Anyone visiting the Costa del Sol can clearly see that development and construction is once more starting to take place whatever area you visit. Many developers and investors from all over the world are attracted to Spain’s Costa del Sol and many new developments and a few new golf courses are being built. However, some of these projects are still in their early stages and will be started or completed in two or three years.
The Spanish property market is so good at the moment that many of these new developments are being sold very quickly.
People are asked to pay high amounts in advance and it is necessary to take some precautions to avoid problems in the future. When the only thing you can see is a Plot of Land it is worth asking some questions to find out if the money you are advancing for your future house is secure.
It can be said that the purchase of new property in Spain is very safe, but here you have some points that you should ask the developer before paying any deposit or advancing any amount:
Who is the owner of the plot of land where the houses will be built?
Is this ownership registered in the Spanish Land Registry?
Is the developer a company duly incorporated and registered in the Mercantile Registry?
Does the developer have the construction project signed by an architect and duly stamped by the College of Architects?
Does the developer have building license for doing the houses projected?
Are there any mortgages to finance the construction?
Does the developer have the compulsory insurance required by the Spanish regulations to guarantee the amounts received in advance?
Does the developer have any bank guarantee?
When will the houses be finished and delivered?
Which are the precise characteristics of the house (square metres, distributions of rooms, quality of materials)?
Checking the 10 items listed above will help ensure that your property experience will be straightforward. Do not let your house in Spain become your worst nightmare.
Although the Spanish Act and regulations protect customers who are purchasing houses under construction, it is worth requesting some documents from the developer and receiving clear answers to our questions so you can see that you are dealing with a serious developer. Doing that you will avoid that your future dream house will not become your worst nightmare.
Contact a solicitor before paying a deposit or signing any agreements. A professional must check that the developer is legally in order and that you are signing a contract that protects your interests and respects all guarantees fixed by Spanish regulations.
When you choose to buy or to rent a suitable Spanish or Overseas Property we at Hudson International Properties will work with you through every single step of the purchase process to ensure you fully understand all of the legal requirements and your own responsibilities.
We will explain ALL of the costs associated with purchasing in Spain and also buying an Overseas Property and provide Spanish and UK based contacts, before, during and after your purchase. All issues will be handled efficiently in a manner you would expect from an organisation that makes customer service our highest priority.
The information presented at these pages is provided for general information only and should not be regarded as offering a precise and complete advice. Future changes in legislation could affect the information provided. Therefore, people accessing this information are encouraged to contact us or seek independent counsel for advice regarding their individual legal issues.
Here at Hudson International Properties Marbella we firmly believe that in order to provide the best service to our clients it is important that all of our staff are experienced and knowledgeable about the area's and properties we sell.