Check that the property is free from existing debts
Your lawyer should also check that the property is free from any unpaid debts. This is done by submitting a request to the local authorities.
Check the owner has the right to sell the property
This is important for obvious reasons. There can also be complex issues of the property having multiple owners.
If you are unfamiliar with the Portuguese tax system, it can be difficult to know which taxes you should pay.
The following taxes are required for the purchase of Portugal property.
There are also a number of required documents, such as a NIF (Portuguese identification tax number), and you will also probably find it easier to open a Portuguese bank account. There are several Portuguese banks to choose from, including BBVA, Santander, Bankinter, Banco Best, Banco CTT, and several others.
It can be difficult to find the information you need on Portugal real estate
While internet searches may yield a lot of information on buying property in Portugal, you will probably find it difficult to find the specific information you need.
A lot of it is incorrect or out of date, and also varies depending on your specific circumstances or the area where you are buying.
When you are looking for legal information about Portugal online, it isn’t uncommon to find conflicting information according to different sources. Beaurocratic processes vary a lot, and you may need to provide more supporting documents depending on your situation. The maximum and minimum prices for services can also vary, so it is invariably difficult to know where to begin the buying process.
Consider hiring a buyer’s agent to buy Portugal real estate
For those who are looking to buy real estate in Portugal, a buyer’s agent can take a lot of stress out of the purchase process.
A buyer’s agent will create a profile based on your requirements and undertake an extensive search using multiple networks to ensure that you have access to the best choice of real estate.
There is ultimately nothing better than the advice of a specialist who understands your requirements and has years of experience in the Portuguese real estate market. Unlike a realtor or an estate agent, a buyer’s agent works only for your interests, which means you will always get the best deal.
It is also important to note that some premium luxury new-build properties are not available online. Working with a buyer’s agent can give you access to more opportunities, and they can also arrange viewings to suit your schedule.
Without the right advice, you could make avoidable mistakes
If you don’t have much background knowledge about Portugal and don’t speak the language, you could end up buying a property in the wrong area, or in an area that is unsuitable for you.
A specialist can help focus your Portugal search and provide you with the help that you need, whether it is real estate agents, a good English-speaking lawyer, an architect, or a surveyor.
The following article may also be of interest to you if you are considering buying property in the country.
Where to buy in Portugal?
From the sundrenched south to the historic north, there are many beautiful locations to live in Portugal. Deciding where to buy in Portugal will largely depend on what you are looking for. If you are looking for beautiful beaches to escape to, then the Algarve is a safe bet. For those looking to live in a buzzing city, Lisbon is for you, and if you are looking for something quieter then there are several regions in the North of the country, such as Braga that are excellent options.
Porto, the second-largest city in Portugal, is a historic and cultural hub that is also an investors’ dream at the moment, and then you have the Silver Coast of Portugal, which provides expats with one of the most beautiful coastlines in Europe.
Below you can find guides on some of the most desirable areas in Portugal.
Porto and the North:
The Silver Coast:
Our Alentejo Portugal real estate guide will provide you with everything you need to know about buying in this beautiful part of the country.
There are many excellent parts of Portugal to consider. If you would like a free consultation with us at Goldcrest you can book a call with us. We are a local Portuguese buyers agent and work solely on behalf of the buyer, putting your needs first and providing a tailored service to you from acquisition through to signing the final deed.