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03. Properties in Portugal

How to buy a property in Portugal?

There are several reasons to buy a property, but none of them is a simple task. Especially in a country different from ours. It takes planning and time to choose the location well and research all the necessary documentation. That's why it's essential to seek professional help if that's your intention. Furthermore, the Portuguese real estate sector is very successful as a result of an offer of quality infrastructure and access  and one of the lowest costs in Europe.


The tourist offer is complete, the cities are very well cared for and rehabilitated. The climate is the best in Europe, with average temperatures in the house.

20 degrees almost all year round.  It is one of the safest countries in the world and also has a very good public health system, first-rate public schools and up-to-date transport and road systems. The cost of living, on the contrary, is one of the lowest in Europe, and foreigners can still count on the incentive of tax exemption on income earned abroad for 10 years. Finally, the supply is still low, creating the ideal conditions for the appreciation and profitability of the market.


Step by step to buy a property in Portugal:


- Obtain a NIF (Tax Identification Number) before starting the process (The NIF is like our Brazilian CPF and it needs to be done with the accompaniment of a Portuguese or foreign citizen (can be Brazilian) who has been legally resident for more than 6 months in the country The TIN can be done through a power of attorney, for a lawyer.


- Although Portugal is small, it is full of diversity and choosing the location of the property is a fundamental issue.  There are big differences in price and profiles of cities and localities. The climate also changes a lot depending on the region, the north being colder and the south Algarve with milder temperatures. There are big cities like Lisbon and Porto, rural areas and a beautiful coastline with marked differences. Your choice should take these differences into account.  


- Seek advice: after identifying the property, you should check its documentation and other important issues such as finishes, thermal and sound comfort, existing equipment.


- Hire a lawyer for legal analysis and assessment of risks and documents, review of contracts, assessment of the seller's reputation and adequacy of expenses. The lawyer can also help in obtaining bank financing.

- In addition, the lawyer must verify that:


  • The seller is the rightful owner

  • The property is free of people and things

  • There is no right of preference for others

  • There are no outstanding debts

  • Licenses and certificates are up to date.


-  Personal visits are essential, therefore, the interested party must have time to carry out them and make their acquisition without haste. The representative attorney will be able to spare the expense of additional visits and negotiations if the interested party cannot be present.


- Reservation: after the negotiation, it is common to sign a reservation with the basic data of the transaction with the payment of a symbolic signal.


- Purchase and Sale Promise Agreement (CPCV), is the pre-contract, which describes and identifies the property, price, equipment, suspension and termination clauses and other relevant clauses, deadlines for delivery of documents and execution of the deed. At this stage, it is common to pay an entry between 20 and 30% of the transaction value. The contract must provide for penalties in case of withdrawal.


- Purchase and Sale Deed.  Mandatory formalization for the transfer of the property. Signed at a notary office that will require a series of documents to process the transaction.


- Payment of any remaining amount, by cashier's check, plus Municipal Transmission Tax (IMT), Stamp Duty, registration fees. The keys are handed over in this act.  


- Registration in Finance.


- Opening a bank account, either to seek financing or to cover the expenses and payment of the acquired property.

Bonde elétrico de Lisboa
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