Payment structure when buying off plan:

When you have decided on a off plan property it is customary to put down between 2 and 4% of the property price as an initial deposit. After you have done that it normally takes between 4 and 6 weeks from you paying the initial deposit and to you signing the contract which then secures that you are potentially the owner of this property. Once the contract has been signed you will be asked to pay a deposit of about 10%, once this has been done the work on your property can commence. When you sign your contract you will see what the rest of your payment schedule will look like but it normally entails you paying for about 30% of the property over the construction period although this is usually done in 8-10 payments. Once construction has been completed you will be expected to do one of the following two things; either pay off the remainder or the money you owe on your property or set up a mortage in order to pay the remainder of the costs.

Terms and conditions of buying and selling your off plan property:

When buying your property off plan it is not soley yours until the signing of the public title deeds of purchase in front of a notary public. Your lawyer should check that you property is on an urbanization and is registered with the Town Hall before you sign anything otherwise there could be large legal costs for you to pay. Registering the Escritura de Compraventa. Once your property is complete make sure that you have registered with the Escritura de Compraventa because until this is done you are not the registered owner of your property. When you are going to become a property owner in Spain you need to obain a NIE number (Numero de Identidad de Extranjeros) which in English means an identity number for foreigners. This is a necessity for anybody who is looking to buy or sell property in spain but can be easily obtained. You (nobody can do this for you) should go to the Extranjeros department in the closest police station to you, complete the application form an than hand it back to them with a passport photo.

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