We found your dream home - what now?

We found your dream home - what now?

We found you the perfect property, what happens now?

We have detailed here the simple process of buying a property in Portugal, most of the time this is how a property is purchased, but sometimes things don’t run smoothly that’s why we are here to help.

There are some differences between buying a property in the UK, Ireland and Europe, compared to buying a property in Portugal, and as your Estate Agent we are used to dealing with this, it’s our job to deal with Real Estate every day, all day long and we are conveniently located right in the heart of the Algarve to be able to do it.

One of the biggest differences is that all the official documentation will be in Portuguese but don’t worry, for most of our clients this is not their first language so we have systems in place to help you.

For a straightforward purchase of a property it is a two step process.

  1. Promissory Contract
    Your lawyer prepares a Promissory Contract detailing your name, the sellers name, the property, the price, your estate agent and date for completion with standard terms and conditions as well as any special terms to be considered from the buyer or seller. The typical deposit that accompanies this contract is 10%* of the purchase price, which is paid to your lawyer to pass to the seller. You have an opportunity to read and agree the terms of the promissory contract before you sign it, it is translated into your language and in Portuguese. You normally sign this at your lawyers office, however if you have given your lawyer Power of Attorney, which is normal for owners abroad, it can be posted to you to sign and return to Portugal. From Offer to Promissory Contract can be up to 2 weeks.* 
  2. Final Deeds
    The date will be set for the final Deeds, this usually takes place in a Notary Office. As your estate agent we are present at every Deed signing. If your lawyer has Power of Attorney, it is normal that you are not present. The Deeds are produced in Portuguese and read aloud from a screen for all present to hear, see and agree, and once agreed they are printed for all parties to sign. Here you will be required to pay the remaining 90% balance and all appropriate costs, fees and taxes. If you are present, you will need an independent translator. From Promissory Contract to Deeds can be up to 2 months.*

*There are of course situations where the property purchase does not follow the above course, monetary values and timeline, such as if you are buying off-plan, off-shore or with a mortgage for example.

There are lots of processes that your lawyer and your Estate Agent deal with before, inbetween and after the property purchase. The buyer is responsible for the purchasing costs and we recommend you put aside up to 10% of the purchase price to cover all costs.

As your Estate Agent we are familiar with all the things that can cause delays and problems which are often overcome. We also have some money saving tips and tricks to help you. We have a list of trusted and recommended lawyers, surveyors, mortgage brokers, insurers, tax, wealth and foreign exchange experts, home removals and much much more, everything and everyone you will need.

We are available to you before, during and after your property purchase and you can contact us anytime with any queries or questions. If you need someone to caretake your property, we can do that too with our Property Management Service.

Happy to help you. Let us know your criteria to find your dream home.

www.DiamondPropertiesAlgarve.com

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