The time between signing a purchase and sale promise contract (CPCV) and executing the purchase and sale deed of a property in Portugal is not fixed and depends on what was agreed between the parties in the CPCV. The promise contract establishes the rights and duties of both parties until the execution of the definitive contract, which is the public purchase and sale deed.
Factors that Influence the Time until the Deed
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Conditions Agreed in the CPCV:
The CPCV may include a specific date or deadline for executing the deed. This deadline is agreed between the buyer and seller and may vary depending on various factors, such as the need for mortgage credit approval or completion of works on the property.
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Mortgage Credit Approval:
If the buyer needs bank financing, the time necessary to obtain and approve credit may influence the deed date. This process may take a few weeks to months, depending on the complexity of the application and the bank’s speed.
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Documentation and Licenses:
Obtaining all necessary documentation, such as certificates of content or housing licenses, may also affect the time until the deed. Preparing and verifying these documents is essential for formalizing the purchase.
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Property Conditions:
In cases where the property is still under construction or subject to works, the deed may be postponed until these are completed and the property is in condition to be inhabited or used according to the contract.
In summary, the time between the CPCV and the deed depends on the specific conditions agreed between the parties, as well as external factors such as financing approval and preparation of necessary documentation. It is important that both parties agree on the deadlines and that these are clearly stipulated in the CPCV to avoid misunderstandings or unnecessary delays.