When buying or selling a property, especially one that is over 30 years old, the Building Technical Inspection (ITE) is a crucial factor to consider. This report is often mandatory and can influence the purchase decision, the price, and even the financing of the property. In this post, we’ll explain why the ITE is essential in real estate transactions and what you need to know about it.
The ITE is a report that assesses the condition of a building, checking whether it meets minimum standards of safety, health, and accessibility. The aim is to identify potential deficiencies in the structure, facades, roofs, water installations, electricity, and other common areas.
This certificate is mandatory for buildings over 30 years old in many cities and autonomous communities in Spain, and it must be renewed every 10 years. Its goal is to ensure that the property is well-maintained and to prevent long-term issues.
The ITE plays a pivotal role in property transactions because it directly impacts the valuation and security of your investment. Here’s why it matters:
The ITE covers the following areas of a building:
If the building fails the ITE, the report will detail the deficiencies found and the timeframe for fixing them. These could range from minor cosmetic issues to major structural problems.
In such cases:
If you buy a property in a building with a negative ITE, you may be responsible for some of these repair costs.
A favorable ITE can speed up the sale process because it provides assurance to buyers and eases mortgage approval. It also prevents delays by ensuring the transaction complies with local regulations.
On the other hand, if the building doesn’t have an ITE or has an unfavorable report, you may need to negotiate with the seller to cover the repair costs or adjust the purchase price accordingly.
The ITE is mandatory for:
It is the responsibility of the homeowners’ association to ensure the ITE is completed, and the report should be up to date before any property transactions occur.
The Building Technical Inspection (ITE) is a critical aspect of buying or selling property, particularly in older buildings. A positive report ensures that the property is in good condition and won’t face significant issues in the near future. Before purchasing any property, make sure to review the ITE report to avoid unpleasant surprises and make informed decisions about your investment.
Need help navigating the ITE process or ensuring your property is in top shape for sale? Contact us at Ekoengi, and we’ll guide you through the complexities of real estate transactions in Barcelona.