Buying a property in Portugal.
While searching for a property, make sure you deal exclusively with a fully licensed real estate agent (AMI license).
Once you have found your dream home, here are the following steps of the buying procedure.
Once you have reached an agreement regarding the buying price, we highly recommend that you sign a “property reservation” document through the agency. This operation will get the property off the market for a period of 3 to 4 weeks, allowing you to get organised in order to proceed with the promissory contract.
At this stage, you will have to choose a lawyer who will represent you throughout the entire buying process. No matter what, we recommend that you choose a local lawyer (as opposed to a Lisbon based one for example). We would be very happy to introduce you to one of the lawyers we work with on a regular basis.
Once the property reservation is signed, the objective is to proceed with the signing of the promissory contract within 4 weeks. Before the promissory contract is signed, your lawyer will ask you to send a 10% deposit on his client account, once he is satisfied with all the legal documents related to the property. Your presence isn’t necessary at this stage, as your lawyer can represent you.
A deadline date to sign the final deeds at the notary will be part of the promissory contract (usually 1 to 2 months following the promissory). This date can be advanced if all parties agree to do so, but it can not be delayed. Prior to signing the final deeds, your lawyer will ask you to send the remaining 90% of the buying price on his client account.
Please note that in order to cover all your legal fees (property transfer IMT tax, lawyer fee, notary fee…), we advise you to plan around 7,5% of the buying price.
Naturally, we will be present to assist you during all these steps, and will help you make yourself home (removals, electricity contract, internet etc…)