New Build 4 bedroom Villa for sale with sea view in Praia da Luz, Algarve
This stunning property is made of first class eco-friendly construction, with privacy and all amenities at hand.
Built under Passive House standards, adapted to the Algarve weather conditions, it uses the most advanced solar, water management and insulation technologies to reduce the cost of home ownership and create true eco-friendly living.
Encosta da Luz, the first sustainable project in Praia da Luz, features eight contemporary luxurious homes with areas ranging between 350 and 480m2. Plots range from 1.01m2 to 1,32...
This stunning property is made of first class eco-friendly construction, with privacy and all amenities at hand.
Built under Passive House standards, adapted to the Algarve weather conditions, it uses the most advanced solar, water management and insulation technologies to reduce the cost of home ownership and create true eco-friendly living.
Encosta da Luz, the first sustainable project in Praia da Luz, features eight contemporary luxurious homes with areas ranging between 350 and 480m2. Plots range from 1.01m2 to 1,326m2.
Standard specifications include a private garden, outdoor terrace and private pool. Heated pools with automatic covers and Jacuzzis are featured as standard in some villas and can be added as extras on others.
A Smart energy management system with solar panels and battery banks is optional.
Encosta homes feature advanced materials and the latest in renewable energy management technologies to be self-powered and operational off-grid.
Passive-solar design
Thermal solar panels for water heating
Photovoltaic panels with battery banks
Gas grill
40m3 rainwater retention tank for landscape watering
Several golf courses are in the area. Luz has much to offer, beautiful beach with water sports, good restaurants and bars and all you need on a daily basis for a perfect holiday or permanent living.
Lagos is a 5 minute drive away.
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This Villa is located in Praia da Luz 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.