Property Purchase Process
Embarking on a property journey in Portugal begins with understanding the essentials of real estate transactions in this beautiful country. ACPS Real Estate emphasizes the importance of working with licensed estate agents. Verify your agent's credentials by asking for their AMI Number, ensuring they follow professional standards with approved documentation.
When you're ready to buy your dream home in Portugal, securing a knowledgeable lawyer (advogado) or solicitor (solicitador) is crucial. Many legal professionals in Portugal are fluent in English and can represent your interests throughout the buying process. If necessary, you can grant them Power of Attorney to sign documents on your behalf.
An essential step is obtaining a fiscal number (Número de Identificação Fiscal or NIF) from the local tax office, which is also required to open a bank account in Portugal. Make sure to have this number before proceeding with any contracts.
The purchase process unfolds in three main stages:
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The Promissory Contract (Contrato de Promessa de Compra e Venda - CPCV): This initial agreement outlines the sale's conditions, including property details, price, deposit amount, and deadlines for finalizing the sale. It's a legally binding document that should be drafted by your lawyer and signed in an official setting. A deposit, typically 10-25% of the purchase price, secures the deal.
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Due Diligence: Following the CPCV, your lawyer will perform thorough checks on the property, ensuring there are no liens, encumbrances, or legal issues that could affect the sale. This includes verifying the property’s legal status, boundaries, and any outstanding utilities or taxes.
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The Final Deed (Escritura de Compra e Venda): The conclusion of the buying process where property ownership officially transfers to the buyer. This critical step also requires signing in front of a notary, with the document later registered at the Land Registry.
ACPS Real Estate is here to guide you through each step, ensuring a smooth transition to owning your perfect property in Portugal. From legal verification to finalizing your dream home purchase, count on ACPS Real Estate to provide expert assistance and peace of mind. Embrace the Portuguese lifestyle with confidence, knowing you have the professional support of ACPS Real Estate by your side.
