What is the general buying process in Cape Verde?
The legal side of buying a property falls into two parts: the preliminary ‘promissory buying and selling’ contract (Contrato de Promessa de Compra e Venda) and the completion contract (Escritura). The promissory contract legally secures the purchase, and is subject to satisfactory searches having been returned. The law protects both parties involved. The signing of the ‘Escritura’ or completion contract can be carried out on your behalf by appointing your Power of Attorney to someone you trust, usually a lawyer. At this stage you must pay the remaining balance of the purchase price, transfer tax (Imposto de Sisa) plus notarial fees to the notary advogado.
A. The legal side of buying a property falls into two parts: the preliminary ‘promissory buying and selling’ contract (Contrato de Promessa de Compra e Venda) and the completion contract (Escritura). The promissory contract legally secures the purchase, and is subject to satisfactory searches having been returned. The law protects both parties involved. The signing of the ‘Escritura’ or completion contract can be carried out on your behalf by appointing your Power of Attorney to someone you trust, usually a lawyer. At this stage you must pay the remaining balance of the purchase price, transfer tax (Imposto de Sisa) plus notarial fees to the notary advogado. Q.
