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.
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