6 bedroom Villa for sale with sea view with Income Potential in Loule, Algarve
With generous and well-organised interiors and exteriors, this property offers a versatile and functional solution for both large families and those looking for a property with potential for additional income.
Each villa is spread over two floors and has three large bedrooms, including a master suite with walk in wardrobe and en-suite bathroom.
Social areas include a living and dining room with a fireplace, a fully equipped kitchen, a laundry/utility room and direct acces...
With generous and well-organised interiors and exteriors, this property offers a versatile and functional solution for both large families and those looking for a property with potential for additional income.
Each villa is spread over two floors and has three large bedrooms, including a master suite with walk in wardrobe and en-suite bathroom.
Social areas include a living and dining room with a fireplace, a fully equipped kitchen, a laundry/utility room and direct access to the garden and pool.
The communal outdoor area provides an ideal setting for leisure and socialising, with a spacious garden, swimming pool and barbecue area.
The closed garage has capacity for two vehicles and offers plenty of storage space.
Both houses are equipped with air conditioning in every room and have recently undergone improvements in terms of thermal insulation and window frames.
Situated in a quiet and private area with excellent sun exposure, just 5 minutes from the centre of Loule, this property is close to all essential services.
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This Villa is located in Loule in Portugal
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Buying a Property in Portugal
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.