Quiet 7 bedroom Villa for sale with countryside view in Luz, Algarve

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

Reference: 246003

Bedrooms: 7
Bathrooms: 4
Floor Size: 325 m2

Features

Terrace
Garden
Land
Private Pool
Vineyard or Wine Making
Golf Resort or Nearby
Original Features
Possible Extra Dwellings
Potential for Income
Countryside View
Quiet Area
No Neighbours
Parking
Traditional Style
Good Condition

Details

Spacious property which is composed of 3 villas, 2 of which have 2 bedrooms and 1 with 3 bedrooms, located in a quiet setting in Praia da Luz.

Rustic in style and with traditional decoration and with large covered terraces, each villa has a large living room with a fireplace and equipped kitchen.

The outdoor space offers a barbecue, swimming pool and vineyard views to enjoy alfresco dining and a cosy atmosphere.

The mature and well-kept vineyard covers more than 9,000m2 and the grapes are used to produce an award-winning Algarve wine.

Boavista golf course is just 3.7km away and Ponta da Piedade lighthouse is 8km away, perfect for golf lovers.

Property located in very quiet area but close to the city of Lagos and all its services and trades and about an hour away and a 39 minute drive from Faro International Airport.

CHARACTERISTICS:
Plot Area: 16,808m2 | 180,920 sq ft
Area: 325m2 | 3,497 sq ft
Useful area: 235m2 | 2,532 sq ft
Deployment Area: 325m2 | 3,497 sq ft
Bedrooms: 7
Bathrooms: 4
Energy efficiency: E

FEATURES:
Terraces
Swimming pool
Garden
Barbecue
Vineyard

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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.