Buying property in Portugal
There are two main steps to buying property in Portugal: the promissory contract and the final deed. The promissory contact, or contracto de promessa de compra e venda, is a contract between the buyer and the seller, signed in front of the notary. A deposit must be paid by the buyer during this process (typically 10%-25% of the final property price). After the deposit has been paid, the buyer's lawyer conducts searches for encumbrances or outstanding mortgages. The final deed(escritura de compra e venda) is the second step, and is when property ownership is transferred from the seller to the buyer. Once signed, the final contract is sent to the land registry. Of course these steps involve details that required the expertise of a professional.
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International Real Estate - Buying property in Portugal.
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