Buying a property in Portugal, what to keep in mind
Always work only with an officially licensed agent who has an AMI number.
It is normal in portugal to sign a promissory contract. This contract is legally binding though even when not certified by a notary! Make sure to go over the contents thoroughly and clearly specify the contents, like method of payment, condition of the property, and the timeframe for completing the purchase.
The deposit normally is between 10% to 15% of the total value. If the purchaser withdraws from the sale, he loses this amount. On the other hand, if the vendor withdraws, he is obliged to pay double this amount.
Demand written proof that the property is free of charges, this can be by means of a note from the land registry or the tax authorities. It is essential that these documents are presented at completion of the contract.
Demand valid building and residential permits, to prove that the property has been constructed legally.
Demand proof that all relevant bills have been paid. This includes electricity, water, and telephone bills.
If you plan to construct or expand on the property make sure to consult the building development plan. It shows what can be built, and where.
Entry in the land registry should take place immediately after completion of the contract.
It is often wise to consult a lawyer. A notary only attests the purchase, but has no further legal advisory role.
Imochique – Algarve Real Estate
Sitio das Seixas, Apartado4, br> 8550-309 Monchique