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For your information, we have set out the order of legal proceedings. 1 - The signing of the provisional contract of purchase and sale
(Contrato de Promessa de Compra e Venda)
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This is the first legal act of buyer and seller.
The provisional contract of puchase and sale states the buying and selling conditions and includes an official promise of sale by the owner and a promise to purchase from the buyer.
Usually a percentage of the selling price is required as a deposit.
The provisional contract os legally binding to both parties. If the seller does not keep to the terms of the contract, he must pay the buyer twice the deposit. If the buyer does not keep to the terms of the contract, he forfeits his deposit.
This contract is in force until the moment of signing of the deeds (Escritura - The official transfer of the property to the new owner). |
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2 - The payment of property transfer Tax - IMT Tax
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3 - The signing of the deeds (Escritura)
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The deeds (Escritura) is the official document of the transfer of the property to you and is usually drawn up by a notary of the municipality where the property is registered.
The text is read aloud then the document signed by the two parties.
The transfer is then a fact.
The original document remains in the possession of the notary, but a legalised copy can be obtained, which has the same value in law as the original. |
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4 - Finally the registration of the property
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After you have become the official owner, the property should then be registered in your name at the land register office.
This is a simple procedure and takes in the region of 2-4 week.
You would then be regarded as the 100% owner of your property in Portugal.
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| Sócio nº 26 |
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