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.
Majestic 4 bedroom villa with a vast total classical style living area of 632m2, ideally located in Sao Lorenco, which is one of the most highly sought after areas of Quinta do Lago. Occupying ...
- Floor Size: 632 square metres
- Plot Size: 1,845 square metres (0.18 hectares / 0.46 acres)
- Bedrooms: 4
Bright, spacious and beautifully presented 5 bedroom luxurious villa with a vast total living area of 886m2, which includes a self-contained apartment, set within a large manicured plot of 3,090m2 wit...
- Floor Size: 660 square metres
- Plot Size: 3,300 square metres (0.33 hectares / 0.82 acres)
- Bedrooms: 6
Charming and spacious 5 bedroom villa, with a total living area of 228m2, set within beautifully landscaped and mature gardens of 2,750m2 with a swimming pool, situated in a quiet and discreet locatio...
- Floor Size: 228 square metres
- Plot Size: 2,750 square metres (0.28 hectares / 0.68 acres)
- Bedrooms: 5
In this most prestigious resort of Quinta do Lago, this magnificent residence is located in a quiet and most exclusive cul-de-sac. The property stands in an immaculate garden of 1,805m2 with p...
- Floor Size: 792 square metres
- Plot Size: 1,805 square metres (0.18 hectares / 0.45 acres)
- Bedrooms: 6
Luxurious, spacious and modern 2 bedroom apartment, with a total beautifully presented living area of 232m2, which combines a classic and contemporary design. Features include: entrance hall wi...
- Floor Size: 232 square metres
- Bedrooms: 2
Spacious and modern 2 bedroom villa with a private swimming pool, ideally situated within a golfing development in Vale do Lobo. Ideal as a lock-up-and-leave home, this superb villa has a total...
- Floor Size: 233 square metres
- Bedrooms: 2
This plot of land in Vale Judeo of 6,100 m2 has an approved project for 5 villas with sea view near Almancil ( two 4 bedroom villas and 3 semi-detached 3 bedroom Villas) The plot is in a domi...
- Plot Size: 6,100 square metres (0.61 hectares / 1.51 acres)
- Bedrooms: 0
Superb 5 bedroom villa with a bright and spacious total living area of 205m2, set within a lovely mature garden of 1,652m2 with a swimming pool, ideally located situated on the edge of a well known go...
- Floor Size: 205 square metres
- Plot Size: 1,652 square metres (0.17 hectares / 0.41 acres)
- Bedrooms: 5
Grand, spacious and simply stunning 6 bedroom villa, which is ideally located within a quiet mature landscaped garden of 5,000m2 with an inviting swimming pool, situated on the outskirts of Vale do Lo...
- Floor Size: 1,218 square metres
- Plot Size: 5,000 square metres (0.50 hectares / 1.24 acres)
- Bedrooms: 6
This semi-detached home in the heart of the golden triangle, between Vale do lobo and Quinta do Lago has been totally refurbished and comes with 3 bedrooms, 4 bathrooms and spacious open plan living a...
- Bedrooms: 3