Buying someone elses 'Off Plan' property, prior to legal completion, is the term used to describe the 'Sale of Contract' purchase of a property not yet built (as opposed to ‘Resales’ properties which are already built where the current owner is selling their own property). With an Off Plan property one is buying from a builder or developer, but buying the contract is buying from the original buyer but before the property has been signed over to them.

One still has to base the decision to buy the property on the details, specification etc., from the builders or developers plans and artists impressions, but often the property is close to completion and hence there is a physical property to see. 

The main advantages of buying  a ‘Sale of Contract’ property are;

• A cost saving is usually very evident as the original buyer is often after a quick sale.
• Real capital appreciation is highly likely to become evident over time.
• For outright investors and property speculators buying a ‘Sale of Contract' is the norm. It is also highly recommended for those who want to buy at the lowest cost, not wishing to buy after the property has increased in value but to own the property before it increases in value.
• It is sometimes possible to have some degree of input regarding personalising the property, for example the colour of the floor and wall tiles, whether or not a swimming pool is installed, the quantity of power points and their location, the addition of exterior power points, adding air conditioning units, even adding a ‘real flame’ gas fire in some circumstances.
• The builder will give you a guarantee on the quality of the building and you will have recourse to have corrected faults if there are any (called ‘snags'). This guarantee continues usually for some years after the property has been built.

The main disadvantages of buying ‘Off-Plan’ are;

• You cannot always see the finished item (but often you can).
• The builder (or indeed another builder) may build something in front of or behind of your property not shown on the original plans (although this is also true with most other properties too as builders continue to develop popular areas). This is why you MUST appoint GOOD English speaking, LOCAL Spanish lawyer who knows the builder, the local area and can research what is being built and being planned to be built around the property.
• It is sometimes difficult to scale-up builders’ drawings to get to ‘the real world’ size of rooms.
• It is sometimes difficult to envisage the finished property, and likewise to envisage the property in the context of the adjoining properties, especially so if all the builder has to show you is an open field IF the contract is being sold in at a really early stage.