CPCV Portugal — The Promissory Contract Explained
The binding contract that locks in your purchase between offer accepted and final deed. What it covers, what you sign, and the deposit you put on the line.
Updated April 2026What Is a CPCV?
The Contrato de Promessa de Compra e Venda — CPCV for short — is the binding contract you sign once your offer is accepted but before the final deed (escritura). It locks both buyer and seller into the transaction at agreed terms. If either side pulls out without legal grounds, the CPCV defines who pays what to whom.
For most Portuguese property purchases, the CPCV is the moment you stop being a "potential buyer" and become legally committed. The deposit goes down, the price is fixed, and the timeline to the escritura starts running. Understanding what you’re signing matters — the document is dense, in Portuguese, and contains clauses that can affect you for months afterwards.
This guide covers the typical structure of a CPCV, what your lawyer should be checking, the deposit rules, and the most common traps for first-time buyers in Portugal.
What the CPCV Covers
A typical CPCV runs five to fifteen pages and pins down every important variable.
The price and the deposit
The agreed purchase price, the deposit amount (sinal), the date paid, and the bank account it landed in. Deposits are typically 10% of the price — sometimes more for higher-value properties or buyer-led negotiations, occasionally less for new-builds with staged payments.
The property identification
Full identification of the property: caderneta predial reference, conservatória do registo predial entry, address, and the property’s legal status (urban, rural, mixed). Any discrepancy between this section and the property’s actual paperwork is a red flag.
The deadline for the escritura
The date by which the final deed must be signed. Typical windows are 30 to 90 days. If you need a mortgage, build in time for bank approval and valuation; if the property has paperwork issues, build in time to resolve them.
Conditions precedent
Any conditions that must be satisfied before the escritura. Common conditions: mortgage approval, the seller settling outstanding IMI, regularising the habitation licence, removing tenants, completing renovation works.
Penalties if either side pulls out
If the buyer walks away without legal grounds, they lose the deposit. If the seller walks away without legal grounds, they pay the buyer twice the deposit. This symmetry is the legal teeth of the CPCV — it’s why both sides take the document seriously.
What Your Lawyer Should Check
The CPCV is binding from the moment you sign. Due diligence happens before, not after.
Property paperwork is clean
Caderneta predial up to date, certidão do registo predial showing clear ownership, no charges or encumbrances, valid licença de habitação, and energy certificate in date. Older properties — particularly in historic areas like Sesimbra or Azeitão — sometimes have legacy paperwork that needs sorting.
Tax and condomínio status
IMI is paid up. If the property is in a condominium, condomínio fees are settled and there are no pending major works being voted through. Always ask for the most recent assembleia minutes.
Identity and authority of the seller
The seller is who they say they are and has the authority to sell. For inherited properties, all heirs must be parties to the contract. For company-owned properties, the company must have authorisation.
Your conditions are properly drafted
Mortgage condition: explicit, with a fallback if the bank doesn’t approve in time. Inspection findings: any issues you want fixed must be in the contract before you sign — not afterwards.
Don’t sign without your lawyer reviewing the final draft
Estate agents will often present a "standard" CPCV. Standard for whom? The standard CPCV protects the seller. Your lawyer should review every clause and add the protections you need. This isn’t optional — this is the document that holds your deposit.
CPCV Traps for First-Time Buyers
The mistakes we see repeatedly — especially among buyers new to the Portuguese property market.
Signing the agent’s draft without a lawyer
Estate agents often have a template CPCV they push at speed. The template is rarely written for the buyer’s benefit. Always have your lawyer redraft or amend before you sign.
No mortgage condition (or a weak one)
If you need a mortgage to complete and the contract doesn’t have a properly worded mortgage condition, you can lose your deposit if the bank doesn’t come through. The condition needs to specify: what loan amount, by what date, with what fallback.
Unrealistic deadline
A 30-day window from CPCV to escritura is tight for any buyer needing a mortgage and impossible if the property has paperwork issues. Negotiate a deadline that reflects reality, not the seller’s preferred timing.
Deposit in cash or untraceable form
Always pay the deposit by bank transfer with a clear reference. The CPCV must record exactly how it was paid. Cash deposits are rare and complicated — for source-of-funds compliance and for proving payment if the deal goes wrong.
Outstanding charges hidden in the property
If the property has an old mortgage that hasn’t been formally cancelled, or unpaid IMI, or pending condomínio works, those liabilities can transfer to you. Your lawyer’s job is to find and clear these before you sign.
From CPCV to Escritura — What Happens Next
The 30 to 90 days between signing the CPCV and signing the deed.
Days 1–7
Deposit paid, CPCV signed, copies distributed. Mortgage application kicked off if not already in flight.
Days 7–45
Bank valuation, mortgage formal approval. Lawyer continues paperwork checks, pre-pays IMT and stamp duty, schedules the escritura.
Days 45–75
Final paperwork pulled together. Insurance lined up if mortgage requires it. Funds transferred to the notary’s account ready for completion.
Escritura day
You meet at the notary, sign the deed, the funds transfer, and the property is registered in your name. From this moment you’re the owner. See our escritura guide for what happens on the day.