The Palmeira Resort
Penthouse 185 m²

Year of construction: 2012

The Palmeiras Resort is a private five-star development with all the services and leisure facilities for luxurious Algarve living. Each apartment comes with top of the range extras which are all included in the purchase price. Residents have the peace of mind. of knowing that they have access to twenty-four hour medical assistance and the entire resort contains state of the art technology in home security.

Apartments are purchased freehold and can be bequeathed to immediate family members free of inheritance tax. Potential purchasers can look at The Palmeiras Resort as a wonderful investment opportunity as high-end Portuguese new developments have traditionally shown substantial capital
appreciation.

Financial Information

1. Method of Payment
The method of payment for purchasing a home at Palmeiras Resort is as follows:
- Reservation. Before signing the Reservation Agreement, a deposit of €10,000 must be paid. From the date of signature of the agreement, the buyer has 45 days to reconsider their decision and, if they decide to cancel the reservation, in whole will be refunded.
- Promissory Purchase Agreement. Once a building permit has been obtained (2010),
a Promissory Purchase Agreement must be signed and 30% of the purchase
price of the home must be paid, minus the €10,000 that has already been paid
as a reservation fee.
- Deed. When the public deed of sale is signed (scheduled for 2012), the
remaining 70% of the purchase price must be paid.

2. Bank Guarantee
For clients' peace of mind, a bank guarantee will be issued as a security in exchange for the €10,000 that is paid as a deposit to reserve a home. This guarantee will be given to the client after the Reservation Agreement is signed. The guarantee will be issued by one of the banks that Palmeiras Resort usually works with.

3. Financing
Firstly it must be pointed out that mortgages taken out by developers in Portugal cannot be subrogated, and so each client must negotiate a mortgage with the bank that offers the best conditions. It is also important to know that several of Spain's leading banks have numerous branches in Portugal, and banks like Banco Santander (Santander-Totta), BBVA, Banco Popular and Caja
Duero, all of which have several offices in the Algarve. Palmeiras Resort will negotiate the best possible mortgage conditions with several banks and put them at the disposal of clients who need one. Clients may then either choose to take up one of the mortgages negotiated by Palmeiras Resort or one that
they have negotiated personally with whichever bank suits them best.