Search your property

Step 1

- MEETING I suggest we meet in person or if you are abroad, we can Zoom…You can share your thoughts on the type of Property you are looking for in regards to location, no. of rooms, characteristics, and singularities you may have in mind for your goals and circumstances. With this information in mind we will be able to help you find the right Property in the Western Algarve. At this stage we will also discuss the market and the budget you have in mind for the purchase.Should you be thinking of financing your purchase, now is the time to put you in contact with a quality Mortgage Broker.

Your Mortgage Broker will liaise with several Banks in order to find the one with the best conditions for your circumstances. And will also help you set up a Portuguese bank account.

Through excellent relations with a wide range of other Real Estate Brokerages and fellow Agents developed throughout the years and handy efficient technological research tools, we will have access to virtually all Properties currently on offer in the Western Algarve.

Step 2

 - VIEWINGS/PICK THE PROPERTY YOU WANT

We will be happy to help you choose which Properties are worth viewing and you will have access to a market study so you understand values per m2 and how the Property you might be interested in is positioned in the current market. This detail will prevent you from purchasing above market value.

Besides this advantage, there are other advantages of having a Buyer´s Agent on your side.

We will be very happy to guide you through this on our first meeting.

Depending on your needs, this might be a good option for your circumstances.

Once the right Property is identified, it is time to place an NBO (non binging offer) stating your terms in regards to your offer, amount to be paid on the Promissory Contract, timing of the deal, way of payment, origin of funds (Own funds or financing - this information is important for the seller since it will affect the timing of the deal), and other conditions that you might have.

Step 3

 - LEGAL REPRESENTATION

Choose a Lawyer or Solicitor of your preference to represent you through Power of Attorney during all process. I strongly advise all Clients not to skip the step of using a Lawyer or Solicitor. This fundamental step will not only prove convenient for you and guarantee safety throughout all process, but will also ensure that an independent and unbiased analisys of all property documentation will be carried out, assuring that the Property is within all legal pre-requisites and that there aren´t any hidden mortgages, court garnishments, HOA debts or any other unforeseable liabilities. And of course, last but not least, this step will ensure that a correct verification that the Seller has in deed full legitimacy to sell the Property, has been carried out.

Step 4

- Fiscal representation

If you are a first time buyer in Portugal, your Lawyer/Solicitor will request a Fiscal no. from the Tax Office on your behalf. This is a necessary step so you are able to pay for the property purchase taxes at the final Deed.

Step 5

 - Property Inspection (If applicable/necessary)

At this stage and depending on circumstances, it will probably make sense to have an engineer doublecheck the functionality of all equipments, the condition of the structures of the building and other important details. Or have a contractor team quote on any desired or necessary works that need to be done. This step is relevant, before you commit to a price.

Step 6

 - PSPA (CPCV) Between Buyer and Seller

This written binding agreement will be written by your lawyer/Solicitor and it will describe all negotiated and agreed terms with the Seller in regards to price, timing of the deal, way of payment, time-frame/deal conclusion date and any other agreed conditions.

The agreed start of payment amount will be paid with the signature of both seller/buyer so the agreement becomes official. Ususally through bank transfer.

This step is what will secure the Property.

As a “rule of thumb” the timing between the signature of a PSPA and the final Deed is usually 30 to 60 days. If the Buyer will be using a Credit to fund the purchase, this gap can extend to 90 days depending on the Banking Instituition.

Step 7

 - Final Deed

In order to avoid unpleasant surprises, it is advisable to carry a last viewing/inspection of the Property either on the day before the deed or if convenient, right before heading to the Notary. (Especially if the Property is sold furnished)

Up to 2 days (48hrs) prior to the Final Deed, your Lawyer or Solicitor will request the Transmission Tax and Stamp Duty Forms for the purchase with the payment details from the Tax Authorities so these taxes can be paid before the Final Deed. (The Notary will request the Payment receipts before carrying out the Act)

On the day, your Lawyer can represent you through a P.O.A. and can sign the document on your behalf, pay for all Deed expenses, taxes and remainder of the agreed sales price.  

The payment of the Property is usually done with a Pre-issued Bank Check with a guarantee of funds. The check is given to the Seller at the Notary, during the Deed.

The Property will then be registered under your name at the Registry. (This can take a few weeks)

Step 8

 - Ownership transmissions

It is time to notify the Water, Eletricity and Gas suppliers that you are now the new Owner of the Property. You will need to present your ID and a copy of the deed, along with the previous owner´s last invoice and it will be an easy simple procedure.

We can facilitate this process for your convenience through one of our partners.

Also at the Tax Office, you will need to notify the Tax Authorities that you are the new Owner of the property.

ID, Fiscal No., copy of the Deed along with the Tax Certificate/Fiscal Booklet of the Property will be requested at the Tax Office.