Buying procedures in Portugal

Buying a property abroad is a huge step. The language barrier, different laws and culture turn it into an exciting adventure.
Manor Properties will accompany you in every step of this process. We have the knowledge, and, most important, some of us have the experience of moving abroad, and buying property in a different country. We know how important it is to deal with someone reliable.
Our philosophy is to be with our clients from the beginning to the end, with advice and help.
The following guidelines will give you some practical information on where and how to start. We will be happy to give you more information personally!

Licence

Always deal with a Government licensed agent.
Every licensed agent must display their licence in their office, and on all advertising.
Licensed agents have professional insurance, other guarantees and are accountable for their actions.

Selecting a Property

By giving your agent as much information regarding your requirements, he or she will be able to offer you a good selection of properties to choose from.
Please Note: Not every property is displayed on our Website.

Viewing

After selecting the properties you could be interested in, the agent will organize the viewings.

Making an offer

You have found and chosen your ideal property and are ready to make an offer.
Discuss upfront with your agent several matters before making your first offer, like:

-Will you be needing finance
-How quickly can you proceed in case you come to an understanding with the vendor.
-When would you like to complete and move into your new property.

Now your agent can pass your offer to the vendor and the negotiation will start. Once a price has been agreed, you might want to use the services of a lawyer.

Lawyer

Select a lawyer. Your agent should be able to deliver you a list of reliable and competent lawyers who carry out property conveyance. He or she will be responsible for checking all relevant documentation like:

Certidao de Teor (Land Registration)
This document describes all the details of the property, such as the area of construction and land, type, location, boundaries, which should match the actual property. Who is the owner of the property and also if the property has any loans/mortgages outstanding on it. This document is obtained from the Land Registry (Conservatoria).

Caderneta Predial (Financial Registration)
The financial registration of the property at the Tax Department. The information on it should match with the details on the land registry. It also gives information about the valor patrimonial (rateable value). This document is obtained from the Financas (Tax Department).

Caderneta Rustica
A similar document to the caderneta predial, but only required for rustic properties (land). It gives the same information.

Licença da Habitação/Utilização (Habitation Licence)
Properties for habitation must have a habitation licence, confirming the property has been constructed according the plans submitted to the Camara (Council). Properties constructed before 1951 are exempt from this requirement. Properties for other uses (eg storage) will have a utility licence, not a habitation licence. These documents are obtained from the Camara (council)

BI (Ficha Técnica)
A new requirement which has come in to effect from the 16th August 2004. All constructions completed after 30th March 2004 must have a ficha tecnica, which gives technical details of the construction. ( materials used, in which quantity etc.) This document is provided by the technical engineer responsible for the project, in cooperation with the constructor.

Certificado energético
This document classifies the use of electricity, and the air quality of the property. It´s a compulsory document for selling or buying, and will be required at the deeds.

Promissory or preliminary contract
After your lawyer has checked all documents relating to the property, a promissory contract will be presented.
This is a legally binding contract between vendor and buyer.
Upon this signature the buyer generally pays a 10% to 15% non-refundable deposit.

The contract is signed by both the purchaser and vendor.
The contract usually states exactly who the buyers and vendors are, a description of the property, confirmation that there is clear title, and the terms of payment and completion.
Once the contract it is signed it is binding on both parties.
Should the seller not sell the property, he has to pay the buyer double the deposit as compensation.
Should the buyer not buy the property, he loses his deposit.

Final deed (Escritura)
Upon completion, the final deeds are signed in front of the notary who checks all documentation and sees that the IMT (property purchase tax) has been paid. These expenses are paid by the buyer. At this stage, the full purchase price is also paid.
Once the deed and all other associated transactions are completed, the buyer's lawyer registers the new owner of the property in the Land Registry (Registo Predial). Buyers should request a copy of this registration for their files.

Corporate Ownership
Many properties in Portugal, and especially in the Algarve, are owned by a corporate structure. Today these corporate structures are often situated in Malta or Delaware. The property itself is an asset of the company and buyers purchase shares in the company. This transaction takes place under the jurisdiction of the area in which the company is based. Both buyer and vendor do still need a local lawyer as the usual searches on the property here in Portugal must be carried out, and most local lawyers are familiar with this type of corporate transaction.
A Share Purchase Agreement is drawn up, the usual deposit paid and a completion date set in the usual manner. The immediate benefits of such a transaction are its simplicity and the fact that all documentation proceeds in the English language.

Costs
The lawyer´s fees vary from 1% to 2% of the purchase price, but this depends on the circumstances and lawyers involved.
Notary and registration fees are also variable, for example fees are higher when you have a mortgage on a property. As an indication, count on 1.5% to 3% of the purchase price.
The Estate Agents are paid by the vendors in Portugal. These rates also depend on the agent.

IMT (former SISA)
This is the tax you must pay when you purchase a property.The exact calculations will be provided by your lawyer .
Some guidelines you can find in this page.

Permanent residence
Purchase Price	%	Amount to deduct
0 - €89.700	1%	0
€89.700 - €122.700	2%	€1.794.00
€122.700 - €167.300	5%	€5.475.00
€167.300 - €278.800	7%	€8.821.06
€278.800 - €557.500	8%	€11.608.95
above €557.500	6%	0

Non-Permanent residence
Purchase Price	%	Amount to deduct
0 - €89.700	1%	0
€89.700 - €122.700	2%	€897,00
€122.700 - €167.300	5%	€4.578.06
€167.300 - €278.800	7%	€7.924.00
€278.800 - €557.500	8%	€10.712.05
above €557.500	6%	0

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