1) Decide what type of property you desire and where: if it is a new construction, or an used property (by the sea or in town). Choose the best suited option for you and contact the Portimmo team. We will supply you with several options, know that we care about finding the right property for you and we will accompany you through the entire process, always with professionalisme and a smile.
2) Visiting the property. When you visit your potential new house, be sure to take notes, and take plenty of photo's. Take measurements, consider the layout, the oriëntation of the house, consider the amount of light coming in, check f.i ventilation in bathroom(s) and kitchen. Investigate the state of the wiring, check the area for noise and amenities. Be thorough, take your time when you visit your potental house. Only then, if you are convinced, make your offer.
3) Mortgage. Getting a loan, either from a Portuguese bank or one at home, using the property itself as a guarantee against defaulting, is a more common option than a one-off payment. Depending on your age and certain other characteristics, payment terms can be up to 40 years, with banks usually lending 80% of the house's sales price and the remaining 20% to be paid from the buyer's own capital.
4) Sign the deposit agreement (contrato de promessa de compra e venda).
This is the first contract to sign and it acts as a preliminary safeguard for the rights of buyer and seller. It means paying 10% deposit on the total value of the property and the buyer will take over rights and responsabilities. If you, as buyer later decide not to go through with the transaction, you lose this down-payment. If the seller decides to cancel the sale, they will have to pay you 2 times the deposit back to you.
5) Sign the title deed. The signing of the deed has to be done in front of a notary with both the buyer and seller present. Ensure that the deed contains a correct description of the property, also it must include any outstanding mortgages or charges on the house and the sales price as well as the payment method, indicating all taxes and expenses related to the sale. You need to take this opportunity to check that all documents are present and correct, like f.i. the Energy Performance Certificate, insurance (if applicable) and invoices for the latest tax- and community cost payments.
6) Pay the transaction cost and taxes, the main expenses when buying a home in Portugal are the IMT Property Transfer Tax, VAT and Stamp Duty and the notary cost, the cost of the Estate Agent (if you used one) and any cost related to the mortgage. As a quote 6-7% of the sales price on the deed should be allowed for this cost.
7) Change the name on the contracts for energy, water and gas. Inform the respective companies that you are the new owner and you will be handling the bills.
8) Please keep all documents on a safe place since you will need them again whenever you will rent or sell the place.
9) Get the keys and move into your new home and enjoy it