Spacious 5 bedroom Villa for sale with sea view in Praia da Luz, Algarve

1,600,000 EUR 1,376,000 GBP 1,728,000 USD

Reference: 246046

Bedrooms: 5
Bathrooms: 6
Floor Size: 490 m2

Features

Terrace
Garden
No Pool
Fireplace
Possible Extra Dwellings
Outbuildings
Existing Tourism Licence
Sea View
Parking
Walk to Beach
Walk to Amenities
Traditional Style
Good Condition

Details

Set around a courtyard and with lovely sea views, this spacious property is situated right in the heart of Praia da Luz, near to a variety of services and shops, just 10 minutes from Lagos and an hour from Faro International Airport.

With a combined total living area of 490m2, the property consists of a 2 bedroom main residence, 2 studios, a 1 bedroom apartment and a 1 bedroom annex.

The main villa features 2 expansive living areas with fireplaces and a fully equipped kitchen. 2 spacious bedrooms, 1 of which is an en-suite. The remaining guest rooms in the apartments and annex feature en-suite bathrooms and excellent sun exposure.

Being used for many years as a place of recreation, as a restaurant with live music and dancing, the location has been converted into a cosy and charming villa.

Property with commercial license, ideal for those seeking to generate revenue. It is also capable of being transformed into a wonderful family home.

CHARACTERISTICS:
Plot Area: 1,241 m2 | 13,358 sq ft
Area: 490 m2 | 5,274 sq ft
Deployment Area: 490 m2 | 5,274 sq ft
Building Area: 490 m2 | 5,274 sq ft
Bedrooms: 5
Bathrooms: 6
Energy efficiency: C

FEATURES:
4 en-suite bedrooms
Equipped kitchen
Fireplaces
Salamander
Laundry

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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.