Many people dream of owning a second home in Portugal. The Portugal Golden Visa has become an integral part of Lisbon’s luxurious lifestyle. Portugal has also become a very popular place to buy a property. The entire Algarve region in southern Portugal has proved to be very popular with buyers from all over Europe, along with buyers from different parts of Portugal.
But if you are looking to buy or invest in a property in the country and do not live in Portugal, how can you start looking for a home, and the process and procedure of buying may be different in your country? Here is a quick guide to buying a property in Portugal.
Learn the Buying Process
In Portugal, the buyer has to pay a deposit, which is a percentage of the last property’s cost, as part of this process. Once the deposit has been paid, the buyer’s lawyer will make out checks and look for mortgages on the house. The final deed, or escritura de buys and sells, is the next part of the procedure. Once ownership of the property is transferred from the seller to the buyer, similar to the initial stage of the purchase process, and is signed in front of a notary or notary public. The contract is sent to the Property Register after the signature.
Determine Tax and Expenses
Depending on the purchase price of the house, the highest cost to the buyer is the real estate transportation tax or IMT, which must be offset on possession of more than $92,407, and this tax is determined by a sliding scale, which means that you will cover everything between 2% and 8% on the purchase price of your premises. There are registration, administration, and notary fees ranging from 1% to 2% of the purchase price. Some buyers may find that real estate agency prices are mentioned in the registers, but this will be the seller’s responsibility, not the buyer’s.
Hire a Great Lawyer
As with the purchase of a property, buyers must know the relationships and all the law’s controls. Ensure your lawyer assesses the plans for this government property in Portugal once you have found the right property. These plans will reveal whether the house is in its current state, as indicated on the plans. Find out if the seller has done any work – such as extensions – on the house, and ask your lawyer if the property has any expenses, to find out that these expenses need to be removed before the sale is completed.