Hi All, we applied for a GV visa on investment basis in property with a Development company ( not sure if i can name here). Now we recently learned the developer has got a renter into our apartment and our lawyer claims the license to use has not been issued. Firstly we were disappointed that our lawyer did not even check what is happening with the apartment. Is there no handover procedure to be followed according to Portugal real estate law? The lawyer claims we are not official owners even though the CPCV is signed and submitted to SEF. Is there a real estate regulation agency in Portugal whom we could report this? is there any lawyers here who would give some advice?
Did you buy this property off-plan at a construction stage? What does your CPCV say regarding the completion date?
Your lawyer is correct. You are not the owner of the property by signing the CPCV (you are just reserving the property) You will be the owner only when you sign the deed.
Thank you for confirming the information. Please do let us know if there is a regulation authority to report on the mistreatment of potential owners by developers ?
the CPCV says the completion was supposed to be December 2021. We never agreed any rental agreement and have not even received a handover of the goods inside the apartment. Is there no procedure of handover of the property to the owner from the developer? How is it possible that even after I have paid the full amount the developer is allowed to proceed renting out my apartment ? i have no details of the tenant also.
There is a process for complaints but it is not clear that you have been mistreated. You have a lawyer so that should be with whom you are discussing this situation. I have seen some development properties marketed as investment properties. You will get a guaranteed 3% yield per year and use of the property for 14 days per year.
Is it possible you misunderstand the terms of your purchase?
As far as I know from my own limited RE experience, when you sign a CPCV you pay the deposit, not the full amount. The CPCV also contains a deadline for signing the deed (escritura).
You are supposed to pay the full amount (minus deposit) at the signing of escritura which can be done via bank transfer or cashier’s cheque.
CPCV stands for Contrato de Promessa Compra e Venda = a promissory contract.
It is not the final purchase contract.
Not sure why you would have paid the full amount under CPCV.
Something does not stack up here.
Thank you @tommigun. Apologies for the late reply as i been on a travel mode since feb. Is there a website to check if the property has been issued a building license ? What reference number should we request from the laywer to check this on an official portal? We had not signed up for a tenant . the surprising fact is the lawyer still claims the building license has not been issued. how is it possible that a tenant has occupied the property without the building license.
Pat, I am not aware of such website.
My property was/is exempt from the habitation licence, so the seller received an official exemption letter from the local municipality (Camara) and supplied to my lawyers.
I suppose the actual licence may also be available from Camara in your case.
You can ask the municipality, by indicate the complete address or its place on a municipality map.