SELLING PROPERTY IN PORTUGAL
When one wishes to sell a property in the country of Portugal, most of the work throughout the process is done by the lawyers of the one who is purchasing the property. When one wishes to sell a property in the country of Portugal it is not mandatory that they hire a lawyer, albeit it is advisable.
PROPERTY VIEWING WITH PROPERTYLISBON
As we have recognised that not all of our clients are in the same position, we have developed many diferent ways in which our clients can view properties with us. They range from talking on the phone and exchanging emails, to meeting in a boardroom where we go through many different options, and finally coming down to actually viewing the properties in the areas that are best suited to our individual client’s needs…
WHY YOU SHOULD CHOOSE PROPERTYLISBON
Throughout the years that we have spent selling properties across the country of Portugal, we have accumulated a wealth of experience in the Portuguese property investment market, and have seen the best and the worst of it all.
PropertyLisbon works alongside some of the most reputable and established property developers that the country of Portugal has to offer, and we always make sure that all the required and adequate paperwork and licenses are in place before we list any property in ….
PROPERTYLISBON – WHAT IS OFF PLAN PROPERTY?
When purchasing a property in the country of Portugal, one of the ways to go about it is to purchase an off plan property – The term that is loosely used to describe something that is not ready yet. It can refer to a property that is currently undergoing a renovation and is not finished yet, or it can refer to a completely new build development project that has not even started yet.
When choosing one of these options, it is important that our clients fully understand the process. – Every property is different….
PORTUGAL PROPERTY MANAGEMENT
As far as the investor is concerned, the management of property begins from the moment the keys are handed to them. If they are not a resident within their own property it makes sense for them to employ a property management company for the management and maintenance of the property.
While some of the services that property management companies provide overlap with the services that rental companies provide…
PROPERTYLISBON – THE RENTALS
In case that the investor does not intend to stay in their new holiday home long term, long or short term rentals of the property can do everything – from delivering a substantial income from the investment to simply helping cover some of the costs associated with the ownership.
Property rental companies in the country of Portugal range from very small firms that possess specialised local knowledge and provide specialised services all the way to multinational companies. Many of the property rental companies provide, as a part of their provided service package, an online booking system that will allow the investor to keep track on who is letting their property…..
PROPERTYLISBON – A GUIDE ON TAXES IN PORTUGAL
Property Lisbon has compiled this quick and simple guide on taxes in the country of Portugal that are relevant to purchasing a property in the country. For the full and comprehensive list of all the taxes in the country of Portugal that are associated not only with the purchase of the property but also with the after-purchase timeline, which….
Purchasing a Property in Portugal
The process of purchasing a property in the country of Portugal is a pretty straightforward one, and it consists of three main steps – the reservation, the promissory, and the deeds.
Step One – The Reservation
Once the investor has fount the property that they wish to purchase and once they have agreed upon a price with the seller, the first step that they need to make is to make a reservation and prove their intent to purchase.
This step of the process accomplishes two things in general – It prevents any other investor or party from coming in and making a higher offer for the property, thereby “snatching” it away from the initial investor. The property is instead taken off the market in this manner firstly, and secondly – this step allows the investor’s lawyer sufficient time to check the licenses relevant to the property and make sure that everything is in order.
In most cases, a reservation fee of between six thousand and twenty thousand is acceptable, and the time that the investor’s lawyer gets to complete their work is usually between fifteen and thirty days. It is worth noting, however, that both of these are negotiable at the point of sale and that nothing is set in stone at that point.
Once the investor is ready to make the reservation, there is a simple two page document that they have to sign with their lawyer, as well as the aforementioned reservation fee that they have to pay.
Step Two – The Promissory
Once the lawyer has completed all they had to check, they will provide their client – the investor – with a report on the property.
The lawyer will also request a promissory contract from the seller of the property that must include all the important points of the sale, as well as a complete rundown of the property. The lawyer will send these documents to their client – the investor – along with their professional thoughts on the matter and the advice on whether or not their client – the investor – should seek to make any changes to the contract. Once the investor and the seller both agree on the terms and conditions of the promissory contract, the investor must then pay the second amount which is usually a percentage of the overall price of the property and this figure can vary drastically – from ten percent of the total price to sixty percent of the total price -.
Once all of this takes place, the contract becomes legally registered and it is, from there on, very difficult for the seller to pull out of the sale. As a matter of fact, the law of the country of Portugal states that if the seller pulls out of a promissory contract, they have to pay double the amount that has already been paid back to the investor. This law has been put in place to provide assurance to the investors as the severity of the penalties for pulling out of the contract stop virtually everyone from doing it.
Step Three – The Deeds
This step is a rather simple and straightforward one, as the most complicated of the work has been done in the previous step with the promissory contract.
If the property that the investor has purchased was an off plan property, then their lawyer uses this point in time to check and make sure that the property has all of the relevant licenses in place, as well as that the property is fully debt free. Once the lawyer has certified all of this, the investor will then complete their purchase and make the payment for the rest of the balance. Their lawyer will then register the property under the investor’s name and they will own the freehold of a property in the country of Portugal.
If the property that the investor is looking to purchase is ready and the investor already has all the necessary funds in place, it is even possible to skip the step two and go straight to the deeds.
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