Boa Vista Cape Verde - Property Developments - Legal Process - Boa Vista Experience
Boa Vista Cape Verde - Property Developments Boa Vista Cape Verde
The Legal Process
Cape Verdean law is based on Portuguese law and the buying process follows the same principles as are seen in many European countries. With the normal precautions taken, buying property in Cape Verde should be a low risk process. However there is a tendency for prospective buyers to get caught up in the relaxed mood of the Cape Verde Islands and to enter into agreements without due diligence.
In the UK buying property normally involves an estate agent and a solicitor with the final deeds being registered with the land registry office. The process in Cape Verde is almost identical with Land Registry being replaced by the Notary who has to check that all the relevant paperwork is in order.
For most people the process starts with a property agent in Cape Verde showing prospective buyers a range of properties. Once a property is chosen it is usual for a fee to be deposited to reserve the property for 2-4 weeks whilst a promissory contract is sent to the buyer’s solicitor for checking. On the signing of the promissory contract it is usual for a substantial deposit to be paid, this is the point of no return. Failure to honour the contract will mean the loss of deposit for the buyer or a penalty (usually twice the value of the original deposit) for the seller if either defaults. It is vital for a solicitor who is qualified in Cape Verdean law to check this promissory contract to make sure that it provides the necessary guarantee that the buyer will get what they believe they are paying. It is also important that there are clauses to make sure that the project is delivered on time, with penalties for the developer if it falls behind.
With nearly all new builds being off plan and usually a couple of years away from completion and the remaining payments are usually done in stages. The normal process is for a stage payment to be made on the completion of the foundations and a further stage payment when the roof is on the property, with a final payment at the Notaries office.
The buying process is completed with the signing of the final contract (Escritura Publica de Compra a Vende) at the Notary’s office. In most cases the buyer will not be able to be present so it is vital that Power of Attorney is given to the buyer’s representative (usually the buyer’s solicitor). The Notary will make sure that all documentation is correct and the necessary details of ownership are filed with the land registry.
So you are now the legal owner of your property, but before you can move in you will need to be connected to the gas and electricity supplies. This will involve entering into contracts with the supplier (Electra) and having the necessary meters installed. As is typical in Cape Verde this process can take time and it is best to ask your solicitor (or another suitably qualified person) to organise this for you.
Some points to note:
The Notary’s office that covers Boa Vista is in the town of Espargos on the island of Sal.
There are now mortgage products available for property purchases in Cape Verde, details of these can be found on the property agents links on this page. These sites will also contain details of recommended solicitors with the necessary qualifications to act in Cape Verde.
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