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Apartment w/ shared pool - Alto Club
Apartment w/ shared pool (25X10m), - (100 m² living area), 02 bedrooms, 02bathrooms, 01 living rooms
Price: € 345,000.00
Apartment w/ shared pool - Alvor
Apartment w/ shared pool (20x5m), - (48 m² living area), 01 bedrooms, 01bathrooms, 01 living rooms
Price: € 145,000.00
Apartment w/ shared pool - Alto Club
Apartment w/ shared pool (20X10m), - (90 m² living area), 02 bedrooms, 02bathrooms, 01 living rooms
Price: € 295,000.00
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Purchasing
Once you have found your new
property, the next step is to engage the services of a local lawyer
to represent you in the purchase. It is also a good idea to familiarise
yourself with the basic legal and tax issues involved.
Power of Attorney
Your Portuguese lawyer will need a power
of attorney (Procuração) to be able to act on your
behalf. If you are staying in Portugal, this can be registered at
the Notary Office. Otherwise, it can be prepared by the Portuguese
Consulate in your country of residence, or by a local notary. In
this case it must be accompanied by a Notary Certificate of Apostille
of the Hague Convention and translated into Portuguese. If you are
buying through an offshore company, then the offshore administrators
should provide the requisite power of attorney.
Fiscal Number
All buyers, whether individual or corporate,
must obtain a fiscal number from the Tax Office (Finanças).
Search
- All urban properties have a Caderneta Urbana
from the Tax Office (Finanças). The caderneta is like an
identity card for the property. It gives the article number, size
and location of the plot; it defines the borders of the plot,
and gives a rateable value for the property. This “valor
patrimonial” is the property value on which the annual rate
(contribuição autárquica) is based. This
value is normally much lower than the real value of the property.
Generally, when purchasing a property, it is advisable to do a
search in Finanças as well as in the Conservatória,
as there may be actions pending against the property not yet advised
to the Conservatória.
- All residences must also have a Habitation
Licence (Licença de Habitação) issued by
the local Town Hall (Câmara Municipal).
Promissory contract
The next step is for both parties to enter
into a Promissory Contract of Purchase and Sale (Contrato de Promessa
de Compra e Venda), which is legalised at the Notary Office. The
buyer will pay a percentage of the total purchase price and the
parties will agree with the Notary to record a date for completion
of the purchase.
If the seller withdraws from the sale, the seller is then required
by law to repay twice the deposit. Likewise, if the buyer fails
to complete the purchase, then the buyer forfeits the total of the
deposit.
IMT (Imposto Municipal sobre Transmissões Onerosas de Imóveis)
Prior to completion, the purchaser is required to pay a property transfer tax “IMT” previous known as “sisa tax” to the local Inland Revenue “Finanças”. From 1 January 2004 this has been reduced from 10% to 6%, thus reducing overall purchase expenses. This tax is charged on a sliding scale up to the value of 510.000 Euros, and thereafter on a flat rate of 6%.
Deed of Purchase and Sale
Once other formalities are completed, the
sale can proceed with the Deed of Purchase and Sale (Escritura Pública
de Compra e Venda), which is executed before a Notary and officially
recorded. At the same time the balance of the purchase price is
paid according to the terms of the Promissory Contract.
Registering ownership
Upon presenting proof of the “escritura”
to the “Conservatória do Registo Predial”, the
property can then be registered in the name of the new owner.
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