Income Producing 7 bedroom Villa for sale with countryside view in Alfeizerao, Caldas da Rainha, Central Portugal
The main house has 4 bedrooms, two on each floor and one of which is en suite, a dining room, equipped kitchen and open plan living room, laundry room, office, garage with space for two cars and machine room.
The first floor has a terrace with views over the countryside. All bedrooms are equipped with air conditioning and in the living room there is a pellet stove that powers radiators in the office, living room and on the first floor, as well as underfloor heating in the living room and kitchen. The house is also equipped with a 27...
The main house has 4 bedrooms, two on each floor and one of which is en suite, a dining room, equipped kitchen and open plan living room, laundry room, office, garage with space for two cars and machine room.
The first floor has a terrace with views over the countryside. All bedrooms are equipped with air conditioning and in the living room there is a pellet stove that powers radiators in the office, living room and on the first floor, as well as underfloor heating in the living room and kitchen. The house is also equipped with a 270L heat pump.
The house currently used as a self-catering accommodation consists of
3 apartments, two one-bedroom apartments and one two-bedroom apartment, with a laundry area shared between the three. All three accommodations have air conditioning, with the two-bedroom apartment having three. In the laundry room there is also a new 270L heat pump that is independent for the three apartments.
These two properties are located on a plot that includes a games area with a children's playground, a wooden pergola with a barbecue, an outdoor parking area for several cars and a borehole, as well as an outdoor leisure area with a swimming pool and garden.
All of this is located just a few minutes from the city of Caldas da Rainha, with beaches fifteen minutes away and Lisbon an hour away.
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This Villa is located in Caldas da Rainha 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.