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Purchasing of under constraction housing

Purchasing of under constraction housing

As a rule market value of such kind of property is much lower than the same ready one. At the same time you get brand new property and have the opportunity to change it or add everything you wish during the process of construction.

The banks of Tenerife give the loan under the developing property which gives additional guarantees to the purchaser. It is very important to admit that you start paying the mortgages after the property is ready.

The preliminary contract contains the description of the object, its value and the date of the deal completion. Since you have signed the contract till the registration of transaction you have only 2 month to collect and transfer the funds to Spain. During the period of time you may collect all necessary documents and get the loan in the Spanish bank. You also should check if the previous owner of the property had any unpaid depts.

The foreign buyers pay 10% of total value in advance when they sign the private contract. The vendor requires such a guarantee in order to be sure that the purchaser definitely comes back to the country and finished the transaction.

If the purchaser refuses to complete the transaction the vendor doesn’t return the funds. If the vendor refused to complete the deal he must return the funds back of double that amount. In this case for both sides it is not profitable and very expensive to cancel the deal anyway it is still possible when having the desire of any participant.

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