2 bedroom Apartment for sale with Established Rental in Lagos, Algarve

385,000 EUR 331,100 GBP 415,800 USD

Reference: 244622

Bedrooms: 2
Bathrooms: 2
Floor Size: 101 m2

Features

Balcony
No Pool
Air Conditioning
Potential for Income
Existing Tourism Licence
Walk to Amenities
Good Condition

Details

A most attractive 2 bedroom apartment in a desirable location in a traditional neighbourhood directly behind the old walls of the historical centre.

The 101m2 property is found in a small residence at the end of a cul-de-sac street, and overlooking parkland in a peaceful yet central situation.

The apartment features a spacious entrance hall that opens up to a sunny living room leading on to a large terrace with views of the park to the back. To the left of the entrance is the kitchen with dishwasher, oven , plus American style fridge freezer. There is also a storage pantry, and a small enclosed terrace with washing machine and more storage off the kitchen.
Across from the kitchen is the shared family bathroom and at the end of the hall are two double bedrooms, one with en-suite bathroom.

The property has been renovated and redecorated over recent years, whilst maintaining some of the original Portuguese features such as the traditional wall tiles in the entrance and hall.
Air conditioning installed in the en-suite bedroom and living room, and both bedrooms have ceiling fans.
The apartment has an AL licence, and is a very successful rental property.
First floor, no lift.

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Portugal Property Buying Guide

1. Signing a Letter of Intent

On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.

2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)

The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.

3. On Completion

The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.