{"id":11941,"date":"2024-03-28T13:05:50","date_gmt":"2024-03-28T12:05:50","guid":{"rendered":"http:\/\/staminawebs.com\/wordpress\/the-ten-year-insurance-in-spain-essential-protection-for-buyers-and-builders\/"},"modified":"2024-07-03T16:22:17","modified_gmt":"2024-07-03T14:22:17","slug":"the-ten-year-insurance-in-spain-essential-protection-for-buyers-and-builders","status":"publish","type":"post","link":"https:\/\/porcel.legal\/en\/blog\/the-ten-year-insurance-in-spain-essential-protection-for-buyers-and-builders\/","title":{"rendered":"The Ten-Year Insurance in Spain: Essential Protection for Buyers and Builders"},"content":{"rendered":"\n<p>Whether you are selling, purchasing, or building a property or real estate in Spain, you may have heard of the ten-year latent defects insurance.<\/p>\n\n\n\n<iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/CDE4kudXsRw?si=QEmiRFzJHCGtrRWh\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">What is a ten-year latent defects insurance?<\/h3>\n\n\n\n<p>A ten-year latent defects insurance is hired by the person who builds or promotes the construction of a building, and its aim is to protect the buyer of the property in question from any future potential structural risks. <\/p>\n\n\n\n<p>It has a ten-year coverage, and it is required as a guarantee for developers and promoters in order to cover any possible damages and compensations that a building may eventually present. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What does this insurance cover?<\/h3>\n\n\n\n<p>It normally applies to severe damages caused by construction that affect structural elements (beams, concrete slabs, load-bearing walls) and it generally applies in the event of problems or defects that pose a risk of partial or total collapse. <\/p>\n\n\n\n<p>What is interesting about this insurance is that it is a guarantee for the buyer, as they already have a coverage guaranteed without the need to present a claim to the promoter or developer, which ensures collection of the insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">When is it compulsory?<\/h3>\n\n\n\n<p>As established by the law to register new construction in the Property Registry, a property that requires this insurance may not be sold or mortgages for ten years if it does not have this insurance. <\/p>\n\n\n\n<p>In practical terms, this means that the property is encumbered in the registry with a legal charge of providing the ten-year latent defects insurance.<\/p>\n\n\n\n<p>Please take into account that it is very common to find this type of encumbrance inscribed in the Property Registry in self-promoted constructions, as the promoter is not obliged to hire this insurance unless they sell or mortgage the property within a ten-year period. In that case, you should discuss with your lawyer how to cancel the encumbrance or find an alternative solution within the transaction framework. <\/p>\n\n\n\n<p>It is important to clarify that, in some cases of major refurbishment of a property, the ten-year latent defects insurance may be requirable if structural elements are altered or modified. <\/p>\n\n\n\n<p>For this reason, if you are going to purchase or sell a property in Spain and think this obligation may be applicable, we recommend that you contact a lawyer so they can inform you about how to solve this situation before formalising an agreement. <\/p>\n\n\n\n<p>Remember that this information is generic and each particular case must be studied individually, so we recommend you seek legal counselling for your sale or purchase in Spain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you are selling, purchasing, or building a property or real estate in Spain, you may have heard of the ten-year latent defects insurance. What is a ten-year latent defects insurance? A ten-year latent defects insurance is hired by the person who builds or promotes the construction of a building, and its aim is to &#8230; <a title=\"The Ten-Year Insurance in Spain: Essential Protection for Buyers and Builders\" class=\"read-more\" href=\"https:\/\/porcel.legal\/en\/blog\/the-ten-year-insurance-in-spain-essential-protection-for-buyers-and-builders\/\" aria-label=\"Read more about The Ten-Year Insurance in Spain: Essential Protection for Buyers and Builders\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":11936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[164,131],"tags":[],"class_list":["post-11941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-derecho-inmobiliario-en-2","category-due-diligence-en"],"_links":{"self":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/11941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/comments?post=11941"}],"version-history":[{"count":1,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/11941\/revisions"}],"predecessor-version":[{"id":14496,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/11941\/revisions\/14496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/media\/11936"}],"wp:attachment":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/media?parent=11941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/categories?post=11941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/tags?post=11941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}