Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › What criteria I would need to go ahead with ‘off plan’ again
- This topic has 5 replies, 2 voices, and was last updated 17 years ago by Paul.
March 7, 2006 at 2:22 pm #51635
Having got ourselves into an off plan, paid money, nothing being built yet(18 months later) and taking serious steps to cancel contract I would do things differently, those things would be:
1, Ensure that both the building licence and bank gaurantee were in place before giving the deposit required to fix the price
2, agree on stage payments according to the build (how much work on the site/development as been completed) Also giving proof to your lawyer that they are building correctly following all the regulations set out on the licence
3, on completion of the property keep 10% of the money back until you are satisfied that all the licences you require for possession, electricity, water etc have been completed (this could also be roads, street lighting, i.e the council adopting the road, sewers and street lighting.
If they want your business and they are a honest company, why shouldn’t they agree to these clauses????
If only I knew of these points before getting in with these bolchy!!! developers
March 7, 2006 at 2:33 pm #61256
I think what you say makes sense, however I would never agree to buy off-plan again in Spain under any circumstance for investment, it’s hard to know how to trust certain agents their lawyers and developers because of all the bad Press and stories on these pages.
If you are able to cancel because of delays then I would, it’s unreasonable to expect people to get locked in for so long.
According to RTE there are over 8500 2 bed re-sales on the C. D. Sol alone without all the studios, 1 and 3 beds, and T. Houses, and not forgetting all the other new build off-plans being promoted still. Being able to recoup money in a reasonable time-scale would be a miracle.
March 7, 2006 at 3:05 pm #61260
Paul, you are right, I would not buy off plan in Spain again with the problems/economics currently. We went ahead with it to get on the property ladder in Spain with a plan to move permanetly in 2008 when children have done most of the studies. I think that the developer has held back from building becasue he wants to study the position. We have said enough is enough, no more fooling with us and our money!!! I would lioke them to just give us the money plus interest without having to take them to the consumer department but if we have to we will do so. These company’s can’t continue to get away with it.
March 7, 2006 at 3:08 pm #61261
Cazybianchi, I wish you luck. However did you deal originally through an agent or go straight to a developer? What does your lawyer have to say about it, are they trying to cancel your contract?
March 7, 2006 at 3:17 pm #61262
Paul, thanks, first of all an agent introduced us, we deal with the developer, the lawyer was recommended to us by my fatherin law. And yes they are pursuing this cancelation with them. They wanted another payment this year, but we think that they are taking the micky so we have said no, no more money, they have not started building yet, we got the bank gaurantee last week, the licence was granted inDec 05, we gave them a chunk of money over 12 months ago. Who’s the fool? I have also being speaking to the developers sale manager telling them whats what, they have not treated us right etc. MORE MONEY AND NOTHING TO SHOW FOR IT 18 months later, please be aware of all those sharks on the CDS
March 9, 2006 at 11:01 am #61284
Cazybianchi, any clues as to who the agent is?
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