Buyer´s guide

Contrato de Compraventa: Contract of Sale: This is a bilateral contract in which one of the contracting parties (the developer) is obligated to deliver a property and the other (the buyer), to pay for the property a set price. Within this contract there will be stated time periods, payment methods, conditions, etc.
Proyecto técnico: Architectural Plans: This is the design by the architect of the house or development you are buying. In the plans you will find a scale drawing of the structure.
Licencia de edificación: Building Permit: License given to the developer from the local council, after inspection of the plans by the council technicians.
Cédula Urbanística: Land Register: Certificate granted by the council to the owner of a new property, confirming the legality of the construction.
Aval Bancario: Bank Guarantee: This is a guarantee, where the bank is acting as guarantor, that any money that is paid before the completion of the sale is destined for the project in question.
Impuesto Sobre El Valor Añadido (IVA): This is the Spanish equivalent of VAT. It is charged at the rate of 7% on the purchase price of all off-plan residential properties.