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Our passionate team at Cosmos is always on hand to advise and assist in your property journey. Each team member has also made this journey and can support you through the purchase process not only with their expertise but also using their real life experience that made this inspiring and exciting life possible.
Our passionate team at Cosmos is always on hand to advise and assist in your property journey. Each team member has also made this journey and can support you through the purchase process not only with their expertise but also using their real life experience that made this inspiring and exciting life possible.
Buy a Property
Buy a Property
It is always advisable to instruct a Solicitor or lawyer.
Not only does this ensure that all legal aspects of the sale are managed, a legal representative granted the power of attorney (Procuração) can sign legal documents including the property transfer deed on your behalf.
It is always advisable to instruct a Solicitor or lawyer.
Not only does this ensure that all legal aspects of the sale are managed, a legal representative granted the power of attorney (Procuração) can sign legal documents including the property transfer deed on your behalf.
I've already found a property, what next?
I've already found a property, what next?
It is necessary to have a fiscal number (número de contribuinte). This is issued by the Finance Office (Ministério das Finanças) and can be obtained by providing proof of address and your passport. Once you have your fiscal number it will be possible to open a bank account which is needed to set up utility contracts in your name.
It is necessary to have a fiscal number (número de contribuinte). This is issued by the Finance Office (Ministério das Finanças) and can be obtained by providing proof of address and your passport. Once you have your fiscal number it will be possible to open a bank account which is needed to set up utility contracts in your name.
Obtain a Portuguese fiscal number and bank account
Obtain a Portuguese fiscal number and bank account
In most cases a promissory contract is drawn up and signed by the seller and the buyer or their legal representatives. The contract is legally binding and includes details of the property, the vendor, the buyer and it also outlines the terms of the purchase including the timeframe for completion of the sale. On signing of the contract the buyer pays a deposit which is usually 10% of the agreed sale price. If the seller withdraws from the sale they have to return double the amount of the deposit.. If the buyer withdraws from the purchase they forfeit their deposit.
In most cases a promissory contract is drawn up and signed by the seller and the buyer or their legal representatives. The contract is legally binding and includes details of the property, the vendor, the buyer and it also outlines the terms of the purchase including the timeframe for completion of the sale. On signing of the contract the buyer pays a deposit which is usually 10% of the agreed sale price. If the seller withdraws from the sale they have to return double the amount of the deposit.. If the buyer withdraws from the purchase they forfeit their deposit.
Signing of the Promissory Contract
Signing of the Promissory Contract
The signing of the completion can often take place at a public notary office. The buyer pays the outstanding amount due and the vendor pays off their mortgage, if applicable, and hands over the keys to the property. The property is then registered in the new owners name with the land registry.
The signing of the completion can often take place at a public notary office. The buyer pays the outstanding amount due and the vendor pays off their mortgage, if applicable, and hands over the keys to the property. The property is then registered in the new owners name with the land registry.
Signing of the Property Transfer Deed (Escritura)
Signing of the Property Transfer Deed (Escritura)
The biggest costs during a sales transaction are as follows:
• IMT (municipal transfer tax);
• Stamp duty;
• Lawyers fees which average between 1% to 2% of the purchase price;
• Notary fees and property registration costs which are approximately €1000.
Try our IMT and stamp duty calculator below.
The biggest costs during a sales transaction are as follows:
• IMT (municipal transfer tax);
• Stamp duty;
• Lawyers fees which average between 1% to 2% of the purchase price;
• Notary fees and property registration costs which are approximately €1000.
Try our IMT and stamp duty calculator below.
What fees do I pay on top of the purchase price?
What fees do I pay on top of the purchase price?
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