{"id":21092,"date":"2023-04-15T01:37:12","date_gmt":"2023-04-14T23:37:12","guid":{"rendered":"https:\/\/invierteenlaflorida.es\/what-do-you-need-to-know-about-pre-construction-property-contracts\/"},"modified":"2024-08-20T09:39:29","modified_gmt":"2024-08-20T07:39:29","slug":"what-do-you-need-to-know-about-pre-construction-property-contracts","status":"publish","type":"post","link":"https:\/\/invierteenlaflorida.es\/en\/what-do-you-need-to-know-about-pre-construction-property-contracts\/","title":{"rendered":"What do you need to know about pre-construction property contracts?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">There are some terms and conditions that you need to be aware of before buying a property off-plan or in pre-construction so that you do not get a bad deal.<\/p>\n\n<p class=\"wp-block-paragraph\">These are:<\/p>\n\n<ol class=\"wp-block-list\">\n<li><strong>Unilateral contract<\/strong>: the developer is the one who drafts the contract and establishes the conditions. The buyer has no right to make changes.<\/li>\n\n\n\n<li><strong>Cancellation period<\/strong>: usually within 15 days of signing the contract, the buyer has the right to cancel the contract if he does not agree with any of the clauses. This can be done without penalty.<\/li>\n\n\n\n<li><strong>It is not transferable<\/strong>: the contract is made in the name of the buyer or in the name of a company where the buyer is the sole owner. The property cannot be sold or transferred to a third party before the work is completed. The exception is if the developer authorizes it.<\/li>\n\n\n\n<li><strong>Payment method<\/strong>: in most of the projects a standard <strong>payment<\/strong> is followed and goes as follows: 10% at the signing of the contract, 10% between 60 and 90 days after the first deposit, 10% at the beginning of construction, 20% halfway through the construction of the building and 50% on the day of closing of the property.<\/li>\n\n\n\n<li><strong>Non-contingency financing<\/strong>: if the buyer requested a loan for the final payment and the loan is not granted at closing and the buyer does not have the money, the developer has the right to keep the total amount of the money delivered to date. What the developer does is to facilitate lenders.<\/li>\n\n\n\n<li><strong>Delivery time<\/strong>: usually 2 to 3 years if signed from the beginning of the project, it may be shorter depending on the stage of the project. The details with which the unit is delivered also play a role.<\/li>\n\n\n\n<li><strong>Finishes<\/strong>: the standard is that the projects are delivered with floors and without paint; with appliances, with kitchen cabinets and complete bathrooms with or without floors.<\/li>\n\n\n\n<li><strong>Estimate closing costs when purchasing a pre-construction<\/strong>: the expenses to be paid vary whether the transaction is cash or financed.<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">This article is intended to be informative and informative. For this reason, it is important that before making any decision, you visit or contact a certified specialist in the field, since it is the expert&#8217;s opinion that should be considered.<\/p>\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are some terms and conditions that you need to be aware of before buying a property off-plan or in pre-construction so that you do not get a bad deal. These are: This article is intended to be informative and informative. For this reason, it is important that before making any decision, you visit or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_joinchat":[],"footnotes":""},"categories":[126],"tags":[127,124,128],"class_list":["post-21092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-en","tag-building-contracts","tag-la-florida-en","tag-new-developments"],"_links":{"self":[{"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/posts\/21092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/comments?post=21092"}],"version-history":[{"count":3,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/posts\/21092\/revisions"}],"predecessor-version":[{"id":21461,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/posts\/21092\/revisions\/21461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/media\/20832"}],"wp:attachment":[{"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/media?parent=21092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/categories?post=21092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invierteenlaflorida.es\/en\/wp-json\/wp\/v2\/tags?post=21092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}