What is the Buying Process for Algarve Property?
Once you’ve found your dream home and are ready to make an offer, the actual ‘Buying Process’ in Portugal may seem daunting if you are unfamiliar with what’s involved.
Instructing A Lawyer
It is highly recommended that you use a Portuguese property lawyer to assist with purchasing a property in Portugal.
Property Surveys
If you are taking out a mortgage on the property, a valuation will be carried out by the mortgage lender.
Fiscal Number (Numero de Contribuinte)
You must apply for a ‘fiscal number’, which your lawyer can obtain for a small fee on your behalf.
Promissory Contract (Contrato Promessa de Compra e Venda)
Once a price has been agreed between you, the purchaser, and the property seller, you can sign a ‘Promissory Contract’.
Final Deed (Escritura de Compra e Venda)
This is the completion of the property purchase, where the balance of the price is paid, and the ownership is transferred.
Check here for our complete guide to buying a property in the Algarve
