As in many countries the world over, the first step in the real estate purchase process is the execution of a preliminary contract for sale. In Portugal, this initial contract is called the contrato de promessa de compra e venda. This particular agreement is a legally binding contract that sets forth the conditions of the sale. The contrato de promessa de compra e venda is drawn up by a notary. At the time that this contract is executed and signed, the purchaser of the real estate is called upon to place a deposit for the real property that is subject to the transaction. In Portugal, the deposit that normally is paid by a buyer of real estate is between ten and twelve percent. If a seller elects not to follow through with the sale, he or she will forfeit the deposit that has been paid. Of course, there are instances when a buyer is justified in not closing on a contract for the sale of real estate.

An interesting feature of the preliminary contract in Portugal is the fact that if the buyer decides to walk away from the contract, the buyer is obliged to pay to the seller a penalty in the amount of twice the deposit placed by the buyer in the first instance. Thus, in Portugal, the purchaser of real estate is provided with a level of protection that is found in very few other countries around the world. Indeed, this level of protection really is almost unheard of anywhere else in the world. Another requirement that is unique to Portugal when it comes to the purchase of real estate is one in which the buyer of real estate is obliged to obtain a “Fiscal Number” from the local Tax Office. This requirement applies to foreign nationals who are interested in buying real estate in Portugal as well as to citizens of that country. The process of applying for and obtaining a Fiscal Number is very simple and does not require a great deal of time.

The real estate sales process in Portugal moves at a pretty fast clip. Generally speaking, the signing of the final contract and deed — which is known as the escitura de compra e venda — will occur within three to four weeks of the execution of the initial contract for sale. Once this agreement and related documentation is executed, the ownership of the real estate will transfer by operation of the law from the seller to the buyer. Although the buyer will become the legal owner of the real estate at that juncture, there still is a bit more work to do to completely conclude the real estate purchase process. The final step that a person needs to take when purchasing real estate in Portugal is the payment of the Imposto Municipal Sobre, a tax imposed on real estate transactions in that country.

If you have been looking for beachfront property, then you have probably tried all of the normal destinations. There are some great places on the east coast and also some wonderful spots in California. If you have some extra money to spend, there are also some luxurious beach areas in southern Europe, but renting and buying condos there is out of most people’s price range. One country where people forget to look is Mexico. Mexico is a wonderful vacation spot, and when it comes to beachfront property, you will find some of the most peaceful and relaxing regions in the world. There are also some of the most naturally beautiful regions in the world, too. If you are interested in checking out some beach property in Mexico, then you might be interested in oceanfront condos in Mexico.

So what makes oceanfront condos in Mexico better than other places? The truth is that Mexico has some of the most gorgeous beaches in the eastern hemisphere. The sand is pure and water is sparkling. You can look around and discover beautiful peaceful scenery for miles and miles. This doesn’t mean, however, that you are out in the middle of nowhere. On the contrary, there are hotels, restaurants, and even clubs for dancing. This is the best of both worlds. You can spend the afternoon in blissful relaxation then go out at night and let loose. This is the allure of Mexico.

You are probably thinking now that you could not possibly afford oceanfront condos in Mexico. This is the second part of the allure of Mexico. This area is incredibly affordable. First of all, you can get a relatively cheap flight to this region with little trouble. Next, the property itself is affordable. What’s the secret? The secret is that Mexico has gone through a number of changes over the years. Property will increase and decrease in value depending on value. This region was once just for the wealthy. Now it is for everyone. When it comes to affordable property in a beautiful location, oceanfront condos in Mexico cannot be beat. You have the natural beauty of a world-class beach, along with great shopping and dining. Because this is not a conventional “hotspot” and is only used by those who already know, you are going to get peace and quiet, along with low prices.