Step by Step Guide to Buying Property in Portugal
The process overall can be straightforward, if everything goes to plan, documents produced and signed on time, and provided that searches and contract negotiations do not throw up problematic issues. That is why it is so important to have legal representation, and not to go it alone. The whole process can take as little as a few weeks, or as long as a few months.
Overview of the Property Buying Process
- Find property or land and negotiate price
- Carry out any inspections and surveys
- Instruct a solicitor to act for you
- Solicitor carries out land searches/negotiates contract of sale
- Pay deposit and ensure payment lined up for rest of price
- Sign Promissory Contract
- Apply for Fiscal number/card
- Open bank account
- Solicitor obtains property registration certificates
- Pay relevant property tax
- Sign Transfer deeds
- Register property at land Registry and for local rates
- Consider making a Will to cover property
