Algarve Golf Property
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Area Guide
Wherever you are looking to buy property in the Algarve, you will not be far from a world-class golfing facility. There are over 20 golf courses and golfing developments in the Algarve, with most in the west and central coastal areas. A particular hotspot is around Vilamoura where there are no less than 12, including the famous Vale do Lobo resort.
Algarve Golf Property Developments
Golfing developments offer the casual and serious golfer all they need to enjoy the superb courses. Many specialise in offering a complete package of quality property on or near the golf course, membership and green fees, professional golf tutorial, clubhouses, community events, shopping, restaurants and more. Golf amenity properties in the Algarve are as varied in location, construction and price as any other market: penthouses with roof terraces from which to enjoy the views, studio flats, smaller semi-detached townhouses, villas of all shapes and sizes, and Cortijo-style houses... all nestling within beautifully landscaped grounds with easy access to the fairways.
Prices of golf property in the Algarve naturally reflect the size of the property, furnishings, amenities and location. The popularity of some developments ensures that new and resale prices are enjoying very healthy growth, which also means they offer good investment returns.
Vilamoura Golf Property
Vilamoura is a large private resort totalling around 4000 acres, between Albufeira and Faro. It includes its own marina, casino and airfield as well as a comprehensive range of facilities tailored to golfers looking to buy property in the Algarve.
Vale do Lobo Golf Property
Vale do Lobo is the largest luxury golf property development in Portugal and probably one of Europe's finest. Situated 20 minutes from Faro and its international airport, it combines unspoilt surroundings with a very well planned collection of urbanisations. It is home to two golf courses - Royal and Ocean. The Royal Golf Course is a stunning and acclaimed par 72 course sitting among lakes and pine trees with beautiful views of the coast, whilst the Ocean Golf Course is a par 72 course sited almost on the beach, with unrivalled ocean views.
The Vale do Lobo resort offers various facilities for the golfer, including a club house, golfing academy, golf shop, driving range and putting greens. There is also a tennis centre with 14 courts, tennis academy, beach facilities, laundry, resturants, shops, gymnasium, medical centre, health and beauty centre and widespread transportation.
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.