1. Hire a conveyance lawyer
Before paying a reservation deposit to an estate agent or developer, you should first hire a lawyer specialised in conveyancing. The reason is because a lawyer will be able to run a due diligence on the property and verify all is correct. As holding deposits are non-refundable, this tip will save you losing 6,000 euros on average. Do not be pressurised into signing a contract.
2. Plot of land under a developer’s name
One should never buy an offplan in a land that is not registered under a developer’s name. There are far too many associated risks to take a gamble with your hard-earned money.
3. Building Licence
This is one of the biggest mistakes’ buyers make. Many problems could easily be staved off on following this advice. A Building Licence ensures a building is above board and the property is not built in green belt land, for example.
4. Bank Guarantees
A bank guarantee is of critical importance, acting as a safety net securing all your stage payments, should a developer fail to deliver your property on time or not at all.
5. Licence of First Occupation
A Licence of First Occupation is a certificate issued by a town hall which confirms that a newly-build fully complies with all planning and building regulations and is fit to be used as a dwelling. It assures compliance with Health, Access, Safety, Planning and Construction laws, and that the property has been fully completed, with no outstanding works. A LFO allows off-plan buyers to dwell in a property legally. Lenders ask for this licence on granting a mortgage loan and Authorities also demand it for holiday rental accommodations.
6. NIE number
A NIE number is a Fiscal Identification Number for foreigners and is required, among other things, to buy or rent property in Spain. See our guide explaining all about the NIE Number.
7. Snagging list
Before you complete on a new build, you should always do a snagging list of the property. You can either draw up a snagging list yourself or else appoint one of the many reputable surveyor companies that may carry it out on your behalf.
8. Post-completion: taxes, rates, utilities, community fees & other
Once you have acquired your new Spanish property, you need to face all the associated running expenses. Make sure you have carefully budgeted for this to avoid unpleasant surprises!
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Published by Idealista.com