Easy Steps To Follow For Buying A Property In Portugal |
Posted: January 4, 2013 |
Buying a property in Portugal can be a bit confusing for those who live outside of the country. For this reason, we have decided to include several essential steps needed to make the buying process just a little bit easier. Because of the current Portugal real estate market there are many opportunities for both investors and for those who are simply looking for a change of venue. The Offer The first thing you should do as a prospective buyer of a property for sale in Portugal would be to make a contractual offer on the property. You could seek the help of a professional real estate agent or you could place an offer on the property yourself. If you hire an estate agent, make sure that they are a licensed agent with an IMOPPI license number. The Deposit & Preliminary Contract The preliminary contract would ideally be the next stage in the buying process. This is a binding agreement between the buyer and seller to complete a sale of the property. You will also need to contact a Notary Public to oversee all of the legal perspectives of the sale as well as place down a deposit for the property (usually 10-30% of the purchase price). Legal Preparation and Paperwork Once the preliminary contract is set in place, completing a sale for a property in Portugal will take around four to five weeks. At this time you will need a Portuguese tax code. You will also need to hire someone to complete all legal checks on the property as well as collect all of the official documents ( License of Use, Property Registration Document, and Property Tax Document) in order to make the transaction complete. At this point hiring someone to handle these things for you may be a wise idea because once all the paperwork is in place you should be ready to complete the purchase. Complete the Purchase At this point, either the buyer or someone appointed by the buyer will have to meet with the selling and Notary Public to sign the deeds of the sale. At this point, the remaining portion of the balance of the purchase price will have to be paid as well as all of the various taxes like the property transfer tax and other fees like Notary fees, Stamp duty fees, registration cost, surveyor’s fees, and legal fees. About The Author: This article is written by David Rowat, who is the Director of Operations at Portugal Property. David has a wealth of property and financial experience following successful ventures abroad in both Spain and Portugal. He is resident in Portugal and has been happily settled since 2003 after he sold his own UK based Finance Brokerage in the late 90's. Portugal Property contains every information to help you learn more about buying & selling property and real estate in Portugal. If you are looking for properties for sale in portugalthen they are a one-stop Property shop, and will meet all of your requirements
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