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How to Reserve a Property: A Step-By-Step Guide.

Updated: Nov 6, 2023

how to reserve a property. explain

Making a reservation for a property in Madeira Island involves several steps. Here are the general steps to help you make a reservation:

  1. Find the Property: Begin by searching for the property you wish to acquire. You can do this through real estate websites, local real estate agents, or other search methods.

  2. Contact the Real Estate Agent: Once you've found the desired property, get in touch with the real estate agent responsible for the property.

  3. Visit the Property: Schedule a visit to the property to inspect it in person. This is important to assess the property's condition, location, and whether it meets your needs.

  4. Negotiate the Terms: After visiting the property and being satisfied with it, you can begin negotiating the terms of the purchase, including the price, timelines, and any special conditions.

  5. Request a Reservation Contract: When the purchase terms are agreed upon, you can request a reservation contract (Promissory Contract of Purchase and Sale), which is a document that outlines the agreed-upon terms between the parties and requires a deposit.

  6. Verify the Documentation: Ensure that the property's documentation, including the deed and certificates, is in order, and there are no legal issues or pending matters that could affect the transaction.

  7. Pay the Deposit: Typically, when signing the reservation contract, you'll need to make a deposit, usually a percentage of the total property price. This deposit serves as a guarantee of your commitment to purchase the property and also ensures that the seller will reserve the property for you.

At this point, the property is reserved.

In other post i will explain how to finished the purchase

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