Desert Springs Resales
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Playa Marques


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Purchase Contracts - an explanation

The Reservation (New Property)

On choosing your new home, a reservation form is signed and a deposit of 3.000euros paid, confirming the reservation period, price and terms. Your Reservation guarantees the property for you at the agreed price for 42 days from the time the developer sends the contracts. Mortgages from Spanish banks secured o­n the Spanish property are readily available at competitive terms. You may then decide the standard options, such as wall tiling, kitchen units, swimming pools and landscaping that you require. Most are in the price, but others such as furnishing will be extra.

The Reservation (Re-sale Property)

For re-sale properties the procedure is much quicker, after selecting your property a deposit of 5.000 euros is paid, securing the property and a guaranteed price for 14 days, after this period a further 10% is payable, less the 5.000 euros deposit with the balance paid at the notary, upon completion of the new title deed and receipt of the keys. The average time from reservation to completion o­n re-sale properties is 4/6 weeks. Many of the re-sale properties will be furnished and include extras, a/c units, fully equipped kitchens, landscaped gardens a home ready for immediate occupation.

The Exchange of Contract (New Property)

The developer will send you or your solicitor the contracts and proof of title etc. Remember that the brochures and show homes display typical arrangements, details and specifications, which can vary according to phase, dwelling orientation, design and in the interests of variety  and improvement. It is the Architects actual Projects Plans that you accept o­n contract, if in doubt, consult the copies held in the Playas office in Villaricos. o­nce you are satisfied that all is in order, contracts are exchanged and a 15% contract deposit is payable, less the reservation deposit. If contracts are not exchanged within 42 days, the reservation may be cancelled and half the reservation deposit retained to pay for administration costs.

You will be given a Provisional Completion Date and a point of contact, we will assist you in choosing any options or extras during initial construction before completion of the structural frame, when a further 25% and any extras become payable. Your payments are placed in a bonded bank account, where they are insured and will be returned in the event of non-completion by the developer. Your property is also covered by a 10 year structural defect insurance.

After completion of your new property, we will arrange a Handover Inspection, following which the balance of the price is paid and the deed of purchase is signed at the Notary office in Spain. If you are not in Spain, then a Power of Attorney must be given to a responsible person ( normally your lawyer) to inspect and complete o­n your behalf. This deed is then registered at the Land Registry Office; V.A.T. is currently payable at 7% of the value of the property. Notary and Land Registry fees and any other cost are around 3%. all of which, including registration of the deeds, will be dealt with by your lawyer.


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