Quick guide

Buying Process - Quick Guide

exteriores08 This guide covers the most important issues you need to consider when purchasing a property in Portugal. However, we strongly recommend you to seek advice of qualified and competent lawyers and accountants, who understand the local customs and will be able to accompany you throughout the purchase. In order to assist you, we will be happy to provide independent lists of acknowledged professionals for you to choose from.

	Purchaser			Vendor
	Considers buying property			Decides to sell property

	Determines needs and desires			Asks agent to evaluate property
	Discusses financial options - Determines asking prices
	Views and researches target properties			Prepares property for marketing
	Agent markets property
	Makes an offer to buy			Accepts, rejects or counters offer

	*Offer Accepted* Reservation fee 5.000 Euros payable to the vendor but withheld by the agent until signing promissory contract Lawyers prepare promissory/prilimary contract Payment of the deposit 30% of the purchase price to the vendor Provisional registration of a first legal charge to the bank Legal search (Town Hall, Tax and Land Registry Office, Suppliers…)

	Loan Approved Official registration of a first legal charge to the bank Payment of the property transfer tax (IMT) Title deeds of puchase and finance contract signed simultaeneously at Notary Remaining funds (70%) available to Vendor Documents recorded at the tax Office (Financas) and Land Registry Office Arrange Insurance

	Purchaser moves in			Vendor moves out