• More news

  • Just login, its free!!!!

Legal-Issues-Fiducial (Archive)

Fiducial (8th June 06)

The following amounts have been quoted to me by the Fiducial (Solicitors) as the amounts I would need to pay if purchasing a property 50,000 euros (5.500.000 Cape Verdean Escudos called cve for short).

First stage: Promessa is signed by both the seller and the buyer of the property at the Notary in Espargos. Both retain a copy of the Promessa. There is a minimum of one month between this stage and next, but it could be longer!

Second stage: Payment to the Registry Office in Espargos to draw up a deed and have a Certificate: 590 euros (64.812cve). Could take some time 1month – 2yrs to be registered!.

After completing above, make an appointment with the Notary (as it could take a month to get an appointment).

Third step need to make appointment in Camara (City Council) to pay IUP (property tax, 3% on the sale value). i.e. 1,500euros. This has to be paid within 30 days following registration. The Certificate should be ready about 10 days after that.

Fourth step, take Buy/Sell document (Promessa) and IUP documents to register your ownership to the Notary.

This is when you make the final payment of i.e. 565euros (62.034 cve) to register the apartment in the name of the new owner. These registration papers may take about one month to be ready, but will be up to the discretion of the Notary, it could take a lot longer!

I think this is when you pay the other 80% to buy the property. (The amount can vary, it depends on what it says in the contract). Please make sure you have funds ready for the payments at the initial stages, as the PofA may not be willing to make the payments on your behalf, out of his her own pocket.

You can get this process checked by lawyers/solicitors in UK that deal with this kind of thing. Contact them for details. You may want to negotiate the payment stages with the proprietor. If they agree to different terms, this can be written into the contract, but don’t forget to get it translated into English before going through the First Stage at the Notary where the Promessa is signed.

NOTE: The Notary prefer you to not wear shorts when dealing with them at their office!

You should also take into account legal fees for solicitors or lawyers. UK solicitors may be more expensive than CV lawyers.

If using a CV lawyer/solicitor, a number of Developers would suggest that you should be prepared for the costs to come to up to 10%extra (this includes the 6% above).

Some lawyers will charge a set fee per property, others may charge a percentage. Please make your own enquiries.

Note; This was the experience of one foreign buyer in 2008, things may be different in 2016!

Investing in Property

Aiga Furniture Suppliers

Water Sports

  • Water Sports

    Most Popular

    Water Sports

    Fancy a go at some -Water Sports