The Buying Process
Your Guide to Buying Property in Portugal
We know that the buying and selling process differs from country to country, and this can be quite daunting. That’s why we’ve outlined a clear guide to the property buying process in Portugal.
The Key Steps
There are three key steps in the property buying process: Reservation, Promissory, and Deeds. However, additional factors also contribute to this journey.
Important Note: This guide is for informational purposes only. We always recommend seeking your own legal advice.
Step-by-Step Guide
- Obtain a Fiscal Number
If you don’t already have one, you’ll need a fiscal number to make a transaction in Portugal. Both buyers and sellers are required to have one. - Do Your Research and Define a Budget
Be realistic and clear about your budget to narrow down your search. At this stage, it’s also helpful to consult mortgage advisors for guidance on financing options. - Offer and Reservation
Work with your real estate agent to make an offer and negotiate a price. Once agreed, you can secure your offer by making a reservation deposit while the promissory contract is being prepared. - Prepare the Relevant Documentation
Your lawyer and real estate agent will handle this, but ensure your lawyer checks for any legal concerns that might prevent the sale from proceeding. - Sign the Promissory Contract
This legally binding document, known as the Contrato-Promessa de Compra e Venda, outlines the sales terms. It also requires a deposit, usually starting at 10% of the agreed sale price. - Sign the Final Deeds
At the notary, you’ll finalize the purchase by signing the deeds, paying the remaining balance, and registering the property with the local land registry. This step completes the process.
Top Tip
Hiring a trusted real estate agent and a reputable lawyer is highly recommended. This ensures your buying or selling process is smooth and compliant with local laws and regulations. Need help finding a local lawyer? We’re happy to provide recommendations!
