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Buyers Guide Should you wish to buy a property advertised on this site there are certain rules and costs that you should be aware of, this page has been written to avoid confusion and allow the buyer to see the full picture before committing to anything. 1) The transfer of a property in Portugal takes only a few days but up to a month may be needed to book a time with the Notoria (legal officer for the transfer of properties) where the transfer must take place. 2) The buyer pays for the Escritura (deed) and also for the services of a solicitor (Advogado), to deal with booking of the deed transfer, translation and deposit contracts if required. You may use our solicitor, who is based in Gois and speaks English, she charges between 500€ and 700€ for the service or you may find your own if you prefer 3) The cost of the Escritura will depend on the price paid for the property, if you require details of this then please contact us stating which house you would like to know the fee for. 4) Money in Portugal is not held by a third party at any point and transfer of purchase money is usually done on the way to the Notoria on the day of purchase. Method of transfer is down to personal arrangement between the buyer and the seller. 5) If you wish to hold a property this can be so with a deposit of between 10% and 20% (depending on the price and desirability of the property). A date for the transfer with the Notoria must be agreed upon at this point. Legal contacts will then be drawn up stating money received, money still owing and the date of transfer booked with the Notoria. Cost of these contracts will be included in the solicitors fee. The contracts will describe all work that is to be completed for the price stated and the penalties for each party should one or the other back out (loss of deposit for buyer, return of double the deposit by the seller). A property will not be declared sold until some money has changed hands, therefore we recommend that you have access to at least 1000€ whilst in Portugal in order to secure a property before you leave. The rest of the deposit can then be made by bank transfer on your return home. 6) After buying the property you must register it on the land registry within two months, this costs between 125€ and 250€ the solicitor will arrange the necessary paperwork for you to sign, this service (though not the registration cost) will be included in their fee. In some cases there is also an additional fee of 250€ for an IMMI, or layout plan of the house and land by an architect for registration purposes. 7) In some cases a further tax, IMT (about 6% of the purchase price, previously called SISA) is payable, please ask if the house that you are interested in will require an IMT payment. 8) Some of our properties may be priced in Pounds (£GB). Please follow the link to the Currency Converter for current exchange rates (please be sure to check regularly as we cannot be held responsible for converted prices appearing to change) Final payments will be paid in the currency quoted by the exchange rate of the day, unless otherwise agreed. For a quick idea of living costs click here Click Here for the Printer Friendly Page
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