The Buying Process

When buying a home in Portugal, it is wise to take the same precautionary procedures as you would when purchasing in your own country; standard conveyancing formalities in Portugal do vary with those in the UK. TerraCottage can recommend all the necessary professionals required, from lawyers, to conduct the necessary searches and ensure legal requirements are met, to Notaries and Financial Advisers.

Below is a quick guide of further requirements

• Early preliminary investigations to ascertain title, terms and conditions of the purchase of the property, etc, need to be drawn up and signed before a Notary or solicitors. This is set out in a Promissionary Contract of Sale of Purchase and is an usefull requirement in the first stage of the purchase.

• Depending on the terms of your preliminary contract and the type of property you are buying, a deposit is required to secure the property; this will be between 10% and 30% of the purchase price.

• All residents and non-resident foreigners with financial affairs in Portugal must obtain a fiscal number. Your fiscal number is mandatory in all dealings with the Portuguese tax authorities when paying property taxes and in various other transactions, e.g. without this number, you cannot register the title deed of a property or open a bank account in Portugal. In this regard, it is imperative to nominate a reputable Fiscal Representative, who will receive all communications from the Portuguese tax authorities and can help guide you through compulsory compliance commitments and Portuguese bureaucracy.