In order to ensure a memorable, stress free process, we advise our clients to take a few simple yet effective steps once the decision to buy a Property is made:
Financial: a cash buyer offers the appeal of a quick transaction. Obtaining a pre approved loan from a Financial Institution will strengthen your negotiating position.
Search: in order to eliminate unnecessary trips to unsuitable properties, advice your Agent exactly what you are looking for, in terms of needs, preferences, budget and location.
Offer: once your choice has been made, it is expected that you make your offer on the Property of your choice through your introduction Agent, who will negotiate a deal to the satisfaction of both parties. A Letter of Intent stating the points of agreement will be presented to both parties for signature as a sign of commitment, and at this time you are requested to lodge a deposit of a minimum of 10% of the agreed price.
Legal: it is required by Portuguese law that you instruct a solicitor or lawyer to represent you. Your solicitor or lawyer will do all the necessary searches on the Property to ensure all is in good order, and prepare the Promissory Contract for signature by both you and the seller before a Notary, followed by the transfer of ownership - “Escritura” or Final Deed or transfer of shares in the event the property being owned by a company - simultaneously with the payment of the remaining of the agreed price, also before a Notary. Your presence is necessary for both events, unless your solicitor or lawyer is duly authorized by you via a Power of Attorney to represent you.
Time Frame: in principle the process from offer acceptance to Final Deed should not take longer than 30 to 60 days or up to 90 days when a Mortgage is necessary.
After Sales Service: we have great pleasure in helping whenever necessary; do not hesitate to contact us for all your property related needs.