Many buyers have recognised the significant investment potential of buying off plan from reputable International developers.
The procedure for buying off plan is normally as follows:
- A small deposit secures the property.
- 15% of the value is paid within four weeks and the Private Contract exchanged.
- Between 15% and 20% is paid during the construction period by monthly or quarterly instalments.
- The 70% balance is paid at completion and signing of the Public Contract.
- A mortgage arranged by the developer is usually in place to cover this final payment if required.
- All payments made are secured by bank guarantees.
- The advantage of buying off plan is that for an outlay of between 30% and 40% of the value of the property the purchaser secures any capital growth achieved on the full value of the property at the time of completion.
Selling Prior to Completion
Should you decide to sell your property prior to completion, this can be done once the initial 15% has been paid via a transfer contract drawn up by your solicitor. Elite Morocco Properties will, of course, be happy to act as your estate agent.