Location and history of Vale do Lobo
Vale do Lobo, famous as probably Europe's finest golf and beach resort, is situated in the Algarve in the south of Portugal. Established in 1962, the Vale do Lobo resort has gone from strength to strength, with further investment introduced yearly. The resort offers outstanding leisure facilities and a large choice of stunning property, from townhouses and apartments to luxury villas, with more phases being completed to offer the discerning property buyer his or her dream home within a first class development, which has been designed to offer residents all the amenities they may need. These include first class restaurants, designer shopping, banking, supermarkets, bars, nightclubs, art and cultural diversions and medical services.
There are opportunities to purchase either new, resale, off-plan and custom-designed properties within the development, with most skirting the resort's two golf courses with stunning views. There is a full management service to take the headache out of owning a second home abroad.
A number of future projects are planned including major oceanfront and golf developments.
There is a 24 hour security presence with resort safety a priority. This is backed up by a widespread CCTV network.
Vale do Lobo golf
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.
Vale do Lobo Property
We market a range of properties within the Vale do Lobo developments, from studio apartments to large villas. Whether you are looking to retire, own your own holiday home or invest in a major tourist development, Vale do Lobo will almost certainly offer the ideal property. Designed with the local architectural styles in mind, the developments fit well into the Portuguese landscape with the emphasis very much on enhancing but not destroying the local natural environment. With sea and golf views, the Vale do Lobo property developments offer truly comfortable living within easy reach of life's necessities.
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.
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