Property purchase in the Algarve
Before the purchase
You should check the following details:
- Is the property registered in the name of the seller?
- Does the real estate register show any encumbrance or mortgage related to the property?
- Has the inland revenue office issued a "Caderneta Predial" (a type of property pass)?
- Do residential buildings have a license?
The provisional agreement
Before a real estate purchase is attested by a notary, you can sign a provisional agreement that obliges both sides to sale respectively purchase. The signatures of this agreement should be attested by a notary. The provisional agreement names buyer and seller, describes exactly the property, mentions the purchase price as well as the procedure of payment.
Land transfer tax
Before signing the actual purchase contract the buyer has to pay the land transfer tax ("IMT") at the inland revenue office.
The purchase contract attested by a notary
The actual purchase contract has to be attested by a notary. The fees for this contract generally have to be payed by the buyer. The purchase contract establishes the official ownership. There is no conveyance provided.
Registration in the real estate register
With the attested purchase contract the transfer of the property can be registered in the real estate register.
For more information please contact us.
View our portfolio of properties for sale