What to Know Before Buying property in a new development in Spain
· 3 min. read
Buying a property in a new development in Spain requires lots of patience, knowledge and personal interest, as the process can sometimes be long, complicated and slow. Here’s why in our article we talk about the documentation and requirements necessary for purchasing a property in a new construction development. Will help with explaining the process throughout the purchase step by step, so everything can be a real success.
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New promotions in Spain: what to consider when purchasing.
When it comes to purchasing a new home, not only the buyer, but also the seller, will submit necessary documentation in an exhaustive manner. Below, we write about the steps to follow to acquire a new development in Spain, what paperwork need to be submitted and reviewed, in which order and what is the best way to follow the process.
Documents required to be submitted by the real estate developer of a new construction project
It is very important for the promoter, to present a series of documentation proofing the build being in order. In the case of a newly developed house, is essential to provide the potential new owner, with a certificate stating the completion of the construction work.
If the purchase is related to a property still under construction, the following must be taken into account: construction plan, house plan, installations plan, construction license, among other important papers. The house/apartment must as well be registered in the Property Registry in order to be offered for sale. The public deed is another necessary step when it comes to buying a house or apartment in Spain.
The promoter must also provide, once build is completed, the occupancy license (LPO) and home insurance. Together with these essential documents, goes the certificate of occupancy an official paper proofing the newly built house is habitable to people (according to the law) .
All documents will be submitted at the end of the process before a notary, to guarantee none of them is missing. Is easy to see why, a real estate agency, such as Costa del Sol Christie’s International Real Estate, plays an important role in this part of the process, as much as in the previous ones.
Documents required from the buyer
Undoubtedly, in the sale process, a vital figure is the buyer, who also has mandatory documents to present, such as the NIE. This in particular, under no circumstances, can be expired when the contract is signed. Most probably a “down payment” will be requested. A pre-determined amount of money, to be paid in advance, ensuring the potential new owner is actually committed to the purchase. The buyer, in addition, must justify via banking or via different proof of asset, having the found or the collateral necessary to complete the purchase.
The best we can advice, is to always be accompanied by real estate management professionals whenever going through any acquisition or selling process, so it can be conducted safely and with the necessary guarantees. The agent would inform you about the necessary documents, explain how to be eligible for mortgage and all the other requirements to be fulfilled before purchasing a new development in Spain. Of course, from Christie’s International Real Estate – Madrid, Malaga & Marbella we are always at your disposal.
To learn more about legal side of purchasing properties, you can consult our Legal Advice section in this Blog. Please bare in mind that laws may change overtime. In the future required conditions may be different. Therefore, we repeat, it is very important to go hand by hand with a specialised agent. Of course, from Costa del Sol Christie’s International Real Estate we are always at your disposal, do not hesitate to contact us