Hotels in Portugal For Sale
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.
PRICE REDUCED - Excellent up and running hotel located near Lisbon, set within a large 30 hectare plot with a golf course and wellness centre, with planning permission already in place to build a sele...
- Floor Size: 170,000 square metres
- Plot Size: 300,000 square metres (30.00 hectares / 74.13 acres)
- Bedrooms: 169
PRICE REDUCED - Excellent opportunity to purchase an approved project to build a golf and country club located in Sintra, ideally situated within a sustainable tourist environment, on a large 50 hecta...
- Bedrooms: 220
PRICE REDUCED - Excellent opportunity to create an International endurance/race training equestiran centre for Arabian horses and a falcon breeding club. With the excellent Portugal weather co...
- Plot Size: 768,000 square metres (76.80 hectares / 189.78 acres)
- Bedrooms: 0
PRICE REDUCED - 4 Star hotel with a total of 178 letting rooms, with good access to the A5 and IC 16, situated next to the autdromo do Estoril. G Close to the golf, tennis and paddle courts....
- Plot Size: 13,900 square metres (1.39 hectares / 3.43 acres)
- Bedrooms: 178
Delightful and very highly rated Boutique Hotel/Guest house in a superb location in the heart of the Old town in Porto, a Unesco World Heritage Centre, currently successfully offering accommodation, r...
- Floor Size: 744 square metres
- Bedrooms: 13
Charming and spacious country villa located in a quiet setting in Palmela, set within 15,000m2 of mixed rustic and urban land. This superb renovated property has all modern features such as a ...
- Plot Size: 15,000 square metres (1.50 hectares / 3.71 acres)
- Bedrooms: 6
Hotel in the centre of Peniche with 8 bedrooms; 2 apartments with 2 bedrooms each; restaurant and a cafe. Also for sale is an older building next door which could be converted to add a further ...
- Bedrooms: 10
PRICE REDUCED - Generous plot of land for sale with planning permission for a Boutique Four Star Hotel with 18 suites and luxury facilities. The well-situated plot covers 6.4 hectares, with a ...
- Floor Size: 1,830 square metres
- Plot Size: 64,000 square metres (6.40 hectares / 15.82 acres)
- Bedrooms: 0