Buying property in Madeira: what happens after you’ve chosen an apartment?
The phrase “I like this property, I’m ready to buy” doesn’t automatically mean the apartment is reserved for the buyer.
Usually, the process looks like this:
Offer to the seller → negotiation of price and terms → reservation of the property → document check → CPCV → final deed.
At the reservation stage, it’s important to record in writing the amount, the term, and the conditions for refunding the money.
The next major stage is the CPCV (Contrato-Promessa de Compra e Venda). It sets out the property price, the amount of the sinal (deposit), transaction deadlines, payment schedule, and the obligations of both buyer and seller.
If property in Madeira is being purchased with a mortgage, the terms of bank financing must also be taken into account before signing the CPCV.
Buying property is not only about choosing a beautiful apartment. The most important part actually begins after the property has been selected: negotiations, documents, and correctly structuring the deal.
Viktoria Pavlovskaya is a real estate and investment expert on the island of Madeira.