Portugal boasts 300 days of sunshine, excellent quality of life, picturesque landscapes, mouthwatering cuisine, and high-quality health care and education. Seem too good to be true? It’s not, and that’s why so many expats are taking advantage of Portugal’s booming real estate market.
Conducting real estate transactions abroad can be daunting and complicated. Whether you’ve got your eye on a modern apartment in Lisbon, a family house in Braga, or a luxury property on the Silver Coast, an easy way to simplify the acquisition of real estate assets is by hiring a Portugal real estate lawyer.
Real Estate Lawyers in Portugal
There are many advantages to owning property in Portugal, whether you’re using it to start a new life in the country, as a vacation home, or as an investment. There are also a number of schemes brought in by the Portuguese government to encourage investment in the country, such as the Non-Habitual Residence (NHR) scheme, which affords expats access to significant tax benefits.
Alongside this, the Portugal Golden Visa, a residency-by-investment program, has become one of the most successful of its kind and has led to a significant increase in foreign real estate investments in the country.
How can a real estate lawyer help you?
There are many reasons to invest in Portugal real estate, and there are numerous points in the process of buying property that will require the legal services of a law firm, specifically a real estate lawyer. From checking that the property has not been illegally built or extended to drawing up contracts, expertise from real estate lawyers will definitely be beneficial when dealing with all the legal aspects of investing in property in Portugal. Real estate lawyers will also be able to advise you on aspects such as real estate financing, land registry, property taxes and tax implications, sale agreement, etc.
Below is a list of some of the legal services a real estate lawyer can provide during your purchasing journey:
Oversee the purchasing transaction from start to finish
Check whether any outstanding debts are attached to the property
Check who the legal owner(s) is/are and that they have the right to sell the property
Check the construction history of the property
Draw up contracts, such as the reservation agreement
Request necessary legal documents for the property
Provide Portuguese real estate legal advice
Help you understand the country’s tax and inheritance laws
Navigate Portugal’s bureaucratic processes
As you can see, a lot goes into the process of making a real estate investment in Portugal. To make the search for a real estate lawyer easier, we’ve created a brief checklist of things to consider when researching real estate lawyers:
Law firms have many practice areas. When assessing a law firm, ensure that they have a real estate department or specialized team that works in Portuguese real estate law.
Find out whether these real estate lawyers have experience working with international investors and have in-depth knowledge of the services and documents you will require as an expat.
When browsing the website of a law firm, read any comments and reviews that have been left by previous clients. This will give you an idea of the kind of comprehensive service you can expect to receive, their expertise, their experience in the Portuguese market, etc.
As a foreign investor, it is especially important to do your due diligence when putting together your real estate team. Whether you employ the services of a law firm, realtor, or buyer’s agent, due diligence will build your confidence in all parties involved and will give you peace of mind throughout the whole process.
What is a buyer’s agent?
In addition to a legal representative, another professional service that you could make use of is a buyer’s agent. While a traditional real estate company works for the seller, a buyer’s agent (known as a buying agent in the UK) works for you, the buyer. Their aim is to find the right property that fulfills your requirements at the right price. They also provide you with support during the negotiation process and transaction process and liaise with lawyers and service providers to simplify the real estate process and give you peace of mind.
Goldcrest: Who we are and how we can help you
Here at Goldcrest, our focus is on you, the buyer. We tailor our services to your needs and interests, providing impartial expert advice. We manage the entire process, from research to sourcing and acquisition, to help you save time, money, and hassle. Find out more about our services by scheduling a call here.