How to Buy Property in Portugal
The 15 Steps to the Buying Process- Confirm how much you can borrow by speaking to one of our mortgage brokers
- Open an account with a reputable Foreign Exchange dealer (ask about our panel of FX dealers)
- Make sure to get the official tax and registration documentation in order (to ensure the property is debt free)
- Agree the price of the property and sign the contrato de promessa de compra e venda (preliminary promissory buying and selling contract)
- Allow for an additional 5 - 10 % on top of the purchase price which will include hidden costs such as purchase tax, notary fees, stamp duty and legal fees
- Pay the deposit (usually around 15% although significantly less for new-build properties)
- Arrange a mortgage
- Arrange life insurance to cover the mortgage
- Open a Portuguese bank account
- Arrange building insurance (existing property only - not off-plan)
- Transfer the balance of the deposit, as well as the legal fees & purchase taxes to the notary in advance of completion (via FX Dealers)
- Sign the sales agreement (the Escritura de Compra e Venda)
- Pay the balance of the purchase price minus your deposit
- Register the property in your name at the Land Registry office and Local Tax Office
- Complete – Congratulations !!
- Main homes
- Second or Holiday Homes
- Rental or Investment Properties
- Off-plan / New Build Properties
- Commercial Properties
- Equity Release mortgages are available
- Bridging Finance is also available