 |
¿Is the Developer legally obligated to follow the blueprints and property description which are given to me?
|
 |
No, the blueprints and property description is for informational purposes only; they may undergo slight modifications due to technical requirements which arise during construction. |
| |
|
¿I am not interested in the conditions of the mortgage offered to me by the seller. Can I get a different mortgage with better conditions?
|
|
Of course! The buyer is free to choose whatever mortgage he prefers, and your choice of mortgage will not lead to any additional expenses in your purchase. |
| |
|
¿What kind of documentation should I request when purchasing a home?
|
|
You can request photocopies of the building license, the execution project, the mortgage forms and the contract of purchase. |
| |
|
¿After I make a deposit to reserve a home, am I obligated to buy it?
|
|
No. The deposit reserves the home for a specified length of time, giving you time to decide either to go ahead with the purchase or withdraw your offer. But keep in mind that the seller also has no legal obligation to sell the home after the deposit is paid. If either party decides not to go through with the purchase, the deposit will be returned. |
| |
|
¿What guarantees do I have that my deposit will actually be returned?
|
|
The deposit is made to an account which is held in escrow in the developer's name. The money in this account can only be returned or deposited into the building project’s account, and in both cases written notification must be given between the two parties. |
| |
|
¿At what point am I obligated to go ahead with the purchase?
|
|
When you sign the contract of purchase. |
| |
|
¿When I make payments prior to being given the home, what can this money be used for?
|
|
Payments are deposited in a current account which is opened in the Developer’s name specifically for the building project and no money can be withdrawn from this account. All amounts deposited in this account are backed by a bank guarantee. |
| |
|
¿Who assumes the costs of these bank guarantees?
|
|
The Developer, in full. |
| |
|
¿What happens if the Developer does not complete construction?
|
|
The bank that finances the project must ensure that the project will be completed, entrusting the job to another company if necessary. |
| |
