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Moving to Madeira : Buying property in Madeira Last Updated: Jun 28, 2008 - 12:29:23 AM


After the promissory contract: what the buyer needs to do if using a mortgage
By Jorge Barbosa
Jul 1, 2007 - 5:39:27 PM


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Once the "escritura" (the deed or completion of the transfer of title) of the property is done then the bank that awarded the loan for a mortgage to the buyer will convert the "provisional registrations of the property" into its final definitive version. That is, the bank or lending institution converts the property registration from its "provisˇria" version into its "definitiva" version.

Only after that has completed successfully can the buyer claim rightful title to the property, albeit with a mortgage, and proceed with any use or future sale of it.

 

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