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Appoint an independent estate
agent |
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For new developments agents are paid commission from the developer. The price quoted from the agent should always be the same as that quoted by the developer and therefore the agency service should be free to clients. A good agent will assist a client from the moment of purchase all the way through to and beyond signing of the title deeds.
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Property Block |
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Most developers allow prospective buyers a chance to block a property, without any deposits whilst the buyer considers the purchase. A block can last for a couple of days up to a week. Your agent will be able to assist you in this. |
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Reservation deposit |
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In Portugal often € 6,000 or £4,800 deposit will reserve the property in the buyers name and initiate the purchase process. Some developers require buyers to sign a reservation form along with the cash transfer.
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Appoint an independent lawyer |
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It is essential that you appoint a lawyer that is qualified in Portuguese property law. Your agent will be able to introduce you to a lawyer and it will make negotiations easier if the lawyer has an existing relationship with the developer
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Private purchase contract |
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Developers require buyers to sign this document within 30-60 days after the reservation deposit has been made. This document is a legal document expressing that the developer is willing to sell the property to the new owner at the price agreed. Once signed the developer is legally bound to transfer ownership of the property to the new owner, once the property is complete
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Title deeds |
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This is signed when the keys are handed over to the new owner. It must be signed in front of a notary public. The document is a legal document registering the new property into the name of the new owner.
NB: The new owner must have an NIF number upon signing of the title deeds. This is a fiscal number which states whether the owner is a fiscal resident of Portugal or a non-resident. |
