We have now produced a sitemap for the Investment section within Cape Verde Tips. Each of the sub headings will include a number of articles on subjects you should be aware of, especially when buying a property thousands of miles away that will subject to the laws of another country.
My understanding is that when you pay a deposit in Cape Verde for an Off-Plan property you cannot get this back under Cape Verde Law if you change your mind. Also you own nothing at all until you are in front of the Notary (in Espargos) with the final purchase payment. Should anything go wrong in-between these two stages, you could end up with little or nothing.
However, the process in Cape Verde in general is that you make stage payments then pay the final amount at the Notary.
• Are you dealing with an Agent or the owner/developer?
• How financially stable is the company that are proposing to build there?
• Do they have planning permission, do you have you proof.
• Does the person selling you it, own it?
• What happens when you hand over money?
• How do you know what you will pay in total?
• What happens to your deposit if the company calls in the receivers?
• Does the paperwork state ‘non returnable deposit’
• How long has the developer been building?
• Has the developer built before?
• Is the Agent who is doing the selling, also building the development, if not what controls are in place if there are delays, does the company have a portfolio… etc.
• What are the payment terms?