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Frequently Asked Questions -
What is the general procedure in buying a property in Portugal? Answer:
We recommend that you start your search on the Internet, in order to get a quick over-view of prices in individual areas. Once you have decided on an area, next step would be to pick a state licensed property agent, who will assist you in finding what you are looking for. Once you have found “your” property, you should ask a surveyor to check out the property for you. This is a €500-800 fee normally but money well spent. Based on the survey, you can then put forward an offer. Normally, you can expect a negotiation span of 5-15% from the asking price but in the present market situation, still suffering under the World-wide credit crunch, you can expect higher discounts from the asking price. Once you have “secured” the property, next step is for you to appoint a local lawyer to help you through the purchase. Legal assistance will cost you between 0.75-1.25% normally of the purchase price of the property or you can negotiate a fixed fee. Your lawyer, will now prepare a Promissory Contract (PC), which is a contract buyer and vendor signs in order to secure the sale/purchase before the signing of the deeds. The time between signing the PC and the deeds will vary but can be done within 3-5 weeks normally. On signing the PC a deposit of 10-20% will be asked by the vendor to be paid by the buyer, as an act of good faith . The balance will then be paid on completion date, - signing of the deed.
After completion date the lawyer will register the new owner in the land registry.