Page 17 - A guide to buying a new property in the Balearic Islands
P. 17
A Guide to buying
Balearicislands
new property in the
Buying from a developer?
7.
Many of the problems experienced by buyers are due to the fact that they
have not taken proper legal advice prior to signing the building contract and
effecting the rst stage payment. Laws protecting buyers are in place but
they must be invoked and insisted upon at an early stage for them to have
the effect intended.
Some general points to make in this respect are:
1. Ensure that the plans and building speci cations are agreed in
advance with the builder and that these are attached to the contract and
signed by the parties.
2. By law a bank guarantee or insurance policy should be provided
to ensure that if the developer becomes insolvent prior to delivering the
property it would be possible for buyers to get their money back.
3. The contract should provide that the property would be delivered
only after all the appropriate licenses for occupation have been granted
by the Town Hall.
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