Sabtu, 15 September 2012

Living in Portugal: Practical Steps to Buy a Property in Portugal

The process of buying a property in Portugal is not as strictly regulated in this country as it is in France or Spain. However, this step is exhausting and comes with a myriad of details that need to be taken care of. Despite strong competition from other countries, Portugal still is a preferred destination for UK expats. Those who want to move to this country can buy a property in the Algarve, Lisbon, Alentejo, Porto and other regions. From start to finish, the entire process can take anywhere between a week and five months.

Here are the basic steps involved in buying a property in Portugal:

Determine Your Needs

Decide what type pf property you want to buy. Are you looking for a retirement home, a holiday home, a permanent residence, or an investment? This will help you focus on your priorities - for example, being close to the beach, schools, or shops. Do you want a quiet lifestyle or an active social life? Would you prefer to live in an area with a mix of expats and locals? Are you willing to rent your house out?

Get a Fiscal Number

Anyone can buy a house in this European country. However, it is important to be aware that non-residents need to obtain a Número Fiscal de Contribuinte or a Fiscal Number from the local tax office. This number is used on all documents related to the purchase of the house. If you are married, then both you and your husband must obtain a Fiscal Number.

Analyze Your Budget

When you buy a property in Portugal, you have to be aware of all the costs involved. Buyers have to pay the following taxes:

• Real estate agent's fees
• Fiscal representation fees
• Legal fees
• Land registry fees
• Property registration fees
• Notary fees
• Stamp duty
• IMT or Municipal Transfer Tax (Imposto Municipal Sobre Transmissões Onerosas de Imóveis)
• Registration of mortgage
• Registration of purchase

Hire a Lawyer

It is necessary to appoint a lawyer or a solicitor to act on your behalf. A lawyer will perform more detailed investigations during the purchase, while a solicitor will only perform the basic actions required to ensure the purchase of a property in Portugal.

Get Documents Ready

Before you buy a house in Portugal, its owner must provide you with four documents, including:

• Licença de Utilização - Confirms that the property's description is in accordance with the house you are buying.
• Caderneta Predial - Confirms the size of the building and its boundaries.
• Ficha Tecnica de Habitação - Gives detailed information about the property.
• Certidão de Teor - This document shows that the seller has title to the property.

Both parties must sign a Promissory Contract after all the correct checks have been made. Once this document is in place, the Deed of Purchase and Sale is released.

Moving to Portugal and buying a house in this country can be difficult and exhausting, but it's well worth the effort. Whether you choose to live in the Algarve, Lisbon, Porto or other important region, you will enjoy the peaceful lifestyle and idyllic landscapes.

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