
Algarve Golden Triangle Property For Sale
The Golden Triangle of Portugal's sun-drenched Algarve coast comprises some of the best golf and leisure resorts in Europe: Vale do Lobo, Vilamoura, Quinta do Lago, Vale do Garrao and Vila Sol.
Guide to the Portugese Buying Process
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.
IMPORTANT - Disclaimer :
All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
A very attractive linked-villa with four bedrooms which has been recently renovated to a high standard. This desirable property is located in a quiet area close to the beach and Praç...
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
A most impressive quality villa with 4 en suite bedrooms and swimming pool in a desirable location close to Vale do Lobo and Quinta do Lago. This spacious residence has been constructed to the ...
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
A very attractive villa with 4 bedrooms and quality finishings close to the renowned resorts of Quinta do Lago and Vale do Lobo. This villa offers spacious accommodation and lovely features ...
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5 bedroom villa for sale, Quinta do Lago, Central Algarve, Algarve Golden Triangle
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4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
4 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
PRICE REDUCED - A stylish and spacious villa is nicely situated within the prestigious resort of Vale do Lobo, in a peaceful location, yet within a short walk to the beach and the Praça, with its res...
3 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
3 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
Lovely attached villa with a living area of 75m2, with 3 bedrooms, located in a very quiet area in Vale do Lobo and just within a 5 minute walk to the beach and the Praca. The property has bee...
3 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
3 bedroom villa for sale, Vale do Lobo, Central Algarve, Algarve Golden Triangle
Traditionally style 3 bedroom villa, situated in a quiet area of the resort, yet within easy reach of all facilities, with spacious accommodation throughout and stunning views across the golf course t...