The Property Buying Process in Portugal

 

As a licensed Estate Agent in the Algarve, we are used to the buying and selling of properties here in Portugal, it is our job, we enjoy it, we make it easier for you and we think we happen to be good at it.

 

You may hear or read different versions of the property buying process here in Portugal so here we have presented you with an easy 8 step guide below. However, the simple version is that is it a Two Step Process-

 

Step 1. You pay a 10% deposit with a Signed Promissory Contract.

 

Step 2. You pay the 90% balance and sign the Deeds and pay all the buyers costs.

 

However I am sure you want to know a bit more about the Real Estate industry and the property buying process in Portugal so here goes.

 

You may come across lots of properties online, some might be via UK real estate companies, some might be via marketing companies, but few will be from a fully licensed Estate Agent trading as a registered company in Portugal, established for over 21 years, family operated, independent, small business, with a boutique corner shop in a prime location in the Central Algarve, that is us Diamond Properties Algarve.

 

Here at Diamond Properties Algarve you will be invited to sit down in comfort with a complimentary glass of chilled Rose and discuss your property requirements in our welcoming showroom in a quaint village in Boliqueime. With us you will have a face-to-face conversation in person with the same person who spoke to you on the phone, emailed you, who will listen to your requirements, give you a tour of the area, escort you to property viewings, help you with your offer, be available throughout your property journey, communicate with you regularly in your language and even be there when you get your keys. You having a Personal Estate Agent Assistant in the Algarve is our USP.

 

At Diamond Properties Algarve you have the same person throughout who also happens to be the same person who met the seller, listed the property, took the photographs, wrote the description, reviewed the documents and presented the property on our website. It really is quite a unique experience, bringing you back to the customer service of a traditional high street estate agent. As well having a physical shop where you can meet us, we are fully insured, we are VAT registered, we are members of national and international real estate associations and we are a registered company in Portugal for over 21 years.

 

Here we have put together a more detailed brief on the property buying process in the Algarve.

 

Easy 8 Step Guide 

  1. When you find the right property we will present your offer – our service to you is free. 

  2. If your offer is accepted we write to all parties including your lawyer and the sellers lawyer, we are available throughout the process. If you do not have a lawyer we can recommend one (we do not receive a referral fee).

  3. Your lawyer will prepare all the paperwork (she/he will require advance part payment to represent you), you do not need to be in Portugal for the process as many of our buyers live abroad so it is common to give your lawyer Power of Attorney just for the property purchase they will stay in touch with you by email, as will ourselves

  4. As your Estate Agent we are available to you throughout, we will do the inventory, take meter readings and carry out a property check on the morning of the Deeds. It is quite common for your lawyer to suggest a value for any furniture, fixtures and fittings that are included in the sale.

  5. If you are particularly keen that the seller removes the property from the market as soon as possible or if there is too much of a delay between the offer and Promissory Contract, you can put down a Reservation Fee (anything from 1000 to 5000 euros) and sign a Reservation Agreement with your estate agent.

  6. Once the terms and conditions are agreed, you sign a Promissory Contract and transfer 10% deposit of the agreed offer price to your lawyer. This is a legal commitment on both sides with consequences if either party pulls out.

  7. Within 2 months the Deeds are signed and the remaining 90% is paid, along with all buyer costs, fees, taxes etc.

  8. Regarding total costs for purchasing, the buyer pays all the costs, we advise buyers to set aside a maximum of 10% but it will be less. We can get you an actual accurate figure once you find a suitable property.

 

Most of the time the process is straight forward, but each buyer, seller and property is different so the process and timeframe can be slightly different too, depending on the property you are buying and whether or not you have a Mortgage, for example. Sometimes things do not go smoothly and we are used to that too, most of the problems that can occur we have already dealt with before. As your Estate Agent we work hard to keep the purchase on track, so that you don’t have to worry. You can contact us anytime during the process.

 

It is our pleasure to be a part of your property journey in Portugal, contact us if you are thinking of buying.

 

Once the property is yours, we are available as your Property Manager. If you need someone to hold onto your keys, change the locks, insure your property, accept delivery of your houseware, set-up your property, renovate, decorate, build or check on your property, open your post, pay your bills, maid and laundry, garden and pool service, manage your vehicle, Holiday Rentals, take bookings, meet and greet, maintenance, emergencies and much, much more, we can be there for you, your family, guests and your property. Just ask for a quote for Property Management or Project Management.

 

If you require any further information or have any questions about the buying process, please do not hesitate to contact us, we look forward to hearing from you.

 

www.DiamondPropertiesAlgarve.com

 

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