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Plot - Praia da Luz
Plot, 1035 m², 00 bedrooms, 00bathrooms, 00 living rooms
Price: € 199,000.00
Villa with pool - Budens
Villa with pool (9x4.5m), 5000 m² (297 m² living area), 03 bedrooms, 02bathrooms, 01 living rooms
Price: € 425,000.00
Villa with pool - Espiche
Villa with pool (8x4m), 354 m² (173 m² living area), 03 bedrooms, 03bathrooms, 01 living rooms
Price: € 350,000.00
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Purchasing
Once you have found your new property, the next step is to engage the services of a local lawyer to represent you in the purchase. It is also a good idea to familiarize
yourself with the basic legal and tax issues involved.
Power of Attorney
Your Portuguese lawyer will need a power of attorney (Procuração) to be able to act on your
behalf. If you are staying in Portugal, this can be registered at the Notary Office. Otherwise, it can be prepared by the Portuguese
Consulate in your country of residence, or by a local notary. In this case it must be accompanied by a Notary Certificate of Apostille
of the Hague Convention and translated into Portuguese. If you are buying through an offshore company, then the offshore administrators
should provide the requisite power of attorney.
Fiscal Number
All buyers, whether individual or corporate, must obtain a fiscal number from the Tax Office (Finanças).
Search
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All urban properties have a Caderneta Urbana from the Tax Office (Finanças). The caderneta is like an
identity card for the property. It gives the article number, size and location of the plot; it defines the borders of the plot,
and gives a rateable value for the property. This “valor patrimonial” is the property value on which the annual rate
(contribuição autárquica) is based. This value is normally much lower than the real value of the property.
Generally, when purchasing a property, it is advisable to do a search in Finanças as well as in the Conservatória,
as there may be actions pending against the property not yet advised to the Conservatória.
- All residences must also have a Habitation License (Licença de Habitação) issued by the local Town Hall (Câmara Municipal).
Promissory contract
The next step is for both parties to enter into a Promissory Contract of Purchase and Sale (Contrato de Promessa
de Compra e Venda), which is legalized at the Notary Office. The buyer will pay a percentage of the total purchase price and the
parties will agree with the Notary to record a date for completion of the purchase.
If the seller withdraws from the sale, the seller is then required by law to repay twice the deposit. Likewise, if the buyer fails
to complete the purchase, then the buyer forfeits the total of the deposit.
IMT (Imposto Municipal sobre Transmissões Onerosas de Imóveis)
Prior to completion, the purchaser is required to pay a property transfer tax “IMT” previous known as “sisa tax” to the local Inland Revenue “Finanças”. From 1 January 2004 this has been reduced from 10% to 6%, thus reducing overall purchase expenses. This tax is charged on a sliding scale up to the value of 510.000 Euros, and thereafter on a flat rate of 6%.
Deed of Purchase and Sale
Once other formalities are completed, the sale can proceed with the Deed of Purchase and Sale (Escritura Pública
de Compra e Venda), which is executed before a Notary and officially recorded. At the same time the balance of the purchase price is
paid according to the terms of the Promissory Contract.
Registering ownership
Upon presenting proof of the “escritura” to the “Conservatória do Registo Predial”, the property can then be registered in the name of the new owner.
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Apts. Qta. da Alfarrobeira -T1 - Praia da Luz
Apartment with shared pool for up to 2 persons, 01 bedrooms, 01 bathrooms, 01 living rooms, 01 kitchens
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