Ideal Homes International has grown to become a leading name in the Portuguese real estate market and the company has continued to pursue their goal of supporting the growth of the market by creating innovative solutions to meet the diverse needs of clients. Over the years, the company has built a reputation for reducing the seeming complexities of investing in the Portuguese property market.
The 7 step process of buying a real estate property in Portugal can be broadly divided into 3 – Reservation, Promissory Contract of Sale and Purchase, and Public Deed (Escritura).
The first stage when considering a property purchase is to make an offer, which is usually done through an agent. The negotiation process will follow, with the agent tasked with the responsibility of seeing this through.
There is also the Promissory Contract of Sale and Purchase, stating the terms of the contract. The agreement often includes the agreed price, name of the buyer and vendor, date of exchange and of the completion of the contract, the content of the purchase, payment terms, and other relevant conditions.
The third step, which completes the process, is the signing of the Public Deed (Escritura), usually in the presence of a Portuguese Notary. The process involves checking all the documents in the purchase to ensure the purchaser has paid the Purchase Tax (IMT). The Notary office subsequently issues certified copies of the corresponding entry, serving as official proof that the transaction has been made lawful.
Upon completion of the transaction, the buyer’s lawyer proceeds to register the new owner of the property into the Land Registry (Registo Predial) and will give a copy of the registration to the new owner.
The process undoubtedly looks time-consuming and stressful. However, Ideal Homes International has a team of seasoned professionals that help to make the process as seamless as possible.
For more information about Ideal Homes International and how to leverage the firm’s services to own a property in Portugal, please visit – www.idealhomesinternational.com. Ideal Homes International can also be found across social media, including YouTube, Facebook and Twitter.
About Ideal Homes International
Ideal Homes International is a multi-award-winning real estate agency. Headquartered in Portugal, the company serves clients across the globe with offices in the Algarve and Spain. Led by Chris White, founder of the company, Ideal Homes has been able to build a reputation for delivering premium quality real estate services to savvy buyers and expert investors who want to buy holiday homes, permanent residences, and investment properties worldwide.