New Build Apartments for Sale in Villamartin

How has the law changed in Spain for the purchase of off-plan properties?

Buying off plan properties is an option with many fans. It is still a formula to take into account when looking for a house by the way in which the price is cheap.

However, the Spanish law changed in 2016 and it is important to keep in mind some points. In this article we tell you so that you are properly informed.

The quantities delivered will only be insured when there is a construction license.

One of the important points to keep in mind before buying flat is that the Law of Building Ordinance (LOE) now establishes that the amounts delivered to account will only be insured once the building license has been obtained.

If this process has not been formalized, it is better that we do not deliver money to any developer or builder, since we will not have guaranteed the return if there is any setback. In addition, in order to obtain the permit the company must have a surety insurance with insurance companies duly authorized to operate in Spain, so we can ask if you have this coverage.

In case it is not so, it is better not to deliver any amount. According to the law, the works permit can also be obtained through a solidarity guarantee issued by duly authorized credit institutions.

Shortest claim period in case of non-compliance.

Another change to take into account affects the time to claim in case of breach by the developer or builder. Now, two years will be available to hold the guarantor accountable, whereas in the past there was a 15-year period from the moment the non-compliance occurred. This is one of the most controversial amendments of the law, since it is a notable difference from what was previously stated. Therefore, for promotions in which the work permit has been requested after January 1, 2016, the deadline for claiming will be no longer 15 years, but for two years.

Penalty of up to 25% for breach of guarantee.

Another important aspect to take into account is that failure to comply with the obligation to provide security will result in a penalty of up to 25% of the amounts to be insured. All this including, in addition, the infractions and penalties that may correspond to the promoter or constructor of the promotion.

Changes in the cancellation of the guarantee.

An important change of the LOE is the regulation of cancellation of the guarantee. Now, in addition to the issuance of the certificate of habitability, with the first occupancy license or equivalent document. Also with the accreditation of delivery of housing to the buyer. That is, when these conditions are met, the acquirer refuses to receive housing.

Petra Hönig helps you find new build apartments for sale in Villamartin.

Petra Honig is specialised in selling all kind or residential properties in some of the most desirable areas on the Costa Blanca such as Ciudad Quesada, Torrevieja, La Mata, Cabo Roig, Punta Prima, Mil Palmeras among others.

If we are famous in the region as one of the most reliable Real Estates in the region is because we treat our clients in the same way we would like to be treated ourselves. Our values are energy, agility, professionalism and expert advice always.