Along with Spain, Portugal shares the top spot of being the
go-to destination for a large portion of UK expats. With most retiring and
enjoying the sun, sea and the wine, not forgetting a quality of life that is
difficult to match here in the UK. It's easy to see why it's a large holiday
destination also.
The top spot for buying property is Portugal is no doubt
split between the Algarve, Madeira and Faro. Including, other spots such as
Lisbon and Albufeira which are also popular locations that people from the UK
chose to reside. But if you are thinking of buying property in Portugal there
is a lot of precautions and areas that must be understood, especially since it
is a different country that has different laws and regulations. Before taking
the leap, let's take a short run through the buying process.
The Buying Process and Costs InvolvedIn order to be able to
purchase a property anywhere in Portugal non-residents are required to have a
Fiscal Representative, which can be a lawyer who is a resident in Portugal, and
obtain a Fiscal Number from a local tax office. This will enable the Fiscal
Number to be recorded along with every document used throughout the buying
process. And will used in the process of opening a bank account in Portugal.The
start of the process involves giving a deposit to the vendor or real estate
agent. When buying property in the Algarve it's worth noting that all deposits
are non-refundable.
Duncan bannatyne
There two main stages involved when buying a property are
known as the promissory contract and the final deed. The promissory contract is
a document that both the buyer and vendor or estate agent writes down the
conditions. This will include such things as price and payment conditions.It is
recommended to seek legal advice at this point, to ensure everything is legit,
and that there is no outstanding mortgage or requirements that may have been
missed by the buyers, which they did not agree to.Before the second stage, and
straight after the promissory contract has been created you will be asked to
pay Imposto Municipal sobre Transmissoes de imoveis (IMT), which is simply
known as property transfer tax. It is on the basis of this payment that the
second stage can take place.
The second stage, known as the final deed and known as
Escritura in Portugal. This occurs when the ownership of the property changes
hands. This requires that all parties attend the Notary office and provide
proof of payment before the presence of the Notary.
It is worth noting the costs are not limited to just the IMT
and price of the property. In fact there are many other considerations and
costs that will be required, here is a short list of some of the additional
costs when buying a property in Portugal:
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