Turn Key 2 bedroom Apartment for sale in Praia da Luz, Algarve

399,000 EUR 343,140 GBP 430,920 USD

Reference: 244012

Bedrooms: 2
Bathrooms: 2
Floor Size: 118 m2

Features

Balcony
Terrace
Communal Pool
Golf Resort or Nearby
Gym
Hot Tub or Sauna
Air Conditioning
Parking
Turnkey
Good Condition

Details

Beautifully refurbished apartment with large terrace, within walking distance of the beach, restaurants and shops, situated in a popular resort with excellent communal facilities.

The 118m2 property occupies a quiet corner inside the resort, still close to the main reception with its full concierge service and all the wonderful onsite amenities, but far enough away to enjoy a little tranquility even in the busier periods.
The fully equipped gym and indoor heated pool with Jacuzzi and Sauna are a real added bonus during the winter months.

The apartment is in turnkey condition and sold fully furnished apart from a few personal items and can be used immediately following the purchase.
There are further benefits such as a fully equipped branded kitchen, under-floor heating, reverse cycle air-conditioning, as well as a dedicated basement parking space and a sizeable lockable storage room for private use.

There is a spacious terrace off the living room that wraps around to the bedroom and another smaller terrace just outside of the kitchen.

These luxurious properties have proven popular with those looking for a holiday home investment with rental potential and equally with those looking to use on a permanent basis as they offer a high standard and level of comfort with a great range of shared facilities - there's even a fantastic restaurant that is part of the complex. everything is really catered for.

Viewing is highly recommended.

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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.