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Dreaming Of A Portuguese Retreat Here’s Your Essential Guide 3

Dreaming Of A Portuguese Retreat? Here’s Your Essential Guide!

01.05.24

Are you dreaming of your slice of paradise in Portugal? Buying a home here can be your ticket to endless summers by the sea or cosy winters in historic towns. But, as with any adventure, navigating the journey with a map is crucial.

Your Adventure in Acquiring a Portuguese Home

Think of buying property not just as a purchase, but as planting roots in a land rich with culture and beauty. Understanding the path ahead is key to doing this with confidence.

The Voyage to Your Portuguese Home

Picture this: A seamless path to picking up your keys, dotted with expertly-handled checkpoints. Our step-by-step guide ensures you sail smoothly through:

- Legal due diligence on the Property and Owner;
- Promissory Contract of Purchase and Sale (on which, as a rule, a non-refundable deposit amount agreed between the parties is paid to the sellers);
- Final Deed of purchase and sale.

Besides these, other additional steps sometimes take place, such as signing reservation agreements, following up municipality or construction procedures in the course, amending the initial promissory contract, negotiating mortgage terms, setting up new companies or registering foreign companies to complete, among others.

Dreaming Of A Portuguese Retreat Here’s Your Essential Guide 1

Charting the Costs

Your dream home comes with a few necessary extras – but fear not, we’ve got your compass ready:

- Property Transfer Tax: between 1% and 8% depending on the property’s price
- Stamp Duty: 0,8% over the purchase price
- Notary fees
- Registration costs
- Surveyors’ fees (when applicable)
- Legal fees
- Real Estate mediation fees (when applicable)
- Mortgage costs (when applicable)

Overall, there are many things to consider and assurances to be made throughout the acquisition process, which is why it is crucial to engage qualified lawyers/solicitors to protect your interests and represent you before all the stakeholders involved in a real estate investment.

Set your course for a future filled with Portuguese charm—MATLAW will be with you every step of the way.

Article and image courtesy: MATLAW.

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