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Buying Property Off-Plan in Spain
Created: 13.01.2021, 12:36, Updated: 17.02.2025, 14:24
Purchasing a property off-plan can be an exciting opportunity — especially in Spain’s popular regions. However, it also involves more risks than buying a finished home. Here's what you need to know before investing in off-plan property:
- Before You Pay:
- Verify ownership at the Land Registry (Registro de la Propiedad) to ensure the seller is the legal owner and the property is free from debts or charges.
- Confirm there are no unpaid taxes, utility bills, or community fees.
- Review the cadastral certificate to verify the location, size, and boundaries.
- Request the Energy Efficiency Certificate showing the property's energy rating.
- Before Signing the Title Deed:
- Sign a private contract with the seller, clearly stating all terms such as price, included items, and deadlines.
- Attend the Notary to sign the public deed of sale (escritura pública de compraventa) and officially register the sale.
- Pay the transfer tax (Impuesto de Transmisiones Patrimoniales), usually between 6–10% depending on the region.
- If You Need to Cancel:
- If serious issues are discovered before signing the deed, you may cancel the private contract.
- Seek advice from an independent lawyer to ensure proper legal cancellation.
- Any deposit return depends on the conditions stated in the private contract, so it is crucial to understand the cancellation terms before signing.
Community of Owners:
After completion, you’ll become part of a Community of Owners, responsible for maintaining communal areas (pool, hallways, etc.). All owners contribute monthly and have voting rights.
After completion, you’ll become part of a Community of Owners, responsible for maintaining communal areas (pool, hallways, etc.). All owners contribute monthly and have voting rights.
