Snagging
In Spain snagging lists have to be provided to the developer within
fifteen days of the signing the deeds (escritura). The importance
of this should not be underestimated as it is extremely difficult to
get defects rectified if they are not reported during this period.
Mark Stucklin, Spanish Property Doctor for the Sunday Times recommends
that everybody buying a new build in Spain should have a snagging
inspection.
"Don't leave snagging to the developer. Snagging
can be a problem for overseas buyers who don't
have the time and wherewithal to do it themselves.
The best solution is to hire a professional, such
as a chartered surveyor, to manage the snagging
process for you. The benefits far outweigh the
cost."
Sunday Times, May 2005.
It is not uncommon for Spanish developers to arrange
the snagging inspection the day before legal completion, which
gives them no time to complete the remedial work on the defects before
you move in. We recommend that the snagging inspection takes
place at least three working days, and ideally five working days,
before you take ownership.
Retentions
It is possible to arrange for a retention of 5% of the property value
to be held back until all snagging defects have been rectified. These
clauses will also stipulate a fixed timeframe for the remedial
work - 3 months would be typical.
Spanish Warranties
Unlike in the UK it is obligatory for housing developers to provide a
new build warranty for the first 10 years after completion. However, this only has to
cover major defects affecting the safety of the owners. It
is common for Spanish builders to provide an insurance policy that
covers minor defects for the first year and more serious defects that
do not present a risk to the occupants for the first three years.
It is recommended that you check that the policy your developer
has covers more than the statuatory minimum.
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