What is the typical fixed-price new build purchase process on Costa del Sol?
Purchasing a fixed-price new build on the Costa del Sol involves several key steps. Initially, a reservation deposit secures the property, followed by the signing of a private purchase contract with a larger deposit and a detailed payment schedule linked to construction milestones. These stage payments are safeguarded by bank guarantees. Upon completion, an occupancy license is obtained, the final payment is made, and the public deed of sale is signed before a notary to transfer ownership. The process concludes with the property's registration in the Spanish Land Registry, ensuring a secure and transparent transaction for the buyer.
The process for purchasing a fixed-price new build on the Costa del Sol typically begins with reserving the property by paying an initial deposit, usually between 6,000 to 12,000 Euros. This reservation secures your chosen unit and takes it off the market. Following the reservation, and within an agreed timeframe (often 30 days), a private purchase contract (PPC) is signed. At this stage, a larger deposit, usually 10-30% of the purchase price (minus the reservation fee), is paid. The PPC outlines the fixed price, payment schedule, construction timelines, and specifications of the property. During the construction period, staged payments are made according to the progress of the build, as detailed in the PPC. These payments are legally protected by bank guarantees, ensuring that your money is safe even if the developer defaults. Upon completion of the property, an occupancy license is issued, and the final payment is made. This is followed by the signing of the public deed of sale before a Spanish notary, which officially transfers ownership. Finally, the property is registered in the Spanish Land Registry, completing the transfer of ownership.
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