The acquisition of a property in Portugal, as in any other country, requires a set of procedures and special care in the verification of all documentation, so that the whole process of buying and selling runs with a greater legal certainty for the parties involved.
Hence, it is advisable to intervene with qualified professionals – lawyers and solicitors – who check all the documentation relating to the property, verifying the specific situation in terms of tax, registry as well as the existence of any burden or Charges that concern the property, condominium, etc. can advise the best solution and ensure the success of the business.
Prior to the definitive transmission of the property, once the agreement between the parties has been reached and all documentation is checked, it is advisable to conclude a contract of purchase and sale, a document by which the purchasing and selling parties set the conditions (price, terms of payment, value of deposit, deadlines and others) and shall prevent the particular situations as well as any consequences in case of non-compliance.
Traditionally, the transfer of ownership of a property is done through public deed to be celebrated in the notary, an entity that is independent of the parties and reinforces the legal certainty of the business. However, it may also be formalized by a private document authenticated by a lawyer or solicitor through the "Home Ready" service made available at the Land Registry Department.
After carrying out the contract that titles the purchase and sale, the definitive registration of the acquisition must be made and the acquisition in the Tax Department should also be taken into account, in addition to the contracts for the supply of services (electricity, Water, gas), insurance, etc.
The acquisition of properties by foreigners not resident in Portugal, less familiar with the procedures of Portuguese law, increases the need to obtain legal advice by lawyer or solicitor, whom may verify the viability of the business and advise the best way to safeguard your interests, avoiding unnecessary future problems.
For further clarification, contact us.
