Everything You Should Know About Selling Your Property in Portugal
Selling your property in Portugal can be easy when you get the right real estate agents. The main benefit of using professionals is helping you to locate the right buyers. They are aware of what buyers are looking for when purchasing a property. So they can help you place your property for an unrivaled sale.
In Portugal, the law permits sellers to get as many real estate agents to sell their properties at the same time.
The services of some realtors differ from the others. Some of them would only list your property and await buyers. Others will use more active ways to get your property sold and will ensure your property is sold at a very valuable price.
Another thing to consider when selling a property in Portugal is the need for a lawyer. You cannot go through the selling process without a lawyer. If you are planning to sell Portugal property, it is recommended that you get a lawyer. Though it is not mandatory, it is advisable. The buyer will also have a lawyer who will help handle the purchasing. So, you can also get yours.
Firstly, list your property with the real estate agents or agencies. Before this, you must ensure that all the documents of the property are updated. If there are any alterations in the documents, visit the appropriate government agency to get them corrected and registered.
Documents that are needed to list your property.
These are the necessary documents you will present for the real estate agent to list your property.
- Land Registry Certificate (Certidão De Registo Predial);
- Tax Card or Certificate (Certidão Das Finanças or Caderneta Predial);
- Habitation License or Declaration (Licença De Utilização) for properties before 1951;
- Energy Certificate (Certificado Energético). It is mandatory for all properties listed for sale since 2013;
- Passport, ID Card, and Portuguese Tax Number of the owner;
- Ficha Técnica for properties built since 2004.
With these documents, the agency will also get some photographs of your property. They will also write a unique description of your property. These will be added to list your property for sale. All the data are also saved on their database.
Due Diligence Report
Here is where you need a lawyer. Once a buyer is found and the price agreed, you can proceed with other legal processes. The lawyer will help you draft and translate the contracts and documents for the notary. He will also advise you and help you get any missing documents.
The buyer’s lawyer will prepare a due diligence report on behalf of the buyer. This process often takes about two to ten days to complete based on the situation.
Promissory Contract
The buyer’s lawyer will also prepare the promissory contract after the due diligence report is signed. It is a legally binding document signed by the seller and the buyer. The promissory contract allows the buyer to pay 10%-30% of the property price. Since it is a legal document, the payment is non-refundable.
Final deeds
The final deed shows the last stage of the process. It takes about 30 to 60 days after the promissory contract is signed. The final deed allows the buyer to complete the payment for the property.
Signing the final deeds involves the seller, buyer, lawyer, and notary.
Your lawyer will be present to translate the legal documents for you. The notary guides both the buyer and seller in the process of signing the final deed. After this, it is official and legal that your property has been sold.
