Quiet Income Producing , 3 bedroom Villa Castro Marim Panoramic View

2,380,000 EUR 2,046,800 GBP 2,570,400 USD

Reference: 242881

Bedrooms: 3
Bathrooms: 4
Floor Size: 246 m2

Features

Details

Quiet and spacious property, which features a 3 bedroom villa with an infinity swimming pool, a 500m long artificial lake, 2 small ponds, a well, 2 drinking water openings and a hunting pavilion, which is fully fitted out for hosting events and can accommodate up to 150 people. It is currently the licensing application for 4 small bungalows.

In various areas of the property, sites have been prepared for a future camping project, shall a future owner so desire.

The lake is home to numerous fish species, making it ideal for angling, canoeing, swimming, etc. Approximately 100,000 pine trees have been planted, which, due to their youth, have not yet reached maximum production.

The entire property is enclosed with netting and has several marked walking trails. Its terrain permits the use of these routes for motocross and mountain biking (MTB) practice.

This is a one-of-a-kind property where you can breathe serenity and tranquilly, surrounded by a beautiful landscape, and with enormous potential for tourism, yoga retreats, meditation, and other activities, all in complete harmony with nature.

CHARACTERISTICS:
Plot Area: 1,225 600m2 | 13,192 249 sq ft
Area: 246 m2 | 2,643 sq ft
Deployment Area: 175m2 | 1,884 sq ft
Building Area: 246m2 | 2,643 sq ft
Bedrooms: 3
Bathrooms: 4
Energy efficiency: A+

FEATURES:
3 en-suite bedrooms. Air conditioning. Fireplace. Equipped kitchen. Solar panel. Restaurant. Swimming pool. Artificial lake. Ponds. Drinking water hole.

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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.