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Putting deposit down tomorrow - tips and questions to ask developer and lawyer

Posted: Tue Oct 8, 2019 10:42am
2 replies51 views3 members subscribed
Sjp1

Posts: 3

Location: Manilva

Hi there. I’m due to fly out tomorrow to sign the first stage contract on an off plan apartment (in pure South)

I’m meeting my solicitor, the notary, bank and then the architect and developer   

What are the top questions/tips I should ask each of them please?

Thank you. 

Suzee99

Wed Oct 9, 2019 3:18pm

Posts: 20

Location: Manilva

1 helpful posts

Posted: Wed Oct 9, 2019 3:18pm

Hello,

Your lawyer should be guiding you thoroughly through the whole process.  Ensuring all off plan milestones are clear and will be met and that any delays by the builders or deposits are secure and/or refundable, in the event of none completion. 

PhilipGC11

Thu Oct 10, 2019 7:21pm

Posts: 13

Location: Estepona

6 helpful posts

Posted: Thu Oct 10, 2019 7:21pm

Hi SJP

Most developments on the Costa del Sol proceed to completion, within about 2 years, with few hiccups and, currently, supply and demand is reasonably stable.

Sometimes, the Developer gets wound up and, in those circumstances, you are at risk of losing your deposit and there is no apartment to be delivered to you.

You should ask about that eventuality and what steps, if any, such as holding the depodit in an escrow account, are being taken to protect your deposit.

Best regards

Philip

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