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Investors given Spanish off-plan purchase advice

Article Date : Tuesday, April 10, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

British property investors are being told it is essential that legal advice is sought and a bank guarantee is given to safe-guard against any problem with foreign off-plan projects.

According to PropertyAbroad.com, Spanish property buyers should seek independent legal advice when investing in property abroad and must ensure they are in a position to get their money back if something goes wrong.

Investors are also warned to check whether the property in question has debts attached to it and if it is on the right side of Spanish planning laws.

Website director Les Calvert said: "People still buy off-plan abroad, but you need to make sure, first of all, there's a bank guarantee in place, or whoever you're paying your deposit to on an off-plan project.

"If planning permission isn't forthcoming for the off-plan project, or something goes wrong down the line, then you're guaranteed to get your money back."

Last week, online property forum Homes Worldwide said it is imperative that Spanish property investors employ an independent lawyer to conduct the sale, as they will be able to check that building licences and planning permission have been correctly obtained.
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