New build la Romana properties are available in the price range of €340,000 to €390,000, according to a recent analysis of three projects. With an average score of 7.1 out of 10 by veritySpain, these developments offer a solid investment for international buyers. Located in the Alicante province on the Costa Blanca, la Romana presents a structured process for purchasing new-build properties. From signing a reservation contract to receiving the keys, buyers must navigate various steps and costs. Understanding these elements is crucial for a smooth transaction.

Understanding the Reservation Contract

When purchasing a new-build property in la Romana, the journey begins with a reservation contract. This document secures the property for the buyer and typically requires a deposit of around €6,000 to €10,000. The contract outlines the basic terms, including price and estimated completion date. It's essential to review these details carefully. Developers such as TM Real Estate Group and Taylor Wimpey España are active in the region, often providing clear documentation. The reservation contract is not legally binding but serves as a commitment to proceed with the purchase. Buyers should ensure that they have legal representation to review the terms.

Signing the Purchase Agreement

Following the reservation contract, the next step is signing the purchase agreement. This document is more comprehensive and legally binding. It includes detailed specifications of the property, payment schedules, and penalties for non-compliance. Typically, 10% to 20% of the purchase price is due upon signing. Legal fees, usually around 1% of the property price, should also be considered. The agreement will stipulate the timeline for completion, which can range from 12 to 24 months. Buyers should verify these timelines and any clauses related to delays. It's advisable to have a lawyer review the purchase agreement to ensure all aspects are favorable.

Understanding Costs and Taxes

Purchasing a new-build property in la Romana involves several additional costs. Besides the purchase price, buyers should budget for VAT, which is 10% on new properties. Additionally, stamp duty, known as AJD, is typically around 1.5% of the purchase price. Legal fees, notary costs, and registration fees can add another 2% to 3%. It's crucial to factor in these expenses early in the process. According to Banco de España, understanding the total financial commitment is essential for budgeting and securing financing. Buyers should also consider potential community fees if the property is part of a development.

From Completion to Receiving the Keys

Once construction is complete, the final steps involve inspections and receiving the keys. Buyers should conduct a thorough inspection to ensure all specifications are met. Any discrepancies should be addressed with the developer before signing the final deed. This deed, known as the "escritura," is signed in front of a notary. It's at this point that the remaining balance is paid. The property is then registered in the buyer's name at the Land Registry. According to Registradores de España, this process ensures legal ownership. Receiving the keys marks the culmination of the purchase process, allowing the buyer to take possession of the property.

Key takeaways

• Reservation contracts require a deposit of €6,000 to €10,000.
• VAT on new-build properties in la Romana is 10% of the price.
• Purchase agreements are legally binding and include detailed terms.
• Completion timelines can range from 12 to 24 months.
• Legal representation is crucial throughout the buying process.