE number and opening the Spanish bank account. As far as possible we endeavour to deal with Notaries here in Spain who speak excellent English.
The first advantage is that by buying a home off-plan you can choose the materials that your home will be built with as well as the furniture.
In addition, you will be able to pay the price in several payments while the house is being built, which allows you to pay the purchase price over a period of two, three, or even four years. Further, in these times of high inflation, you are effectively paying in advance and the value of your new home in Spain could be worth a great deal more when you take ownership.
On the other hand, if you buy a home off-plan, the promoter is obliged to give you insurance for up to 10 years for certain damage to the home.
Once you have taken ownership of the property it may be the case that some of the materials do not meet your expectations or do not conform to what was agreed with the promoter. In these cases, you can demand that the promoter pay all the expenses to repair or replace those materials. You can even claim against the developer for these materials if you are the second owner of the home, that is, even if you did not buy directly from the developer but from the first owner.
It is very important that you ask for advice from an independent lawyer registered in a Spanish Bar Association before you sign or pay anything since the process of buying and selling off-plan property is complex and you must have various legal documentation in place before paying for a reservation.
As always this isn’t legal advice. If you need help moving to Spain, anything from a visa to an independent lawyer for your property purchase in Spain get in touch with us at Just Law Solicitors. We’ve been advising clients for 30 years. We aren’t ex-pat advisors, consultants, or relocation experts. We are qualified and regulated Spanish lawyers and you deal with us direct. In addition, we have a Spanish qualified tax advisor and accountant.
Belén Batalla, Lawyer at Just Law Solicitors
Since 1992 www.justlawsolicitors.com
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