Things to Know Before Establishing a Real Estate in Portugal

Posted On Friday, 31 July 2020 16:13

Portugal is considered to be among the best places to establish a real estate in the world. It is the third most popular country for Britons to purchase property overseas. However, over the years, it has also been attracting international buyers from other countries. With over 60,000 internationals residing on its mainland, Mediterranean and Atlantic shores, you may want to buy a real estate in Portugal. 

Establishing a real estate in Portugal may be one of the best things to do right now. In Comporta real estate investment is affordable, making it an ideal place for settlement. 

Furthermore, there are no restrictions for purchasing real estate in Portugal, and most of the property is sold freehold. Also, there is a law that protects property rights, property, and the right to access and own a property. That is made possible through the country’s property registry system which is reliable and centralized. 

There are, however, a few things you need to know about before buying a real estate in Portugal.

1. Reading Listings

Listings are used for advertising the types of apartments for sale. They are named as T0 to T3 type apartments. The “Ts” represent the number of bedrooms that the house has. T0 is a studio while T1 refers to a one-bedroom apartment. The higher the number of “T,” the higher the number of rooms. You want to be sure that you get the type of property that you desire. It’s, therefore, vital that you ask how many rooms an apartment has - whether they have a separate kitchen, living room, and storage space.

2. The purchasing process

After finding a property that you desire to purchase, you’ll be required to sign an intent letter in the presence of a lawyer. You’ll then agree on a price, and a lawyer will make a contract, in writing, with the seller. To complete the deal, you’ll need; a property tax document, property registration certificate, and license of use. 

The next step will be to pay a deposit, which is usually 10% to 30% of the total buying price. If the vendor withdraws the contract, he will pay you twice the amount of deposit you paid. But if the contract still holds, you will be required to pay the remaining amount, a transfer tax, and an attorney’s fees. After about a month, the process is completed, and you will sign the deed. Finally, you’ll have to register your deed at the tax office and public land registry.

Don’t Get Conned

As you invest in real estate in Portugal, be careful not to be conned or robbed. Ensure you do your research well from agents and sites, which will give you credible information about buying a property in Portugal. After buying property, you may need to hire security personnel to keep watch over it. 

Conclusion

Portugal is a prime place to establish a real estate. However, you need to follow the due process and be careful not to be conned as you acquire your wealth. 

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