What are your guarantees as a buyer of a new development properties?
If you are thinking of buying a new home, it is important that you are aware of your rights as a buyer. Buying a new home is a major investment and it is therefore essential that, as a buyer, you have a clear understanding of the guarantees and protections to which you are entitled.
In this blog, we will provide a guide to the safeguards that cover new home buyers. From legal guarantees to guarantees offered by property developers, we will help you understand some aspects of buying and selling a new home.
Buying a new home in Spain
In Spain, the Ley de Ordenación de la Edificación (LOE) establishes a set of guarantees for buyers of newly built homes.
In general, liability for building defects lies with all parties involved in the construction process, including the developer, the architect, and the builder. Each of these parties has its own specific responsibilities for the quality of construction, safety and durability of the building.
What are the guarantee deadlines for a new home?
The LOE establishes minimum guarantee periods for the different aspects of the construction of a new home. These periods are as follows:
- 1 year guarantee for faults or defects in execution that affect the finishes of the home.
- Three-year guarantee for defects in the construction elements or installations.
- 10-year guarantee for defects in structural elements such as beams, pillars, slabs, foundations, retaining walls, etc.
- Guarantee of recovery of the amounts paid in advance: The promoter is obliged to take out insurance or a bank guarantee to ensure the return of the amounts paid on account in the event that the property is not delivered in the agreed conditions.
What are the payment guarantees for the amounts on account of the price during construction?
The purchase of a property when it is still under construction, or even when construction has not yet started, is known as an “off-plan purchase”. In the case of an off-plan purchase, it is common for the buyer to have to hand over certain amounts of money during the construction process, known as down payments.
In these cases, guarantees are given to buyers that the amounts paid during the construction process are insured and will be returned in the event that the construction does not take place, or there is a default by the seller.
The seller must inform you about the means of payment accepted for payment of these amounts, the frequency, as well as the discount that these amounts will represent when the purchase is formalized. It is advisable to request an invoice, receipt or receipt for these amounts paid.
It is also necessary that the contract specifies that the amounts paid on account will be deducted from the total price of the property once the keys are handed over. In this way, the buyer will be assured that the money paid on account will be deducted from the final price of the property.
The contract must also include the name of the insurance company or bank with which the developer has taken out the insurance or guarantee that will guarantee the return of these amounts, as well as the account set up for the consumer to deposit them. It is important to note that this account will be independent and the seller may only use it for the services derived from the construction of the property.
New developments in Barcelona
Buying a new-build property in Barcelona is an excellent option for those looking for modern, well-equipped properties. However, it is advisable to seek the advice of a team of experts in the real estate market to find the property that best suits your expectations.
At ATIPIKA we are able to adjust to the needs of each client, with the wide variety of new build properties we have at our disposal thanks to various collaborations with renowned developers and builders in the city.
We work closely with the developers of the new-build properties we offer, providing them with a comprehensive service ranging from the preparation of feasibility studies to the creation of effective marketing strategies. We ensure that both developers and clients feel confident throughout the buying and selling process, and we offer an excellent after-sales service to guarantee a satisfactory experience.
On our new build properties page you will find a wide selection of properties built to the highest standards of quality and design, and located in the most exclusive areas of the city: El Quadrat d’Or, Sarrià-Sant Gervasi, Pedralbes, Diagonal Mar, and much more.
If you are interested in buying a residential property in Barcelona, we invite you to visit our client services page to discover all the services we offer at ATIPIKA to help you in the process, both with the search for the perfect property and with additional services such as the management of legal and administrative procedures or obtaining mortgage financing.
If you are a developer looking for a comprehensive service for the marketing of your properties, we invite you to discover the services we offer to developers on our website or contact our specialist sales team to find out more about how we can help you market your properties successfully.
