Income Producing 10 bedroom Hotel for sale in Folgosa, Northern Portugal
This authentic property has been rehabilitated for tourist purposes while maintaining the original design of an old farmhouse dating back to 1719.
It was created as a tribute to Rosa Maia dos Reis, the founder's grandmother, and to the family legacy. The entire complex is built around the quinteiro, a horseshoe-shaped space that was once the epicentre of rural activities, and consists of 10 suites with antechambers that can be used for leisure or work, all with wooden ceilings and air conditioning.
The fusion between the past and the present is evident in the atmosphere creat...
This authentic property has been rehabilitated for tourist purposes while maintaining the original design of an old farmhouse dating back to 1719.
It was created as a tribute to Rosa Maia dos Reis, the founder's grandmother, and to the family legacy. The entire complex is built around the quinteiro, a horseshoe-shaped space that was once the epicentre of rural activities, and consists of 10 suites with antechambers that can be used for leisure or work, all with wooden ceilings and air conditioning.
The fusion between the past and the present is evident in the atmosphere created in each of the rooms - marked by their exclusive design - as elements from the past have been included, such as the furniture.
Elements from the past have been included, such as period furniture in pau santo, vinhatico and pau rosa, as well as others that provide the comfort required today.
This hotel also includes the old and cosy Cozinha Velha, the Sala da Eira for meetings and events and the Sala do Lagar, an old wine cellar that can be used as a bar and games room, plus a garage for 7 vehicles.
Located in Folgosa da Maia, in a quiet, rural location about 10 km from the historic heart of Porto and the Francisco Sa Carneiro international airport.
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This Hotel is located in Folgosa in Portugal
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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.