In Portugal, there are so many different cities and towns that you can select to visit or buy property from. There are particular things to be taken into consideration in buying a property, the weather, best location, can bite your taste and comforts you. In Portugal, they’re abundant of that domain.
Like other countries, you will find rules that must be followed in having a property. Here are a few of the basic steps to help you understand the procedures and legal acts that are required in acquiring a property in Portugal:
* Using government licensed estate agent, for at least they are bonded by State in the form of an Insurance Cover which may be claimed against in the case of proven dispute.
* Buyer may likewise use the so called “Contrato de Promessa de Compra e Venda” or Promissory Contract detailing the conditions of the Sale. This contract will be legalized by registering it in the Notary Office.
* This contract is legally binding on both sides and the law calls for the seller to repay twice the deposit should he withdraw from the sale. Likewise, if the buyer doesn’t complete, he forfeits the total of his deposit. There are particular laws concerning this act that a lawyer will be able to explain.
* In having a lawyer to represent the buyer in their transaction, he or she needs a document named “Procurao Publica”, prepared with the important details and then in the Notary Office, this document is signed and registered by the Notary.
* Each and every buyer is needed to acquire a Fiscal Number from the local Tax Office or Finanas.
* Proceeding to act of purchase, the purchase will be subject to a Municipal payment named “IMT – Imposto Municipal sobre Transamisses” which as from the 1st of January 2003 replaces the previous tax payment called “SISA”. This payment is paid in the local Tax Office nearest to the property. The amount to be paid is related in terms of percentage by “platforms” to the cost of the property being purchased. In limited cases, the buyer will be exempt from paying this tax.
* When all requirements have been completed, the transaction can proceed in any Notary Office. This act is referred to as the “Escritura de Compra e Venda” which takes place in front of the selected Notary and is recorded in his official books. The Notary will check prior to the act of sale that all the necessary documents are correct to make sure that the sale can precede according to the facts provided.
It is at this moment that payment is usually completed to the seller, and when appropriate, the balance of purchase has to be made according to the signed Contract in Point 2 above. After the act is recorded, the Notary Office, it’ll issue a photocopy of the entry which is the proof to the buyer which the act has officially taken place. The photocopy will carry the seal of the Notary but as further official copies can be requested at any time, this document shouldn’t be wrongly recognized for a “Title Deed”- as known in the UK.
Each and every year, all the owners of any property is required to pay the annual tax called “IMI” (formerly known as “Contribuo Autarquica”). It is most significant to pay these charges as the failure for doing so eventually results in the property being placed for sale on the market by the State and goes to the highest bidder.
Having a new life in Portugal is not difficult. There are many ways how to earn money and let yourself survive in daily needs, just like there are investment opportunities. The ongoing Reform in the Forestry Sector creates a positive differentiation, favoring large-size forestry areas and enabling new plantations to access high-quality soils.
Portugal’s temperate climate and soil quality offer optimum growth conditions for valuable species such as cork, eucalyptus, pine along with other noble woods, which can help one to supply their needs.
Portugal is a place that anawers your dreams. It’s a paradise made by God for the people of the new generations. So what are you waiting for? Get a piece of land from this exotic place and enjoy life in a laidback way.
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