property developments
Our clients find investing in a property in Spain, in the form of a Real Estate Development project, a successful business.
In this regard, we assist our clients in facilitating all legal and administrative aspects of setting up, carrying out and executing every aspect of developing a real estate project in Spain. In particular, our advice includes:
prior to commencing the development
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Setting up a
tax efficient corporate structure
necessary to develop the Project.
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Internal
organization
of the Company.
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Purchase of a plot of land
, to include negotiations with the seller (when necessary), preparation of the preliminary research of the property (with special attention to the title, liens and encumbrances, and whether the property is “urban” or “rural”).
Many plots of land located in touristic areas with intense construction activity may suffer from
Governor’s local office construction limitations
which may completely impede building on plots ofland classified as “rural”. Identifying when a plot has such classification is essential when purchasing a plot of land and may require additional research that average real estate brokers or legal representatives will not in fact do.
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Preparation and presentation of the
legal report
summarizing the most important legal aspects to be considered.
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Drafting private agreements for the purchase of the plot and attending
execution of the title deeds
before a Notary Public, payment of the taxes and fees involving the registration of the Title Deeds at the Local Land Registry.
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Obtaining on behalf of the developer
any licenses required by Law
for the legal development of the Project.
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Review and negotiation of the
building agreement
with the designated constructor and local authorities. Preparation and assistance in the execution of such agreement, exhibits and any amendments thereto.
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Assistance in the obtaining
bank financing
for the construction of the Project, negotiating the terms and conditions of the loan and preparation of the title deed for the mortgage. Payment of applicable taxes and registration fees of the title deeds.
upon conclusion of the development project
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Drafting
sale agreements and reservation certificates
for each of the properties for sale to the general public (either off-plan or upon conclusion of the construction) sale and execution of each property. Follow up on each purchaser on a regular basis to ensure payment installments are made within the specified time frames. Formalizing the insurance policies and/or bank guarantees required for each payment made.
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Drafting and executing any notary documents that may be required during the
development and implementation of the Project
, to include the Deed of
declaration of new work
(declaración de obra nueva) and horizontal division (division horizontal),
certificate of finishing of building works and occupancy
(certificado de terminación de obras y ocupación) and Deed of
incorporation of the community of owners
(certificado de incorporación de comunidad de propietarios) and their due registration of their
House Rules
(reglas internas de la comunidad de proprietarios).
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Assistance in delivering the properties by means of
preparation of the title deeds before the Notary Public
, execution of each title deed and payment of the Added Value Tax (Impuesto de Plusvalia) and registration with the Catastral Registry of each change of ownership (model 901).
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Review, preparation and signing
of any private documents required during the development and execution of the project.
legal compliance
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Legal compliance
with applicable Laws and regulations, namely, Law of Construction Planning (Ley de Ordenación de la Edificación), Law regulating upfront payments against the sales price of properties under construction (Ley reguladora de las percepciones de cantidades anticipadas en la construcción y venta de viviendas), Law of Horizontal Property (Ley de Propiedad Horizontal), Decree-Law protecting the consumer with respect to the information that should be provided when purchasing an off- plan property (Real Decreto de protección de los consumidores en cuanto a la información a suministrar en la compraventa de viviendas), and on a general basis, Civil Code (Código Civil), Real-Estate Law, Consumer Law (Ley de Consumidores y Usuarios), and local Urban Law in force.
The depth of our legal assistance and involvement shall depend in each case on the specific needs of our clients.
Our firm can assist clients in all or any of the above mentioned aspects of a property development project.