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 PURCHASE. FREQUENTLY ASKED QUESTIONS
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Guarantees |
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Is a survey carried out on the property, structure and foundations?
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If you are buying a new build property there will be a 10-year builder’s guarantee and a certificate from the architect.
If you are buying a resale property a survey is not carried out to check the condition of the property; however, this can be done in addition if you wish.
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| Are the new properties normally finished on time? What are the builder’s responsibilities if they do not finish on time? |
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If the delay is longer than 4 months you are entitled to compensation.
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| What guarantees are there from the builder or developer? |
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Bank guarantees or insurance policies should be arranged when paying any monies for a property under construction. There are statutory provisions for the builders to guarantee the payments for the property whilst building is in progress up until the time it is completed (Spanish Laws L38/1999 & L57/1968). After this the property has a guarantee against any building defects for ten years.
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| What would happen if the builder were to go bust? |
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If the builder goes bust and you have a bank guarantee in place you will have your payments refunded; if you don’t have a bank guarantee then you will lose your money.
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