Reservation contract.
In order to remove the chosen property from the market as soon as possible it is important to make a deposit payment. This reservation fee depends on the total price of the property and is mostly between € 6.000 and € 10.000. It is crucial to transfer this money to the clients account of your legal representative / lawyer and not directly to an agent or a promotor.
DUE DILIGENCE
The real estate agent gives the contact details of a seller / promotor to your legal representative / lawyer. When the transfer of deposit to the clients account of your legal representative / lawyer has been done, he or she shall contact the seller / promotor and apply for all the documentation of the project in order to start his investigation.
The following verifications will be executed:
- Official identification of the seller of the property you would like to purchase.
- The registration of the property under construction in the Land Registry (‘Registro de Propiedad’).
- If the property is charged or not with debts or liabilities.
- Verification of the building licence and after construction, the presence of the licence of first occupancy issued by themunicipality.
- Transfer of architecture specifications and quality verifications to the buyer and its attachment to the sales contract.
- Arrangements of bank guaranties, insurances to protect the investments that have already been made during the building process.
- Control and analysis of the sales contract prepared by the developer to ensure your rights are legally protected.
- Translation of the sales contract to confirm that all the clauses in it are clear to you.
