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Buying a New Build Property From a Developer

Posted by admin on 4th October 2015
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BUYING A NEW BUILD PROPERTY FROM A DEVELOPER

When you are buying a new build property from a developer, they must provide the following:

1) The first Occupation license
This is issued by the municipality. The first occupation licence confirms that your new property meets all the legal requirements to be inhabited. Without this licence, you will not be able to connect electricity or water or get a mortgage.

2) THE BOOK OF THE BUILDING, (LIBRO DE EDIFICIO)
This book is produced by the architect and is provided by the property developer or building company. This document contains everything to do with the new property and is required for every property.

It should contain.

  • The technical details of all the works including materials used, technical drawings. Instructions and manuals and also a list of all parties involved in the build i.e. architects, companies etc.
  • The construction warranty or Building Guarantee.

You will be covered for:

  • 1 Year for any defects on finishes
  • 3 Years for any defects affecting the habitability
  • 10 Years for any defects affecting the structure of the building

THE DEVELOPER IS LEGALLY REQUIRED TO PROVIDE AN INSURANCE POLICY TO COVER THE THE 10 YEAR BUILDING GUARANTEE

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