Buying someone elses 'Off Plan' property, after that person has exchanged contracts but prior to that person completing on their purchase, is the term used to describe the 'Sale of Contract' purchase of a property in Spain. The property might not yet be built, or might be partially built, or might not yet be totally finished. 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;

1. A cost saving is usually very evident as the original buyer is often after a quick sale.
2. Real capital appreciation is highly likely to become evident over time.
3. 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.
4. 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 addition of exterior power points, adding air conditioning units, etc.
5. 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 ‘Sale of Contract'’ are;

1. You cannot always see the finished property (but often you can).
2. It is sometimes difficult to scale-up builders’ drawings to get to ‘the real world’ size of rooms.
3. 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.