 Portuguese
Villas can provide a full, personalised plan for you.
The
plan will outline the property choices, your finance and legal
options and we can then arrange your inspection visits.
Inspection
Visits
The Procedure for the visit:
| 1)
|
Contact
us on 01925 266899. |
| 2)
|
We
will identify a full range of properties and put together
a finance plan. |
| 3) |
Fly
to Faro airport. |
| 4)
|
Meet
one of our consultants at the airport. |
| 5)
|
You
will be shown area and shown the properties. |
| 6) |
If
finance is required you will need to set up a Fiscal number
and Bank account. (It is possible to commence the mortgage
procedure at this time even though the property may not
have been chosen). |
| 7) |
View
properties and visit Office. |
| 8)
|
Once
property is chosen you will need to put 5000.00€
as a holding deposit – this will hold the property
for 30 days. |
| 9) |
Whilst
the property is being held, the mortgage will need to
be arranged, if not already done so (see attached for
necessary documents). |
| 10) |
Once
everything is agreed, the contract is signed by both parties. |
| 11) |
Once mortgage has been confirmed give the lawyer Power
of Attorney. |
| 12) |
Send
the remainder of the deposit.
- When total deposit is received, if the Seller pulls
out he must refund twice the deposit amount
- If the Buyer pulls out they loose their deposit. |
| 13) |
The lawyer will organise the Legal Passage of Name and
once this has been done the property is legally yours. |
| 14) |
If
letting the property, our contact can arrange the contract
if client chooses. |
| 15) |
If the Buyer then wishes to Re-sell the property immediately,
or in the future, we can offer a discount on the commission,
but the contract would need to be exclusive to RMB Ltd. |
Buying Property – Legal
Here
are the basic steps to help understand the procedures and
legal acts that are involved in acquiring a property in Portugal.
It
is always recommended that qualified advice be sought in any
purchase.
It
is important to ensure that any plans in the Town Hall referring
specifically to the property do physically agree with the
existing construction.
A
property for living purposes must have the following documentation:
a)
A Habitation License for property constructed after 1951
b)
A Certified insertion in the records of the Land Conservatory
c)
A detailed “Caderneta Urbana” from the Tax Office
Commercial and Industrial properties require both Points b.
and c.
In
the case of a rural property the following extra document
is necessary which is a detailed and an up-to-date description
of the property and is named “Caderneta Rústica”.
The local Tax Office issues this document.
It
is quite normal for both Parties to initially enter into a
Promissory Contract detailing the conditions of Sale –
“Contrato de Promessa de Compra e Venda”. This
Contract is then legalized by registering it in the Notary
Office. This Contract is legally binding on both sides and
the law requires the seller to repay twice the deposit should
he withdraw from the sale. Likewise, it the buyer fails to
complete he forfeits the total of his deposit.
There
are specific laws relating to this act that a Lawyer will
be able to explain. It is often found practical for the buyer
to appoint a third party such as their lawyer to act for them
legally in the matter.
A
document named “Procuração Pública”
is prepared with the necessary details and then in the Notary
Office this document is signed and registered by the Notary.
This official document can also be created in the Portuguese
language outside Portugal in a Portuguese Consul in a foreign
country, or in a Notary in the language of the country concerned.
In
the case of the latter the document must have the Seal of
the Notary and an Apostil attached. An official translation
into the Portuguese language will later be necessary.
Every
buyer is required to obtain a Fiscal Number from the local
Tax Office (Finanças). Prior to act of purchase, the
purchase will usually be subject to a State payment called
“SISA” which is carried out in the local Tax Office
nearest to the property. The amount charged is dependent upon
the nature of the purchase and does vary. In certain cases
the buyer may be exempt from paying this Tax.
When
all the above requirements have been completed the act of
sale can proceed in any Notary Office. This act is known as
the “Escritura de Compra e Venda” which takes
place in front of the selected Notary and is recorded in his
official books. The Notary will check prior to the act of
sale that all the necessary documents are correct to ensure
that the sale can proceed according to the facts provided.
It
is at this moment that payment is normally completed to the
seller, and when applicable, the balance of purchase has to
be made according to the signed Contract in Point 2 above.
After
the act is recorded the Notary Office will issue a photocopy
of the entry, which is the proof to the buyer that the act
has officially taken place. The photocopy will carry the seal
of the Notary but as further official copies can be requested
at any time this document should not be mistaken for a “Title
Deed” – as known in the UK.
On
completion of the above act the property in question has then
to be registered in the new owners name in the Land Registry
(Conservatória do Registo Predial). This next registration
is not obligatory until the owner wishes to sell the property.
However,
it is strongly recommended that the previous owner make this
registration immediately after the Notary act as a preventative
measure against a possible financial abuse.
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