Property buying in Portugal is not as strictly regulated as in other countries like Spain or France. However, despite this, property buying in this place is very exhausting and come with a lot of details that need to be considered. Portugal is a preferred destination for many people despite strong competition from other countries. Those who want to live in Portugal can buy property in Algarve, Lisbon, Alentejo, Porto, and other regions. The process of buying property in its entirely can take from as little as a week to as long as five months.
Below are the basic steps involved when buying a property in Portugal.
There are no restrictions in buying property in Portugal. In other words, anyone can buy a house here. However, non residents need to first obtain a fiscal number from the local tax office. This number should be used on all documents related to your house purchase. If you are married, both husband and wife must obtain a fiscal number.
There are many costs involved when buying a house in Portugal. Buyers have to pay taxes such as real estate agent’s fees, fiscal representation fees, legal fees, land registry fees, property registration fees, notary fees, stamp duty, municipal transfer tax, registration of mortgage, registration of purchase, and VAT. Check out the Property for Sale Portugal.
You should also appoint a lawyer or a solicitor to act on your behalf. The lawyer will perform the more detailed investigation during the purchase while a solicitor will perform basic actions required to ensure the purchase of property in Portugal.
There are four documents that the owner must provide you before buying the house. These documents include the one that confirms that the property description is in according with the house you are buying. The second confirms that size of the building and its boundaries. The third gives detailed information about the property. And the last document shows that the seller has title to the property.
The two parties must then sign a promissory contract after the documents have been checked. When this contract is in place, the deed of purchase and sale is then released. Know more about the Property for Sale in Comporta.
It can be difficult and exhausting to move to Portugal and buy a house there. However, it is all well worth the effort. This is because you will enjoy the peaceful lifestyle and idyllic landscapes wherever you choose to live, in Algarve, Lisbon, Porto, of any other important regions of the country.