Property for sale in Portugal - Portugal property - Real estate in Portugal

Promissory Contract
When you have chosen your property and the price has been agreed with the seller it is normal for you to enter into a Promissory Contract. This is your commitment to buy and the sellers commitment to sell and is a legally binding contract.

At this stage a deposit of between 10% and 20% of the price of the property is usually paid.
If you fail to complete the purchase for no good reason you will lose your deposit.
If the seller fails to complete the sale for no good reason he/she has to pay you twice the deposit.

The Promissory Contract includes:

    The price of the property
    The address, tax number and registration number of the property
    Proof of identity of both parties
    Proof of ownership
    The amount of the deposit paid
    The deadline date for completion

It is possible to go straight to completion without a Promissory Contract if both parties agree.
Your chosen lawyer will ensure all the necessary documentation is in place at this stage and we will be happy to help liaise in this process.

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