Gecko Towers:
Buying a property “off plan” in the Marbella region of Spain can be a great opportunity, but it comes with risks. Here are some tips to limit your risks:
Research the Developer
Check their reputation: Look into the developer’s track record, previous projects, and customer reviews.
Verify their credentials: Ensure the developer is registered with the relevant authorities, has demonstrable permission to an identified parcel of land and that all necessary urban/building licenses are – or unequivocally will soon be – in place.
Understand the Contract
Read the contract carefully: Make sure you understand the terms and conditions, including payment schedules and completion dates.
Get your trusted, experienced and bi-lingual Spanish Lawyer’s (Abogado/a) review: Have a locally based Abogado, specializing in Spanish property law, review the contract – and all associated materials including statements as to the finishes, fittings and products used – to ensure that your interests are best protected.
Payment Terms
Stage payments: Ensure payments are tied to specific milestones in the construction process.
Deposit protection: In addition to the protections offered under Spanish law, consider using a deposit protection scheme to safeguard your payments.
Construction Timeline
Clear timelines: Ensure the developer provides a clear construction timeline, including completion dates and potential delays.
Penalties for delays: Whilst this will require some deft negotiation from your Abogado and experience has shown it may not always be successful, seek to negotiate penalties for delays or non-completion.
Quality and Finishes
Specify finishes: Ensure the contract specifies the quality of finishes, materials, and fixtures.
Inspections: Consider hiring a professionally indemnified Surveyor or Architect to inspect the property during and at the final “snagging” stages of construction.
Guarantees and Warranties
Decennial Insurance: Ensure the developer has decennial insurance, which covers major structural defects for 10 years.
Warranties: Negotiate warranties for defects and issues that may arise during the construction process.
Additional Tips
Work with a reputable agent: Use a reputable real estate agent who knows the local market and can guide you through the process. The value of this can often be overlooked. There have in recent years been some spectacular examples of failed developers costing their clients vast sums of money. In a market where reputation is very important trusting your advisors has to be key.
Stay informed: Regularly communicate with the developer, your Abogado and other relevant parties to stay informed about the project’s progress.
By following these tips, you can minimize your risks when buying a property “off plan” in the Marbella region. We would be delighted to assist you in satisfying your quest for an off plan or already constructed purchase.
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Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. We have an experience-qualified and best of breed Associates Network comprising professionals focused on the Marbella region’s property market. Their services include property search, mortgages, legal and tax services, visas, surveying, insurance and currency brokerage. We have done the leg work, testing the quality of our Associates Network and now feel confident in recommending their services to you.
Please note that our posts are for general interest. There is no substitute for proper advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law. Nothing contained in this article should be seen or taken as legal, tax or financial advice and cannot be relied upon as such. Neither the writer nor the publisher accepts any responsibility for liabilities arising as a result of reliance upon the information given. All details have been reasonably fact-checked and all efforts have been taken to ensure that facts are accurate as at the date of publication.
Interested to own a property in the Marbella region? Then why not grab a copy of my recently published E-book titled “Buying a Property in Marbella? Please, read this first!” To get your own copy please follow this link https://amzn.eu/d/7uVvXFD
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My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@therightsgroup.com
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