Solicitors / Lawyers Website Addresses
real estate in Portugal
When you have found your property, the Vendor or their legal representative will
obtain a certificate (Escritura) from the local Land Registry confirming that
the property is available to sell. This document will need to be produced to
the Notary at the time of signing the contracts.
If the full purchase price is being paid immediately, a purchase contract will
be drawn up by the Vendor's legal representative, covering the details of the
contract, purchase price and date of completion. At the time of signing the contract,
the Purchaser will pay a deposit usually about 10% of the agreed purchase price.
If the purchaser should withdraw from the contract this deposit will be forfeited,
whilst if the vendor should withdraw they will be obliged to forfeit double the
value of the deposit. Buying Property in Portugal
Solicitor / Lawyer
The conveyancing (Escritura) will check that any searches and other legal requirements
have been carried out, funds prepared and that both parties can agree a completion
time. The transfer of title will then be prepared and will be signed by both
parties or by their solicitors/lawyers, in the presence of a notary. The balance
of the purchase money can then be handed over. The contract will be retained
by the notary and a copy registered with Public Records. You will then have to
arrange for registration with the Land Registry which ensures your proof of legal
ownership and the Inland Revenue will also be notified for your property and
rating taxes. Prior to buying your property you should apply for a tax number.
This will usually be a total of about 15% of the purchase price, slightly less
for countryside property. The costs include Solicitor/Notary fees, Stamp Duty
and Transfer Tax (SISA).
Property Transfer Tax (SISA), is payable when the registered owner of the property
changes. However, if buying through an offshore company, you will not have to
change the name of the registered owner of the property and avoid the tax, making
the purchase more attractive to a another buyer with a higher realised sale price.
Over 1% per year will be paid for services, this is known as a municipal tax.
more information on Algarve Property and to arrange your viewing
Property Viewing Arrangements
Barbara De Nexe Property
Catrina Property Tavira
Property Buying Guide