How to Buy Homes in
Portugal Paradise?Portugal
comprises many different towns and cities. So you have a wide variety of choices
such as different locations, different comfort levels, different weather conditions
to choose from to satisfy your varied tastes.
Like any other country,
buying properties in Portugal also involve many procedures and you need to know
them before hand.
Here are some of the basic steps to help you understand the procedures and legal
aspects that you may need to follow while acquiring a property in Portugal:
• Engaging
a government licensed estate agent is a must and you make use of this regulation
in your favour for securing an insurance cover and claim compensation in case
of disputes arising out of the property deal. •
Buyer can also make use of Promissory Contract or the so-called "Contrato
de Promessa de Compra e Venda” duly giving the details of the sale. Then
you can legalise the contract by registering it in the Notary Office. •
Once the contract is made the same will bind both parties and in the event of
the seller pulling out of the deal, the seller will be penalised and made to pay
twice the amount of deposit.
Likewise, if the buyer fails to comply with the conditions, then the buyer stand
to lose the deposit. You can get all the specific laws and acts clarified from
by lawyer. •
While engaging a lawyer you may need to prepare a document by name "Procuração
Publica", with the necessary details. The
document also needs to be registered by the Notary after both parties sign in
the presence of Notary. •
Another rule expects that every buyer should apply and get a Fiscal Number from
the local Tax Office or Finanças. •
Once decided, all the purchases will be subjected to a Municipal payment namely
"IMT” (Imposto Municipal sobre Transamissões). Earlier the municipal
payment was known as “SISA” and the new IMT came into effect from 1.1.2003
onwards. The
IMT tax amount is calculated in relation to the cost of the property purchased
and the same has to be paid in local Tax office. Only in certain cases, you can
claim exemption from paying such tax. •
Once all the formalities are over, you can complete the transaction in the Notary
office. This act is known as the "Escritura de Compra e Venda" which
takes place in front of the selected Notary and is recorded in the official books.
Checking the documents for correctness and ensuring genuineness is the responsibility
of the Notary. At
this stage the payment will be made to the seller. After the purchase details
are recorded in the Notary Office, you will be issued with a photocopy of the
entries made in office records, which can be treated, as legal proof. The
photocopy will carry the seal of the Notary and in case of need you can apply
for additional copies. All
the property owners have to pay the annual tax called "IMI" (formerly
know as "Contribução Autarquica"). Any failure in paying
the tax for a quite long time will result in bringing your property for sale by
the government in open auction and the amount will be appropriated towards tax
dues.
Getting a new life in Portugal is easy. One can earn a decent income
in many ways and can lead a satisfied life. Portugal is a paradise created by
God for the people of present generations. So do not wait. Grab a piece of land
from this exotic place and enjoy a peaceful life.
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