In order to ensure that the dream of your second home runs smoothly, it is good to know the role of the various parties and the associated costs and responsibilities.
Once your bid has been accepted, you pay an option price (depending on the object), which automatically blocks the property. This amount is deposited into a lawyer's account. This option ensures that the property cannot be sold to anyone else and it gives the lawyer time to look into certain aspects in detail, for ex. Has the house been built with the necessary permits.
In Portugal we advice to work with a lawyer. The lawyer is in close contact with the local authorities and ensures that your home complies with Portuguese law.
The provisional purchase agreement is normally signed within the month after the option price has been paid. If all documents are in order, the CPCV (Contrato de Promessa de Compra e Venda) is signed and an advance of 10% to 30% is paid. From this moment on the purchase is binding for all parties.
The final deed will be signed 3 to 12 weeks after the CPCV. After signature and registration at the Land Registry, the legal transfer has been fully completed and you are officially the owner of the property.