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Buying Process Portugal

Buying Process Portugal

Ideal homes can recommend a trusted lawyer to help you in all legal aspects of purchasing a property in Portugal including the Golden Visa process.

 

The lawyer will be with you through the whole buying process, making sure all steps are followed with the correct paperwork and due diligence preformed. The cost for all taxes and fees varies with the property value. Usually around 6% and very rarely going over 8%. 

 

This is the process you will follow from finding your property to collecting the keys.

 

  • SELECT & RESERVE YOUR PROPERTY WITH THE IDEAL HOMES TEAM OF EXPERTS

 

The first stage of purchasing a property entails payment of a reservation fee. A refundable deposit of €6,000 is required to reserve a property and will be held in the lawyers escrow. 

 

  • PROMISSORY CONTRACT 

 

Once the lawyer has finished all the necessary checks, a promissory contract is drawn up specifying the terms and conditions of the sale - this will be signed by both the buyer and vendor. On signing the buyer will pay a promissory deposit of up to 30% to the vendor - this includes the 6,000€ reservation fee the lawyer is holding. If the buyer decides not to go ahead the deposit will be forfeited, (bear in mind at this stage you have completed all checks and happy to go ahead) if the vendor decides not to go ahead they will have to pay double the amount of the deposit as compensation. Making this a very straight forward transaction with no last minute changes about the sale.

 

  • COMPLETION 

 

Completion of sale transpires at the notary’s office, once finalised the property is simultaneously registered under the new owners name along with the land registry. It is also registered at the fiscal department within 60 days. This can be done with Power of Aterny so you don't need to be present.

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