Buying and selling a property can represent an important decision in any family. In this video, Suzana provides a simple, step by step guide to help make this process, a stress-free experience. The steps are as follows:
Step 1: Be informed
Contact your local lawyer. It is important for the buyer and the seller to understand the commitment and the cost involved in buying or selling a property in the Algarve.
Step 2: Terms & conditions of sale
In addition to agreeing a value for your property, it is also important to outline the terms and conditions of sale between the buyer and the seller.
Step 3: Prepare your documents
It is the seller's responsibility to make sure all the documents are in good order. It is normal in the Algarve for the buyer's lawyer to run a check through the property's status. The buyer and the seller will need a Portuguese fiscal number and ID in order to proceed.
Step 4: Promissory contract
This contract outlines the terms and conditions of sale. Normally, a 10% deposit is paid over, with the difference payable on the final deed. The completion date is also stipulated.
Step 5: Deed
The signing of the final deed takes place at the notary or the local land legistry once all taxes are paid. The contract is then signed and registered and the final purchase is completely fulfilled.
For detailed information please download our Buyers and Sellers handbooks available on our website. If you're looking to buy or sell in the Central Algarve please do not hesitate to contact our team on +351 289 390 880.