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When you find your dream property and your offer is accepted, you will be asked to leave a reservation deposit, which is normally € 5,000 Euros. This will reserve the property for a stipulated time. This deposit is generally held by the lawyer until the CPCV – Contrato de Promessa de Compra e Venda (Promissory Contract) is signed. However, this may differ when buying a property from a developer.
Keep in mind that the property may be put back on the market, if you don’t leave a deposit or don’t keep to the time limit.
Once the Promissory Contract is signed you will be asked to pay a deposit that can vary from 10% – 30%. If you default you will lose your deposit. If the seller defaults they will have to you double the deposit.
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