The standard procedure to be followed when purchasing a new house was outlined in Chapter 6. Let us now look at some other types of property purchase and their conveyancing procedures (see Figure 12).
The previous advice given still applies, namely all documentary steps are important and failure to complete one may have serious consequences but the most important documents are the nota simple, the contract, the community rules and the escritura. Of these the contract is the most important.
Fast Track Conveyancing For New Houses
In some areas of Spain and especially around Torrevieja, the whole regional infrastructure is devoted to the marketing of property yet to be constructed.
Fig. 12. Different purchasing procedures
In addition to house building, indigenous industries such as furniture making have sprung up. Service industries too, such as car hire, hotels, banking and restaurants, have expanded to meet the demand of people buying homes for holiday or for permanent residence.
In this area all the procedures involving the purchase of new properties have been simplified and speeded-up. Fast track conveyancing is quite different from the standard procedure and is modified to recognise the following:
- The property is purchased from building plans probably following an inspection flight or a short stay in the area.
- There will be a 12 to 18 month wait for the property to be completed.
- When notified that the property has been completed, the purchaser naturally wishes to move in immediately. Time is important. No one wants to be held up waiting for legal matters to be completed.
- Making the final payment to the builder, moving in immediately, and letting the legal people ‘sort out’ the paperwork (the escritura) is the core of the fast track approach.
The 12 Step Fast Track Procedure
In comparison with the standard conveyancing procedure, a further step is introduced, namely paying the builder, receiving the keys and then going to the notary within 14 days to sign the
escritura. To emphasise this point – the final payment is separate from the legal proceedings at the notary’s office. It is this payment, correctly recorded, which is the core of the fast track conveyancing procedure ensuring the purchaser gains access to the property immediately without waiting for the
escritura to be prepared by the notary.
The contract in Appendix 1 makes reference to this arrangement in clause Six.