Selling off-plan apartment - no guarantees?

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Monday, October 08, 2007 suziew Parcela I've made 10 posts Send private message to suziew	I have an off-plan apartment bought through Andalucian Dream Homes. Unfortunately due to unforeseen circumstances I have to sell it. I put it on the market with ADH but was told it was unlikely to sell due to the spanish government enforcing the law that any off-plan apartment that is sold on will not have any guarantee for the new purchaser. Is this true? Thanks Suz Spam post? If so please click here to report it
08 Oct 2007 7:25 PM Roberto Villa I'm in Torremolinos I've made 1641 posts Send private message to Roberto	Sounds like they're getting the law confused to me. Only thing I can think they may be referring to is the authorities clamping down on "flipping" without the original buyer being registered or recorded at all, thereby avoiding any potential CGT liability. As far as I know, new homes should by law have a 10 year guarantee on the structure, which is valid regardless of how many times it changes hands. Anyone know any different? _______________________ "For I am a bear of very little brain, and long words bother me" Winnie the Pooh Spam post? If so please click here to report it
08 Oct 2007 7:47 PM suziew Parcela I've made 10 posts Send private message to suziew	Thanks for the reply. The way I understood it the guarantee was something to do with in case the builder went bankrupt before the apartments were finished. ADH told me that if I sold it the buyer would not have this guarentee. Ever heard of that? Spam post? If so please click here to report it
08 Oct 2007 8:04 PM Roberto Villa I'm in Torremolinos I've made 1641 posts Send private message to Roberto	In that case they are surely referring to the bank guarantee? Again, I don't see how "selling" the contract on any individual property within the development would affect the bank guarantee that the developer has with their bank for the development as a whole? Here's a thought - could it be that ADH are not interested in selling your property, because there are still unsold units available in the development, for which they would get more commission from the developer than they would from you for selling yours? Have you tried offering it to other agents in the area? _______________________ "For I am a bear of very little brain, and long words bother me" Winnie the Pooh Spam post? If so please click here to report it
08 Oct 2007 9:05 PM mariadecastro Finca I'm in Algeciras (Cadiz) I've made 850 posts Send private message to mariadecastro	There are no new recent laws on off plan developments: nothing has recently changed regarding the bank guarantee and of course, that is a legal obligation of the builder whoever is the final buyer. The only new aspect to be considered regarding off plan purchases is a higher fiscal or tax control on the transmission before completion which needs to pay the 7% tax, but that seems to be a different matter. _______________________ Maria L. de Castro, JD, MA Lawyer Director www.costaluzlawyers.es Spam post? If so please click here to report it
08 Oct 2007 11:18 PM Roberto Villa I'm in Torremolinos I've made 1641 posts Send private message to Roberto	I think that's what I was thinking about in my first post - rather than CGT, the 7% transmission tax, that the authorities want to collect on the sale of unfinished properties, just the same as on completed re-sales. In other words, to stop contract flipping without going through the usual process of transferring property from one individual to another. Still, as Maria says, this doesn't seem to be particularly relevant to what you were told by ADH. _______________________ "For I am a bear of very little brain, and long words bother me" Winnie the Pooh Spam post? If so please click here to report it

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