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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