The Purchasing Process for "Off Plan" Property

Now that your deposit has been paid your Lawyer will carry out various checks and searches on the project. He will ensure that all relevant permissions and licenses are in place. He will also look for confirmation that a Bank Guarantee in connection with any monies you hand over in connection with the purchase is also available.

Once your Lawyer is satisfied that all is in order Private Contracts will be drafted with the Lawyer of the Development, this will include the details of amounts and dates of any further payments to be made by the purchaser through the construction period and final amounts to be paid at completion.

Normally a further payment is paid 30 days after the initial deposit. The amount required at this point varies from Developer to Developer but it is not unrealistic to be expected to pay up to 50% of the overall purchase price at this time.

It is advisable to open a Spanish bank account as soon as possible and to apply for a N:I:E: number. Your Lawyer will advise you on both of these points