Off Plan Inland Property Buying Advice for Spain

The advantage of buying Off Plan Inland Spanish Real Estate with Inlandspainproperty.com

The developer of a building project in Spain, whether individual villas with pools or a large development of apartments and townhouses with communal pools and gardens, is always keen to sell as many properties as early as possible to improve cash flow, minimize development loans from banks and give the project some forward momentum. In order to sell before construction has started, the developer sells 'off plan' at extremely competitive prices because investors only have plans, computer simulations and a plot to view at this stage.

Apart from the fact that the developer will be selling at less than current market value to attract investors, the real key when buying 'off plan' is that you only have to pay *35% of the purchase price as a deposit. Thereafter, no further payments are required until the project is completed, at which point it can be financed with a 65% mortgage or sold.

*Deposits vary. Inlandspainproperty.com can offer Off Plan Property with deposits as low as 10%. Contact us for details.

Purchasing a property in Spain

Once you have selected a inland property of your choice it, a reservation deposit of between 3000 and 6000euro is required to secure the property. The reservation deposit gives you an option on the property for period of normally one month.
Within the option period, you will enter an ‘offer of purchase’ agreement with the seller, which will be accompanied by the agreed deposit amount. The deposit will be less your initial reservation amount. We recommend that the ‘offer of purchase’ agreement be scrutinized by your appointed solicitor, prior to you entering the agreement.
The transfer of the property shall take place at a Notary office, where you must pay the balance of the agreed purchase price. If you are purchasing a property that is complete, the Notary date is normally between 4 and 8 weeks after the ‘offer of purchase’ agreement has been entered. If the property you are purchasing is under construction, you will only be obliged to take transfer once satisfactory completion has been made.
To take transfer of a property, you must have a N.I.E. number, which is a Spanish identity number. This is normally granted 4 weeks after application. The application must be accompanied by 2 passport photographs and a copy of your passport. If more than two persons are purchasing the property, for example husband and wife, both parties must obtain their individual N.I.E. number.
On top of the agreed purchase price, the purchaser must pay a 7% tax, and in addition pay the Notary cost, and your solicitor’s costs. The cost of both the Notary and your solicitor’s costs do not normally exceed 3% of the purchase price.
Considering this, you must allow approximately 10% over and above the purchase price for tax, Notary and solicitor costs.

Solseeker Properties SL, offer our clients an after sales service ‘FREE OF CHARGE’, that includes assisting and organizing all of the above, including:

Scrutinizing documentation and recommending a competent solicitor to act on your behalf
Assistance in obtaining you N.I.E. number
Obtaining and arranging mortgages if required
Assistance in the opening of a bank account
Liaison between you and the seller
Arranging Notary dates

Please not that we will assist you in buying "off plan" inland spain properties to our fullest extent since our experience is that there can be made massive profits with such "off plan" inland spain properties.

745, Ctra cabo la nao 71-6 «» 03730 Javea «» Alicante, Spain «» Phone UK: 08700114529 «» Spain: +34 637747366 Sitemap