Building together

Once the private agreement is signed, you will be given a username and password to access the metrovacesa customer area, where you can consult your payments, photos of the progress of the work, the review lists, the documents and the people involved in the project.

Once the First Occupation Licence has been obtained and the Works Completion Certificate is registered in the corresponding Property Registry, the Customer is summoned to grant the Public Deed of Sale before a notary public.

No, you pay 20% on handover. At the point of sale, a personalised payment plan will be made for each customer to reach that 20% in the period of time that is available.

Usually, the payment plan is as follows:

• Reservation signing: 1%
• Sale agreement signing: 9%
• Monthly payment: 10% divided by the months of duration of the work
• Handover: 80% (mortgage subrogation)

The obligations to which the developer is subject are covered within the law.

You can consult them in:

LAW 38/1999, 5 November, on Building Planning.

Chapter IV: Responsibilities and guarantees.

Each customer has different priorities when looking for their home. It is often important to assess the location, orientation, energy, price, product and developer.

Metrovacesa focuses on the customer from the very beginning, orienting the offer to their needs.

The customer must provide a valid identification document in the days prior to signing the reservation.

The documentation exchanged when signing the sale document, in most cases is:

• From the customer: the bank receipt of the amount
• From Metrovacesa:

1. 1. Payment method document
   2. The house drawings
   3. Basement drawings with garage and storage room indicated
   4. Quality report
   5. Site plan
   6. Payment method document

First Occupancy Licence. This is always subject to the indications of the sales network.

The customer must provide a valid identification document in the days prior to signing the reservation.

The documentation exchanged when signing the reservation document, in most cases is:

• From the customer: the bank receipt for the reservation amount.
• From Metrovacesa:

1. 1. Payment method document
   2. The house drawings
   3. Basement drawings with garage and storage room indicated
   4. Quality report
   5. Site plan

This is always subject to the indications of the sales network.

The real estate sale agreement is a type of agreement whereby the seller transfers, in exchange for a price, the ownership of a property (a house, for example) to the buyer. It is signed once the Development Work Licence is obtained.

The Money Laundering and Terrorism Financing Prevention processes are applied taking the evolution of each transaction/sale into account.

Money Laundering (and Terrorism Financing) Prevention is a legal obligation that every real estate developer must comply with in order to prevent any amount of money related to the commission of a crime from being used for the purchase of a property.

It is a welcome pack to your home that includes:

• Low voltage ELECTRICAL installation certificate.
• GAS installation certificate.
• Manuals and warranties for electrical appliances and installations.
• Information on telecommunications installation.
• Energy Efficiency certificate.
• Copy of the Decennial Insurance.
• Drawings of the installations.
• Use and maintenance manual for the home.
• Supplier and provider information → List of materials.
• Copy of the First Occupancy Licence.
• After sales warranties.
• Articles of Association of the Community of Owners.
• Definitive Rating in the case of protected housing.
• House and outbuilding keys.

VAT (Value Added Tax, or IVA in Spanish, Impuesto sobre el Valor Añadido) which is 10% if it is a first home, which is a Spanish national tax.

Stamp duty (AJD in Spanish, Actos Jurídicos Documentados) Stamp duty is a regional community tax.

Real Estate Tax (in Spanish, Impuesto sobre Bienes Inmuebles or IBI) is a regional community tax.

In most cases, the sales person will answer your questions personally, giving you the commercial documentation available, the house drawings, the quality report, information about the development, energy rating and the payment plan.

If the work is completed prior to the date established in the sale agreement and the First Occupation Licence or its equivalent is obtained before the aforementioned date, the buyer is notified by the Seller to indicate that the public sale agreement can be notarised.

If, after the date established in the sale agreement, the house cannot be delivered because the City Council has not granted the corresponding First Occupancy Licence, the agreement establishes an extension system to be counted from the expected handover date.

However, if these extensions have transpired and the City Council has not yet granted the First Occupation Licence, the Buyer may choose to either terminate the agreement or continue with the purchase until the First Occupation Licence is effectively obtained.

¿Qué tipo de contrato es la reserva?There is often some confusion about what the ‘intention and reservation agreement’ (in Spanish, contrato de señal y reserva) for a new property construction is and what it entails, if compared with other types of agreements or real estate agreements such as the down payment.

This type of real estate agreement can be considered the step prior to the actual sale of a property (in Spanish, compraventa) and, in practice, it obliges both parties to continue the process through to the end. Thus, the seller agrees to sell the property and the buyer agrees to buy it.

To make the intention and reservation agreement effective, the buyer must pay a certain amount in advance. In other words, part of the house price must be paid before effectively becoming its owner. By signing this agreement, the seller also guarantees that the property will not be sold to any other possible buyer.

• If customers subrogate in the developer loan, the financial institution must be notified 30 days in advance. The entity sends the notary chosen by the customer the documentation with the conditions of the loan so that the notarial act with the conditions of the loan can be granted. Once the documentation is submitted, the act is issued in 10 days and the deed of sale can be signed the next day.
• If customers have their own financing, other than the developer loan, the entity must send the notary chosen by the customer the documentation required to grant the notarial act with the loan conditions. Once the documentation is submitted, the act is issued in 10 days and the deed of sale can be signed the next day.
• If customers do not have any type of financing, they can sign a deed without having to grant any notarial act. The public deed of sale is granted once the Works Completion Certificate has been registered in the corresponding Property Registry.

1. The expenses and taxes derived from the granting the public deed of sale and its registration in the Property Registry, with the exception of the municipal property tax.
2. Duties, contributions, excises and taxes, and any other expenses that encumber the property or its use.
3. he Spanish property tax corresponding to the annuity in progress at the date of executing the public deed of sale is paid by the parties “prorrata temporis”, as such that until the transfer date it is paid for by the seller and from the day after the transfer date it is paid by the buyer.
4. The maintenance and conservation costs of common elements, pursuant to the participation fees and coefficients that correspond to your property, paying these common expenses directly and in cash to the Seller until the Community of Owners is formally constituted, also obliging the Seller to reimburse, if applicable, the disbursement that it made for the endowment of the reserve fund provided for in article 9.f) of Law 49/1,960, 21 July, Horizontal Property Act, modified by Royal Decree-Law 7/2019, 1 March, on urgent measures on the matter of housing and rent.