Promoter. Natural or legal person who takes the initiative to promote homes for sale. Therefore, it decides, schedules and finances the building works. The financial resources can be their own or others. This promoter concept includes the owners who build for their own benefit, the communities of owners and the housing cooperatives.
The real estate developer is responsible for some strategic decisions such as the purchase of the site, request for administrative authorizations and contracting of the building.
The home developer is obliged to comply with everything advertised, linking the construction company with the buyers as if it were a contract. Thus, it is very important that the publicity that is delivered to buyers, about newly built homes, is preserved (advertisements and promotion brochures) in case any claim has to be made later in a friendly or judicial way.
Annex: Obligation of the property seller to provide data to the buyer:
- Name or company name of the promoter, address and registration data in the Mercantile Registry
- Location plans of the house
- Property Registry Data
- Damage and hidden defects insurance
- Copy of the precise licenses for the construction and occupation of the houses;
- Community Statutes;
- Total sale price and payment method;
- If mortgage subrogation is foreseen, and information is the same;
- Model of a sales contract, with its general and special conditions, establishing the right of the buyer to demand the granting of public deed; election of a Notary, etc.
- The promoters or sellers must also provide the following documents: certificate of occupancy, receipt of having paid the last annuity of the Real Estate Tax (IBI), receipt of having paid the Tax on the Increase in Value of Urban Assets (capital gain), registration information of the farm (owner and charges) and technical plan showing the surface and distribution of the house.