How to make an off-plan home purchase
July 6th, 2021 |
Buying off plan is often a difficult decision to make. There is a lot of uncertainty about what is being acquired, considering that the delivery time from the foundations to the delivery of the key is more than 2 years. That is why the General Council of Associations of Real Estate Agents COAPI offers a set of recommendations and provides expert advice.
What things to investigate before making the purchase
The most common thing when buying off-plan is that you find out about the sale by an advertisement on some portal or information site, in which the promotion of this type of flat-rate homes is carried out. If you see something that interests you, the first thing you should do is inquire about the promoter, look for references and opinions in favor of or complaints about their sales management.
The next thing is that you demand that the property where the construction will be carried out is completely in order, for this ask them to show you the documentation that proves this legality. In general terms, there is a set of recommendations that are worth following when deciding to make this type of purchase.
COAPI recommendations for the safe acquisition of flat housing
When you are going to make the purchase of flat houses you can run a great risk, if aspects related to the construction and delivery commitment are not taken into account. Whenever money is given for a work that is to be carried out, there is a risk that it will not be built.
We already talked about how important the investigation is to the promoter, but this is only the first step. Therefore, we mention below, other steps to follow:
- Verify the accreditation of land ownership. Make sure they have all the documentation stating that they can carry out the construction in that place.
- Building licenses. These are the necessary permits, which are requested from the administration of the corresponding municipality, to start the construction of the houses on a plan, this license certifies that the site complies with current urban regulations.
- Before signing any commitment, you must ensure the terms and conditions. This transaction will be raised before the corresponding registry at the time of delivery of the key, so you must ensure that the exact price appears, the amount of VAT separately.
- Delivery date of the house. At this point, you must first verify that the contract does not contain clauses that could later harm you. Another important element is that you verify that said contract includes everything offered in the advertising brochures.
- One way to protect yourself is to demand a penalty against the promoter, for the time of non-compliance in the delivery period. In addition, this could include compensation for leases canceled by the buyer during the construction delay.
- Memory of the qualities. This is a document that the promoter must deliver to the buyer. In it, all the materials that will be used in the work must be specified, as well as their resistance and any other relevant details. Verify that everything is detailed and that the information is not of a general nature.
- Building plans. Request the plans of the work, so that you know all the equipment, location, dimensions, to know as precisely as possible what you are buying. If you do not understand these plans, go to an expert and seek advice.
- Account verification. It is important to ensure that the amounts pay unto you, go to a specific account to pay construction costs. With this, you make sure that in case of problems there are funds for returns.
- The only way to recover the money if the construction is not carried out is by demanding that the developer endorse the promotion, since it must assume general and individual responsibility for the money delivered. Without this document you will not have anyone to make a claim to, since the contract is signed with the promoter.
- Request for changes. When you buy a flat, it gives you the advantage of being able to make changes to adapt it to your needs. Remember that, since it is not built, some modifications can be made.
In any case, there is a regulation in each autonomous community that includes the rights of buyers and the responsibilities of promoters.
What to do when the house is about to be delivered
When the key delivery date arrives, before signing the corresponding deeds, you must verify that the materials correspond to the reports, that the finishes are as offered. In addition, it verifies, above all, that the home complies with the corresponding legal regulations.
Also check the height of the ceilings, water installations and environmental conditioning system. This is a review that you should carry out in the company of a specialist. The ideal is that, in advance, investigate the regulations of your locality, with respect to the acquisition of such property. This will allow you to know what your rights are and enforce them.
If the promoter refuses to provide the required documentation, or wants you to sign a standard contract drawn up for the promotion, you should hesitate. A transaction of this nature must be as transparent as possible, since these are binding contracts that must guarantee that the buyer is not harmed, neither at the moment nor in the future.
Look for information
This is a purchase with some risks, in which you have to be aware of many legal and regulatory details, which can be very cumbersome for most people. Consulting about off-plan homes with Homewatch is a way to have enough information at hand.
Likewise, when you decide to make this type of purchase, the best thing you can do is find out about all the procedures, documents and regulations that apply. Make sure everything is in order, take precautions according to the information you find and, above all, demand that any contract you sign be in your favor.
Buying off plan is a type of transaction that, if it goes wrong, can mean a loss of time and money, and a great delay in the buyer’s life plans. So, avoid inconveniences and get advice.
Article by Vanesa Mena, Jul 06, 2021
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