Industry partnership brings trust to sale of new build properties in Spain
Some new build developments in Spain have had historical problems with being built illegally, causing new buyers untold stress, both financially and personally. Around 1 million properties are believed to have been constructed without correct permission on land that was protected. Some British buyers are still fighting to keep their homes almost ten years on, with no end to their battle in sight.
Expert Spanish property lawyers Fuster & Associates has helped over 200 families to reclaim deposits lost to developers who went bust in the early 2010s. Their work has led them to create the Fuster Standard after identifying a critical need for rigorous legal support within all Spanish property agencies.
Safer new property buying process for consumers
The Fuster Standard guarantees that all the necessary legal paperwork has been completed in advance of a property being offered for sale, thus providing reassurance both for the agent selling it and for the buyer.
Now Fuster & Associates and AIPP (the UK-based international property trade association) have joined forces to create a new partnership that will set industry benchmarks for quality, assurance and reliability within the Spanish new build property market. The exclusive agreement was signed by Fuster & Associates Founding Partner David Fuster and AIPP CEO Peter Robinson at the Fuster & Associates 20th anniversary event 1st March 2020.
Roadmap for agents and clients
Unfortunately, agents do not always do comprehensive due diligence on a property development, ensuring it has all the correct licenses and permissions etc, before offering projects to buyers. Although the facts may be checked at conveyancing stage, some buyers do not use an independent lawyer or seek any legal assistance at all. This is a highly risky approach for the buyer and a false economy.
David Fuster, Founding Partner, Fuster & Associates had this to say about the initiative; “Our goal is to reduce potential risks both to agents selling Spanish properties and to those buying them. We are looking ahead to a safer buying environment in 2020 through our partnership with AIPP, creating a roadmap for agents and their clients to avoid the pitfalls of the past and work towards a brighter future.”
Quality, assurance and reliability should all be top priorities for buyers and sales agents
Buyers are encouraged to seek-out AIPP agents who have signed-up to the Fuster Standard (such as Grupo Vapf pictured above) and can access an intelligent map displaying all new certified housing developments on the Costa Blanca and Costa Calida, with a planned roll-out across Spain.
Peter Robinson CEO, AIPP had this to say; “AIPP’s mission is to improve industry standards and help buyers make sensible choices. With the kind of purchase problems that can relate to new properties, it makes sense to look at the supply-side. Our agreement with Fuster & Associates establishes a new benchmark of due diligence at the point of sale, avoiding problems for sales agents and their clients long before the conveyancing stage. This perfectly complements our new AIPP agent training initiative, covering both compliance and business skills”
AIPP is the trade body for professionals around the world dealing with buyers of foreign property. It is a non-governmental, not-for-profit organisation helping both the industry and the public.