How to sell Off Plan, before completed?

[DayaramN]

Hi,

I have invested in an off plan 2 bedroom apartment in Sao Martinho do Porto in Portugal, it is part off a Baia III project, which is due to complete in December 2009.

I was wandering if it would be possible to sell it off, before it is completed? And if so how this would be done?


DayaramN

 

[JKort]

Hi DayaramN,
what title to the property do you have? If this is just a prom contract you don't own the title to the apartment and thus cannot re-sell it. You would have to agree with the other side (usually the developer or the contractor) to pass on the property to you before completion (and also pay all the necessary IMT, stamp, etc.) or change the title of the prom contract from you to a new buyer (for a fee). At least this was our experience when we tried to do the same. At the end of the day we decided not to go ahead becasuse of the costs involved. To be on a safe side you should talk to a portuguese lawer to walk you through the possible options including costs involved.
Jkort

 

[DayaramN]

Thanks for your reply.

I just have a prom contract. So planning not to go ahead with the sale as the costs are expensive!

 

[JKort]

Hi, yes. We concluded the same.
Good luck, J

 

[omostra06]

Thanks for your reply.

I just have a prom contract. So planning not to go ahead with the sale as the costs are expensive!

has the purchase/finished price changed from what is on the promessa?
why is it now too expensive?

 

[DayaramN]

I don't think the price has changed from the promessa contract.

The reason why is it's to expensive, is as the apartment nearly ready, I do not have time to find a buyer and do the paper work to transfer off plan property into their name. As I need to start to find a mortgage (and the various tax and charge's link with it). So decided to rent it for a year or so.