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Cape Verde Property | Property purchase process in Cape Verde
By property | November 23, 2008
Cape Verde Property | Property purchase process in Cape Verde
Foreign nationals may freely purchase residential properties on the Cape Verde Islands.
When buying property in Cape Verde, He buysis not required to open a bank account, although some real estate agents advise to it make payments and property management easier. Taxes have to be paid in the local currency.
A tax card has to be obtained from the Local Tax Office. A lawyer can be assigned to do this on behalf of the buyer, with a corresponding Power of Attorney, written in Portuguese.
The lawyer also obtains the Land Registry Certificate, Tax Information Certificate, and the map showing the exact location of the property. In case the property is not registered, the lawyer acquires a Certidao pela Negativa and a Certidao Matricial Para o Efeito, both certificates confirming that the property is indeed not under anyone’s name. These certificates are needed to register the property. The lawyer can also sign the Deed of Conveyance and pay the taxes for the buyer.
Once a property has been chosen and price is agreed upon, a Promissory Buying and Selling Contract (Contrato Promessa de Compra e Venda) is signed, binding both parties to the agreement. The buyer also needs to pay a deposit of 10%-30% upon signing.
The Deed of Conveyance, or the Escritura, is signed in the presence of a Notary Public to transfer the title to the buyer. This should be done within 3-4 weeks after the signing of the Promissory Buying and Selling Contract. The buyer needs to pay the remaining balance and the taxes.
Registration of the property is done at the Land Office and Land Tax Office.
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
http://www.globalpropertyguide.com
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