How to Buy Your Property in Portugal

Buying a property abroad can be a daunting prospect. You many not know the language, the laws or who to trust. The key most important element in purchasing a property in Portugal is to be informed. gekkoportugal.com tries to provide as much information as possible to help you make informed decisions.

The buying process in Portugal is relatively straightforward and follows a set procedure. From start to finish the whole process usually takes anything up to five months, though this may vary depending upon the number of persons involved and whether all the necessary paperwork is in order.

There are many subtle differences in buying a property in Portugal from the United Kingdom. The most noticeable difference is all estate agents in Portugal (agentes Imobiliarios) have to be registered and licensed. *see Estate agents in Portugal

Although there are a vast number of websites advertising property for sale in central Portugal and the rest of the country and it can be tempting to view and even purchase properties through these advertisers.

However the Portuguese property market is rife with potential pitfalls and it is wise to deal only with registered professionals. After all you wouldn't entrust your health to someone who had merely been to a hospital before, so don't risk your wealth in the same manner.

The Property Purchasing Procedure in Portugal

At first you may think buying a property in Portugal is a complicated and difficult procedure, however by stripping away the foreign terminology it can be broken down four easy and important steps, which are listed below.

Anyone wishing to purchase a property in Portugal, either a national or foreign national, must have a Fiscal Number or Numéro Fiscal de Contribuinte. This Fiscal number, which is also called a Tax Card, is easy to obtain from any tax office within Portugal and costs 6.40€.

Once you have found your dream home and have agreed on a price with the agent and seller, it is customary to sign a Contrato de Promessa de Compra e Venda. This document should be signed at a lawyer's (advogada) office. Once all parties have signed, the lawyer registers the document online. It is worthwhile to note this contract ensures you will not be gazumped and should the seller decide again selling then they are bound, by law, to refund double your deposit.

The completion of a property sale usually takes around three months, however this can vary from individual sale. In some cases it has been possible to complete a purchase within a fortnight. The completion of a property sale in Portugal takes place at an independent Notary's office, whom will be arranged by the seller's estate agent. The completion of sale is often called the 'Escritura', which in fact refers to the title deeds of the property.

Once you've completed the sale you will need to register your property at the Conservatória do Registo Predial or Land Registry Office. Until the property has been registered in your name, it is not legally yours. In addition to registering your property at the land registry office you will also need to notify the local tax office of the change of ownership. In most cases your appointed lawyer will take care of both of these registrations.

Useful Information

◊INCI - Instituto da Construção e do Imobiliário

◊ Top 10 Tips when Buying a Property in Portugal

◊ Frequently Asked Questions

◊Advogadas in Central Portugal

◊Estate Agents in Portugal