Off-Plan Property
Definition
Off-plan property refers to a residential or commercial property that is purchased before construction is complete. The buyer agrees to purchase based on architectural plans, CGIs, show apartments and a specification document rather than a completed building. Payment is typically made in stages tied to construction milestones.
Why It Matters
Understanding that you are buying based on plans rather than a completed building is fundamental to the off-plan purchase process. It affects how you evaluate the property, what legal protections you need, and how you structure your finances.
Where It Appears in the Buying Process
Off-plan buying is the entry point for most new build purchases in Costa del Sol. It appears at the very beginning of the process when you are selecting a development and deciding whether to buy before or during construction.
Related Questions
How Does Buying Off-Plan Work in Spain?
Buying off-plan in Spain follows a five-step process: reservation, private purchase contract, staged payments during construction, mortgage approval, and completion at the notary.
Is Buying Off-Plan in Spain Safe?
Yes, buying off-plan in Spain is safe when you use an independent lawyer, verify the developer, and ensure all stage payments are protected by bank guarantees.
What Is Off-Plan Property?
Off-plan property means buying a home before or during its construction, based on architectural plans and show units rather than the finished building.
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