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Property under construction in Spain, Tenerife
In theory, one of the advantages of this kind of property is to receive it completely new at a lower price, than a price for the property already built. The developers on the stage of construction gain of lower risks and benefits in the process of the construction. At the same time, the buyers get a discount of 10-30% of the current market price of this property.
It is not less important, that very often the buyers can change the plan of their future property, while when buying the already built object it is not possible.
In Spain, the banks give mortgage credits and this is an additional guarantee for the buyer. When giving credits for the property under construction, the mortgage payments start after the construction is finished.
When signing a preliminary contract to book a property, you should pay 3 000-6 000 euros. During one month after signing a contract, you pay 10% more of the total value and 20% more during 2 following months. When signing the contract at the notary office you pay the rest of the value, taxes and formalities.
In the preliminary contract, you can find the property description, its value and date of the transaction. Since the moment of signing the contract until the moment to make a deal at the notary office, they give you up to 2 months to transfer the money for the property to Spain, get the credits and make all the necessary formalities. At the same time, the property is checked for debts and the main purchase document is prepared.
Foreign buyers are hardly offered to sign a contract without any advanced payment. There is always a probability that a foreigner will not come to the country and will not make a deal. Usually an advanced payment is about 10% of the total value of the property. If the buyer rejects a deal, an advanced payment is not returned. If the seller rejects the deal, he must return a double advanced payment to the buyer. As a result, for both parties to reject a deal is very expensive, but anyway this is a possibility to break the deal if needed.