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General property purchase procedures in Portugal
Step by step explanation:
a) You find your dream property
b) You negotiate the price and the conditions
The conditions that should be negotiated are the followings:
- Down payment at the promissory contract (usually between 10 – 20% of the property value)
- Finalization date – From the date of the signature of the promissory contract must be fixed a date (within for example the next 90 days) when the FINAL NOTARIAL APPOINTMENT has to be.
- Eventual negotiations (of reparations / refurbishments etc.) which has been accorded between seller / vendor and buyer
c) You choose your solicitor / lawyer (we have several high specialized solicitors in case of need – all speaks fluently English)
d) The solicitor / lawyer will note down all the details which had been accorded between vendor and buyer
e) The solicitor / lawyer will apply from the real estate agent the whole documents concerning vendor details, buyer details and the property details
f) The solicitor / lawyer will apply to the conservatory for the deeds of the property (check if there is any mortgage or any kind of problem on the property)
g) After this complete check the solicitor / lawyer will do the promissory contract based on the information’s that were given to him
h) The solicitor / lawyer will present the promissory contract to vendor and to the buyer for acceptation
i) If everything is O.K. a date for the signature and the down payment will be fixed
j) Signature and down payment of the contract
k) From now on, the solicitor will forward the whole documentation to the notary
l) The notary check again the documents and fix a date for the final process (the date will be within the time schedule that has been fixed in the promissory contact)
m) The notary will contact the solicitor to inform him about the date
n) The solicitor informs vendor and buyer about the date
o) Payment of the purchase tax (this has to be paid by the buyer and can be done through the solicitor)
p) The solicitor brings the paper of the tax payment to the notary (3-4 days BEFORE the final deed)
q) Final signatures and balance payment
r) After the final notary appointment, the solicitor will go to the tax ministry and to the conservatory to change the names of the property
s) Depending on the negotiations with the solicitor he will also apply for the changes of water, electricity and phone line
Just some general information’s:
The buyer loose the down payment if he do not want anymore the property (after the signature of the promissory contract) – except if there are reasons of major force.
The seller / vendor has to give back the deposit and DOUBLE it in case that he do not want anymore to sell (after the signature of the promissory contract) – except with reasons of major force
The whole procedures which have been referred under point J) – O) and Q) are also able to be done without physical presence – in this case power of attorney has to be given to the solicitor or somebody of the choice of the buyer.
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