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Buying property in PortugalFor your information, here’s a brief run down of what to expect when you purchase a property in Portugal:It is quite normal for both parties to initially enter into a Promissory Contract detailing the conditions of Sale. This contract is then legalized by registering it in the notary office. This contract is legally binding on both sides and the law requires the seller to repay twice the deposit should he withdraw from the sale. Likewise, if the buyer fails to complete he forfeits the total of his deposit. It is often found practical for the buyer to appoint a third party such as a lawyer to act for them legally in the matter. Every buyer is required to obtain a Fiscal Number from the local Tax Office. Prior to act of purchase, the purchaser will usually be subject to a State payment called “Sisa” which is carried out in the local Tax office nearest to the property. When all the above requirements have been completed the act of sale can proceed in any Notary Office and is recorded in his official books. The Notary will check prior to the act of sale that all the necessary documents are correct to ensure that the sale can proceed according to the facts provided. It is at this moment that payment is normally completed to the seller, and when applicable, the balance of purchase has to be made according to the signed Contract. After the act is recorded the Notary Office will issue a photocopy of the entry which is the proof to the buyer that the act has officially taken place. The photocopy will carry the seal of the Notary but as further official copies can be requested at any time this document should not be mistaken for a “Title Deed” as known in the UK. On completion of the above notarial act the property in question has then to be registered in the new owners name in the Land Registry. This registration is not obligatory until the owner wishes to sell the property. However, it is strongly recommend that this registration is made immediately after the Notary act as a preventative measure against a possible financial abuse by the previous owner.
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