Income Producing 3 bedroom Villa for sale with sea view in Vila do Bispo, Algarve
Option 1 (600,000 euros)
1. Annual rental income of 3% of the property purchase price for the first 6 years;
2. The hotel operator will be responsible for providing the furniture and rental pack and will also cover the charges of property (insurance, condominium charges, utilities, out-goings and all maintenance until the end of the lease);
3. The owner will be entitled to use the property for 2 weeks per annum high season and up to 8 weeks low season;
4. All properties are freehold and the owner is entitled to sell their property during the p...
Option 1 (600,000 euros)
1. Annual rental income of 3% of the property purchase price for the first 6 years;
2. The hotel operator will be responsible for providing the furniture and rental pack and will also cover the charges of property (insurance, condominium charges, utilities, out-goings and all maintenance until the end of the lease);
3. The owner will be entitled to use the property for 2 weeks per annum high season and up to 8 weeks low season;
4. All properties are freehold and the owner is entitled to sell their property during the period of the agreement.
Option 2 (510,000 euros):
Selling price for a rent free period of 6 years with 2 weeks in summer outside July/August, 8 weeks low season owner usage option 3 (495,000 euros) selling price for a rent free for 6 years no high weeks owner usage and with 8 weeks low season owner usage the long stay winter usage option: free owner usage from November until end of April there is no owner usage may to October 2% return, condo fee paid by the residence utilities during owner stay are paid by the owner of the property.
3 bedroom villa located on the east bank of the resort. These are the most spacious of the resort and isolated from the others, remaining close to all leisure facilities. The houses were built 'backwards', with living room and kitchen on the 1st floor to make the most of the spectacular location. The orientation gives excellent views from both sides, allowing you to enjoy the sunrise and sunset.
On the ground floor, there is a suite with a double bed with area of 22m2 and bathroom with shower, 2 bedrooms with 2 single beds with 20m2 and bathroom with bath/shower.
On the 1st floor, living and dining room with 40m2 with fully equipped kitchen and balcony with full or partial sea view and with outdoor furniture.
There is the use of the swimming pools, gardens and leisure areas of the condominium and hotel.
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This Villa is located in Vila do Bispo 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.