Cape Verde Information for Tourists and Resident Expats

Cape Verde

Many UK investors  are becoming interested in buying real estate in Cape Verde with developers now being able to offer the finest selection of properties - real estate here is certainly moving quickly and no discerning investor would want to miss this opportunity.

Buying Cape Verde Real Estate

• After finding your property, land charges searches will be carried out at the local Municipal Authority and Land Registry Offices. These searches reveal whether there are any outstanding monies owed against the property or if there are any restrictions on the title.

• A lawyer that speaks your language is always recommended and he/she will need to obtain the "Certidao do Registo Predial" (which is the land registry certificate), "Certidao Matricial" (which is the tax information certificate) and the "Planta de Localizacao" (which is the official map showing the property's location). 

• If the property is not registered its not a problem. Your lawyer can obtain a "Certidao pela negativa" (which is a certificate confirming that the property in not registered in anyone else’s name) and a "Certidao matricial para o efeito" (which is the tax certificate confirming this). With these two documents, it is then easy to register the property.

• As you approach the date to sign over the deeds, ask the seller to produce evidence of payment for any bills like the electricity, garbage, water and other serves and check the payment of them.  Any outstanding bills left on the property are your responsibility not the previous owners.
  

• If you are buying your property while living in the UK give your lawyer a Power of Attorney so that he can represent you when needed to.  This will include the signing of the deed and the promissory contract and also to request the necessary tax cards on your behalf. These documents will all be in Portuguese (the official language of Cape Verde) but you should request a copy in your own language so you understand everything that is happening.

• Promissory Contract of Purchase and Sale ("Contrato Promessa de Compra e Venda").  This document sets out the terms of the transaction (property details, price, method of payment, completion date, warranties, penalties, etc.) and should be signed before a Notary Public in Cape Verde.  This is where you will  normally be expected to pay the deposit, which is normally between 10% and 30% of the purchase price.  Remember that until this contract is signed both you and the seller are not committed and can change your minds, however once done it means that you are both contractually bound.

• The final Deed of Conveyance is called the "Escritura" and also has to be signed before a Notary Public in Cape Verde. This document gives you proper title to the Property.

• The final step is to register the purchase at both the local Land Registry and the Local Municipal Authority.  In Cape Verde, after the signing of the Deed, the Notary will prepare and send a report to the local Municipal Authority about the transaction and the Municipal Authority will then update their records and register the new ownership of the property to you. 

If you are considering buying property in Cape Verde, then contact The Horizon Property Group who have over 20 years experience in the property market or visit their Cape Verde Property for Sale site directly - click here.

 

 

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