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

LONG-RUNNING SCAM FINALLY BEING EXPOSED
For years, publications, websites and TV programmes have been warning that if buying in a property in Portugal you must add 10 - 15% to the purchase price for extras. This is simply WRONG. The true figure is around 5%, give or take a bit. 

Here is a typical example from our own considerable experience (costs in Euros):

Purchase price: 200,000 euros (house 180,000, land 20,000)
IMT House: 3,995 (purchase tax)
IMT Land: 1,200 (purchase tax)
Stamp: (0.8%) 1,600 (this used to be included with the notary's fee)
Local Lawyer: 1,000 (est)
Notary: 350 (approx.)
Registration: 355 (approx.)
_____
TOTAL EXTRAS 8,500 = 4.25% Thatís it!

The misunderstanding has its origins decades ago, when a quite substantial property in Portugal could be purchased for 10,000 euros. Extras could well amount to 1,500 so there was your 15%.

It has been copied from one publication to another down the years, and exploited by a number of less-than-scrupulous lawyers and real estate agents, who offer to Ďtake care of extrasí for an additional 12.5 or 15%. In some cases they may well be the very same who advise the editors. Hence a myth has become firmly rooted, and editors have become unwitting accomplices to a very sharp practice.

Would-be buyers are thus being needlessly deterred from buying good value property in this beautiful country, so a group of fed-up local estate agents have got together to try to set the record straight.

PLEASE CHECK OUT THESE FIGURES FOR YOURSELF AND HELP PUT AN END TO THIS FRAUDULENT PRACTICE.



Register:   Sellers   Buyers Sellers login