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Baron du Lac - helping you find the perfect Algarve property

Buying Process

We can help you search for the right property.

Buying property in Portugal is quite straightforward and similar to buying property in any other foreign country. Above all else it is vitally important that you instruct the services of a reputable lawyer and notary.

1) Selection of an independent qualified lawyer and an experienced property broker / agent.
2) Search and select the property.
3) Obtaining a fiscal number through a professional fiscal representation company.
4) The lawyer will collect all the house documents to do their due diligence and check that everything is in order.
5) Promissory Contract: drawn up by the buyer's lawyer and signed by the seller and the buyer. The Promissory Contract sets out the terms of the transaction such as the identity of the owner, a detailed description of the property and land boundaries, registration and tax numbers, purchase price, deposit and date of completion. If using a bank to finance the purchase, it is recommended that the contract be made for maximum of 90 days until the deed of purchase. A non-refundable down payment of a further 15% of the purchase price is usual.
6) Payment of the Property Transfer Tax (IMT): normally paid by the lawyer on behalf of the buyer a few days before the final deed. Value varies according to the property price, its use (e.g. a permanent or second home), and whether it is situated on the mainland or the islands (Azores, Madeira).
7) Final Deed: made in the presence of a competent entity to legalise the deed, the seller, the buyer (both can be represented by their representative lawyer, with a power of attorney) and a bank representative (in case of financing with a mortgage). The final outstanding sums are paid. If you have applied for a bank loan, you will need to register the mortgage at the National Land Registry Records (Conservatória do Registo Predial) along with the provisory registration of the acquisition.
Then, and upon payment of the transfer tax (IMT), you will be ready to sign the Deed of Conveyance (Escritura).
This is the document that gives the purchaser the proper title to the property.
8) Registration of the deed at the National Land Registry Records (Conservatória do Registo Predial). Bear in mind that registering your new home is the most important act of buying a property in Portugal because ownership will be enforceable against third parties only after after being registered at the National Land Registry Records (Conservatória do Registo Predial).