Before we feature any property on our website we appoint an independent lawyer to carry out many stringent checks on the project. This makes sure that all the necessary titles of ownership, planning permits and building licences are all correctly in place. This is called the process of ‘Due Diligence’ and it is absolutely essential in order to feature the relevant property on any of our websites.
Our ‘Due Diligence’ process is possibly more extensive than those carried out by many other property companies today. Actually we only work with reputable developers who are prepared to provide us with all of the necessary documentation. Obviously the absolute security of our client’s funds is of paramount importance to us and we will work hard to maintain our proven record of hassle free delivery.
‘Due Diligence’ carried out will always consist of various checks such as;
- Certificate of Land Ownership Proof that the developer actually owns and has a clear title to the proposed development land.
- Planning Approvals Checks with the local planning departments to verify what planning applications have been either lodged, approved or still pending approval. Helping ourselves and our clients to better predict how a location will develop in the near future.
- Building Licences Documents to prove that the developer has obtained the correct building licence which will legally allow the actual project construction to commence.
- Non-Encumbrance Check A search to discover if there are any debts, liens or other attachment orders secured against the proposed building land.
- Build Guarantee A guarantee which relates to the quality of build construction according to (1) the local legal requirements and (2) the developers promised specification.
- Background Checks / References A thorough check of the developers business background and building experience to date. Onsite inspection of any previous completed projects and verbal verification with previous clients.
- Preliminary Contract Purchasing an off-plan property usually involves signing a ‘Preliminary Contract’. We will review this contract to ensure that its terms and clauses are both fair and legal.
- Bank Guarantee A Bank guarantee stating that should the developer encounter financial difficulty prior to the completion of a development project, that the bank involved (or) insuring party will return all funds back to the investor. Our legal team will review these important documents to verify that the terms of the guarantee are legal and valid.
- Developer Stage Payments Full review of any stage payments required and establish to whom these payments are made. Whenever possible we will seek to have all clients funds deposited into a separate client’s account (escrow account) which is then administrated by an independent lawyer.
- Incentive Package We are able to negotiate some very interesting incentives for our investors, such as rental guarantees. Thus we review any incentive packages offered by a developer to ensure that we understand exactly how they will be initially implemented and later administered.
Purchase with confidence and invest securely with Spain Property Partners. Be assured that when you purchase any property from us we will carefully guide you through the complete process, from your initial reservation, placement of your deposit and right through to the handover of your keys at completion..