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LIMITED EDITION
Property valuation
L&A Real Estate Partners
L&A Real Estate Partners
Our experienced sales team will be happy to help you with the pros and cons of investing in Portugal, ensuring that when you make your decision, it will be an informed one.
Our experienced sales team will be happy to help you with the pros and cons of investing in Portugal, ensuring that when you make your decision, it will be an informed one.
Portugal, like other EU countries, has its own taxation system and legal procedures surrounding the purchase and sale of a property. Our experienced sales team will be happy to help you with the pros and cons of investing in Portugal, ensuring that when you make your decision, it will be an informed one. In this section, we provide a concise introduction to the process of buying and selling in Portugal, highlighting the costs and documentation involved.
When entering the process of buying a property, it makes sense to find out as much as possible about your legal and financial situation before making any commitments. Appointing an experienced local lawyer to check the legal elements of a property prior to purchase will ensure your peace of mind. Your lawyer will make the appropriate checks at the relevant institutions, such as the Land Registry, the tax office and the local council regarding the registration of the property, a thorough check will be carried out on the property and the taxation history. To increase buyer confidence, you can also appoint an independent surveyor to check the structural condition of the building. Once the property has received a clean bill of health, the first step in the buying process can be taken.
Portugal, like other EU countries, has its own taxation system and legal procedures surrounding the purchase and sale of a property. Our experienced sales team will be happy to help you with the pros and cons of investing in Portugal, ensuring that when you make your decision, it will be an informed one. In this section, we provide a concise introduction to the process of buying and selling in Portugal, highlighting the costs and documentation involved.
When entering the process of buying a property, it makes sense to find out as much as possible about your legal and financial situation before making any commitments. Appointing an experienced local lawyer to check the legal elements of a property prior to purchase will ensure your peace of mind. Your lawyer will make the appropriate checks at the relevant institutions, such as the Land Registry, the tax office and the local council regarding the registration of the property, a thorough check will be carried out on the property and the taxation history. To increase buyer confidence, you can also appoint an independent surveyor to check the structural condition of the building. Once the property has received a clean bill of health, the first step in the buying process can be taken.
The path an ownership transaction will take depends on its current form of ownership.
The path an ownership transaction will take depends on its current form of ownership.
If the property in question is owned by an individual(s), then a Promissory Contract of Purchase and Sale (Contrato Promissório de Compra e Venda) is drawn up by the buyer's lawyer. This document contains all the terms and conditions of the transaction and a deadline is set for the signing of the final public deed according to the wishes of the parties. The contract is signed by both parties, or their legal representatives, at which point a deposit is requested to be paid which would normally constitute 10% of the purchase price or more as otherwise agreed.
This legally binding document proves that the purchase is now contracted and sealed in accordance with Portuguese law. If a buyer fails to comply with the contract, they may forfeit any deposit paid. In the event of default by the seller, the seller is legally obliged to refund double the deposit, although the defaulter still has the option of requesting judicial enforcement of the contract, depending on what is agreed in the contract.
It is worth noting that, in order to maximize the benefits, it is mandatory for the signatures of the parties or their respective representative(s) to have been verified by a notary. This type of purchase is concluded in the presence of a Notary or, alternatively, at the “Casa Pronta” which is linked to the Land Registry Office. The IMT is checked and the content of the final deed of sale is verified before it is read out to the parties (or their representatives). The deed is then signed and the balance of the transaction price is paid. The original of this document remains where the transaction was concluded, bound in the official records.
Certified copies can be obtained at any time to prove ownership. A copy of the title deed is then immediately presented at the local land registry office and tax office and the change of ownership is registered.
If the property in question is owned by an individual(s), then a Promissory Contract of Purchase and Sale (Contrato Promissório de Compra e Venda) is drawn up by the buyer's lawyer. This document contains all the terms and conditions of the transaction and a deadline is set for the signing of the final public deed according to the wishes of the parties. The contract is signed by both parties, or their legal representatives, at which point a deposit is requested to be paid which would normally constitute 10% of the purchase price or more as otherwise agreed.
This legally binding document proves that the purchase is now contracted and sealed in accordance with Portuguese law. If a buyer fails to comply with the contract, they may forfeit any deposit paid. In the event of default by the seller, the seller is legally obliged to refund double the deposit, although the defaulter still has the option of requesting judicial enforcement of the contract, depending on what is agreed in the contract.
It is worth noting that, in order to maximize the benefits, it is mandatory for the signatures of the parties or their respective representative(s) to have been verified by a notary. This type of purchase is concluded in the presence of a Notary or, alternatively, at the “Casa Pronta” which is linked to the Land Registry Office. The IMT is checked and the content of the final deed of sale is verified before it is read out to the parties (or their representatives). The deed is then signed and the balance of the transaction price is paid. The original of this document remains where the transaction was concluded, bound in the official records.
Certified copies can be obtained at any time to prove ownership. A copy of the title deed is then immediately presented at the local land registry office and tax office and the change of ownership is registered.
