Selling Property in Portugal
Selling a Property in Portugal
The first step to take when you actually decide to sell your property in Portugal is to clear all your civic municipal dues and municipal council taxes as your property will risk being auctioned to the highest bidder if you elude these taxes. If you live in an apartment; you may have to pay service charges and final maintenance. It is also essential to pay all utility arrears in full before the sale; this includes; telephone, electricity, water, gas, insurance and other bills.
Seek the help of a Licensed Estate Agent
When you set out to sell your property, you are likely to find a large database of house-hunter; you get many hundreds of people on our site every week. Seeking the help of a licensed Estate agent like us is highly recommended to secure you from any disputes and irregularities that may arise during any sales process.
Get Help from a Property Solicitor
It’s also essential to seek legal support from a property solicitor who will come up with a Procuração Publica which will be signed in a Notary office and then registered, enabling your legal representative to authorize a sale and deal on your behalf.
Here at PortugalRealEstateInvestments.com we have many professional lawyers with years of experience in the property sale industry in Portugal for you to choose from.
Find Out the Market Price
At PortugalRealEstateInvestments.com we employ the expertise of an evaluation agent and a surveyor who will be able to advise you on the current market price of your property.
The Proper Advertising
Advertising is always a crucial aspect in any business. However, with years of experience in Portugal Property market, PortugalRealEstateInvestments.com is a leading property marketplace and we get thousands of buyers week after week and we know exactly where to place targeted adverts that will convert in no time.
Sale of property in Portugal involves the signing of legal papers by both the buyer and seller in the presence of an advocate. After all signings, the document is then sent to the local land registry. When a buyer shows up for the property, your attorney then gets this document from the land registry to proceed with a sale.
To property is only taking out of the market after the Buyer shows interest and proceeds with the signing of a Promissory Contract of Purchase. The buyer’s lawyer then comes up with the Contrato Promessa de Compra e Venda. . This document contains all the conditions of the transaction and a time limit is established for the signature of the final deed in accordance with the wishes of the parties. The contract is signed by either parties or their legal representatives, at which point a 10% deposit is paid, or as otherwise agreed. This legally binding document proves that the purchase has now been contracted and sealed in accordance with Portuguese legislation. Any deposit by the buyer will be lost if they default the contract in anyway. Similarly, if the seller for some reason defaults the contract, he get to pay back twice the deposited amount to the purchaser. The purchase is officially finalized in the presence of a notary, lawyer registered with “Casa Pronta on-line” or with the registry office.
Before any signing, assessments are made to ensure that the Proper Transfer Tax (IMT) has been settled. The content of the document is then verified and read out to the parties involved (or their deputies). Documents are then signed and the remaining balance agreed upon is paid to seal the process. The original copy of the transaction is kept in records at the place of the act and authenticated copies are then obtained by the parties to prove ownership. The Local Land Registry office and Tax office are then sent a copy of the deal to effect the ownership change on their records.