The Buying Process:

The buying process in Portugal is relatively straight forward. There is a great advantage of purchasing in Portugal and that is, subject to the submission of appropriate documentation to the tax authorities, there will be no inheritance tax due in respect of Portuguese properties bequeathed to parents, children or between spouses. Note that inheritance tax, where applicable, is now known as Stamp Tax in Portugal.

Here we have simplified the buying process for you:

• You give us your property requirements

• We arrange a viewing trip to view a selection of properties that match your requirements or we send you details of the properties that you have chosen from our website.

• We arrange for a meeting with our recommended mortgage advisor and legal advisor either in the UK or in Portugal.

• Once you have found your dream property, the lawyer with carry out the property searches, in order to make sure that the property has a good clean title.

• The Promissory Contract (contrato promessa de compra e venda) will be signed, which states all conditions for the sale agreed with the vendor including the completion date. A deposit, usually between 10%-30% is payable at the signature of the said contract and its amount subject to agreement between the parties.

• On completion the ownership of the property is transferred to you, known as ‘escritura publica de compra e venda’. All the property documents must be submitted to the notary, together with the proof of payment of tax on the transfer of the property known as Municipal Transfer Tax (IMT) whenever applicable.

• The lawyer will register the property in your name with the Land Registry Department, which grants you full security of ownership.

• You now own the property.

The main consideration is to allow an extra 10%-15% for Notary fees and taxes.

>> Back <<