sriforsiteoriginal
Algarve Master Developers
Simpson & Runge Intl Lda
Interiores03

Brief Guide

This guide covers the most important issues you need to consider when purchasing a property in Portugal. However, we strongly recommend you to seek advice of qualified and competent lawyers and accountants, who understand the local customs and will be able to accompany you throughout the purchase. In order to assist you, we will be happy to provide independent lists of acknowledged professionals for you to choose from.

Purchaser

Vendor

Considers buying property

Decides ro sell property

Determines needs and desires

Asks agent to evaluate property

Discusses financial options - Determines asking price

Views andresearches target properties

Prepares property for marketing

Agents markets property

Makes an offer to buy

Accepts, rejects or counters offer

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Offer accepted

  • Reservation fee 5,000 euros payable to the vendor but witheld by agent until signing promissory contract
  • Lawyers prepare promissary/preliminary contract
  • Payment of depsit 30% of the purxhase price to vendor
  • Provisionalregistration of a first legal charge to the bank
  • Legal search (Town hall, Tax & Land Registry Office, Suppliers...)

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Loan Approved

  • Official registration of a first legal charge to the bank
  • Payment of the property transfer tax (IMT)
  • Title deeds of purchase and finance contract signedsimultaeneously at Notary
  • Remaining funds (70%) available to Vendor
  • Documents recorded at the Tax Office (Financas) and Land Registry Office
  • Arrange insurance

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Purchaser moves in

Vendor moves out