General information for buyers

General information for buyers

If you are a first-time buyer in Portugal, then this information is addressed to you.

If you are looking for a property through a real estate agent,make sure, in your own interest, that you are using the services of real estate mediation professionals.

Thus, for the security of your investment:
Rely only on advertising that clearly identifies your real estate mediation company with its license number AMI 22847

Require identification of the representative of the real estate mediation company.

Be wary of those who call themselves a mediation professional but do not display, at the place of care, the number of the respective license and the validity of the same.

Additional information:

Lawyers and NIF

Lawyers

Once you have found the "house of your dreams",assuming that you have done so through a real estate agent, and are prepared for your purchase, we strongly advise you to use the legal services of a lawyer,so that you can act and represent it throughout the legal process.

The rate of 1% of your fees is calculated according to the total value of the property.

Please note that you do not appeal to the same solicitor/lawyer as the seller.

Tax Identification Number

All those interested in the acquisition of property in Portugal,must acquire in the local finance office a tax identification number that is assigned by the Ministry of Finance and Public Administration to identify a tax entity, taxpayer. This request must be made by the user himself.

Required documents

The documents required for the evaluation and purchase of a property are:

Certificate of land registry.This document proves the legitimacy of those who intend to dispose of the immovable property, the existence of burdens or charges on the property (e.g. mortgages, penhoras or usufructs).

Building booklet the document that proves the fiscal situation of the building.

License of Use and Technical Data Sheet of housing.

Contract - Promise of Purchase and Sale 

Promise contract and final deed

Promise contract

According to normal procedure, the buyer's lawyer or legal representative works in collaboration with the seller and/or the buyer's lawyer in the preparation of an agreement/purchase and sale contract, the content of which is based on a detailed description of the surrounding parts, seller, buyer,property and special clauses.

The initial deposit is 10% of the value of the property. The contract must be booked so that it is recognized and validated, and in case of withdrawal by the buyer, the buyer loses the right to receive the amount deposited in favor of the seller of the property.Contrary to the seller cancels the sale, he must refund twice the deposit made on the date of conclusion of the contract.

Final Scripture

The title of final registration of the property is called final deed.All official documentation must be verified and translated into Portuguese by a recognized and certified entity.

The total amount of the property is paid during the transfer process to the new owner at the place of the deed.

Records, taxes and legal expenses of representation

Records

Finally and of vital relevance, the property in to be registered in a local conservatory in order to update the property data on behalf of the new owner.

This operation can be carried out at the time without any difficulty provided that you have in your pose a copy of the valid deed.

Taxes and expenses of legal representation

The imi valo will depend on the value of the declared property.

Considering in general and brief ly its calculation is made on the basis of the following scale:
Up to EUR 80'000.00 (0%) to EUR 500'000.00 and or equal/greater (6%).

Legal expenses relating to notary and registration are also calculated on the basis of the above-mentioned scale.
All legal expenses related to the purchase of the property are borne by the buyer.