NEW DEVELOPMENTS - Buying Off-Plan

Buying off-plan is a very attractive alternative for those people looking for a property in the area. The idea of a brand new property, that you will be the first person to use, with the latest in fittings and equipments, is always something worth considering. Besides, in many cases, buying off-plan, could represent buying at lower prices (the earlier the stage of construction, the lower the price), as it obviously represents a larger risk. Marbella offers a great variety of new developments that cover all the range of prices, standards and location. In the process of looking for a property in a new development, an advise from a professional that knows the whole range of products and the local regulations, and a lawyer that could cover all the legal aspects of the contract, is extremely important.

They will make sure that some of the basic information is checked prior to paying a deposit to reserve the unit you have decided to buy. This information can be related to the standards offered by the developer (materials, finishes, equipment, etc.), the situation of the entire development (further phases to come, promised communal facilities), the planning of the neighbouring area (safety of views, high risk areas), the legal side (the property is free of liens, the promoter is duly registered and has all the required documentation and licences to build), and will make sure that the promoter is providing a bank guarantee or insurance policy for all the payments made prior to completion.

Once you have reserved a property and you are ready to enter the contract stage, let a lawyer check the contract prepared by the developer in order to make sure it complies with all the requirements stated in the existing laws and all the basic information is attached, such as plan of location, plan of the property itself, a list of the finishes and materials included, extensions of the property and reference to the building or complex where the unit is located, apart from the registration details, price, payment and taxes levied on the property.

You should know that developers are restricted by several laws they should comply with, when contracting with purchasers. They also should have insurance policies covering: minor defects affecting finishes (for1 year); damages to constructive elements and habitability conditions (for 3 years), and serious damage to foundation, beams, pillars and any other element compromising the stability of the building (for 10 years).