Buying a Property in Portugal can be quite daunting as every country has different rules and regulations which have to be followed. Having experienced this first hand I shall give a guide to the process which takes place from start to completion of the purchase process.
When you have found your perfect property and agreed a price you will need to apply for a Fiscal Number ( NIF) This is obtained from the local tax office , where you will need proof of identity i.e. Passport and a utility bill confirming your address in the U.K.
Once you have obtained your Fiscal Number you will be able to open a bank account in Portugal which is essential for the buying process.
It is normal in Portugal to pay a small cash sum to secure your property before a Promissory Contract can be drawn up. A Solicitor of your choice will then write the promissory contract which will then set a completion date which is agreeable with the vendor and yourself. Once the vendor has agreed the date for completion you will then be required to pay a deposit to the vendor which is normally 10% of the purchase price. Should you fail to complete by the completion date you will forfeit the deposit. If the Vendor decides to withdraw from the sale he is required by law to pay you double the deposit back.
On Completion day you will be required to attend the Notary office. At the Notaries office in attendance will be the Yourself, the Vendor, Your Solicitor, the Estate Agent, and Interpreter if you do not speak Portuguese and the Notaria. The deed of sale will be written and read and once everyone agrees you will then pay the Notary Fee’s by bank card along with stamp duty which is on a sliding scale on the value of the property and taxes, both parties will then sign the deed. At this point you will hand the Vendor a bank cheque for the remainder of the monies. The Vendor then hands you the keys and property is yours.
After this the Solicitor will then accompany you to change the Electricity and Water into your name.
The whole process is very simple and straight forward. We are here to help, reassure and advise you throughout the process insuring peace of mind. Once you are settled into your new home we can provide help with finding local services such as swimming pool contractors, plumbers, electricians, builders, decorators along with translations services.