For Buyers

When actively and concretely looking for a property, it is important to think about the budget to be used and to set its upper limit as precisely as possible in advance.

If you are using a loan, you can expect most local banks to finance up to around 70 % of the property value. If you need or want to finance the property through a bank, we will be happy to help you with contacts and organise various financing offers for you to compare.

In addition to the property documents that the real estate agency already has, the bank will also need documents from you as the buyer. In addition to your identity card, this also includes a Portuguese tax number and, among other things, documents to prove your own contribution to the financing, your income in the last few months and an employer's certificate.

• Desired requirements for your property:

Even if this aspect seems self-evident, it is still worth pointing it out: think carefully in advance about your requirements for your dream property. Are you looking for a flat, a villa, or a land, how many rooms are required or desirable, do the furnishings and the age of the property play a role and, in particular, what is important to you in terms of location?
We would be happy to support you in concretizing your ideas.

• Market, availability and demand situation:

Get an idea of the market, availability and demand situation for properties in the Algarve so that you can make an informed purchase decision. Even if the first property shown basically fulfils your requirements, let us show you other alternatives so that you can compare and compare the options for yourself. We will advise and support you in the process leading up to your purchase decision, taking into account the requirements you have described for your dream property.

• Negotiation and agreement

Once you have decided on a property, you have the option of making an offer to the seller. The potential of the price negotiation depends on the market situation and the individual situation of the parties.

Once an agreement has been reached, you should reserve the property or directly conclude a promissory contract (see next section) so that both parties can formalise their intention on the agreed terms and to conclude a transaction.

• Promissory contract, notary appointment and final deed ("Escritura")

In Portugal, a preliminary contract is usually concluded before the final notary appointment at which the purchase contract is signed. This already contains all the conditions that would be expected of a purchase contract. It is common for a deposit to be paid to the seller with the promissory contract. This contract is usually drafted by the buyer's lawyer.
The documents relating to the property are legally checked at this stage. However, the notary makes a final check of the documents at the time of the conclusion of the final contract, the "Escritura".

Please note: In the course of the notary appointment, the property transfer tax and the stamp duty are due directly.
Both must be paid directly, otherwise the contract cannot be signed.

• After the Purchase

Congratulations, you now own your dream property in Portugal!

In order to be able to enjoy the property as soon as possible, electricity, water and, if necessary, gas and internet services still need to be contracted in your name. We will be happy to help you with this.

Should you require further assistance (furniture and decoration shops, cleaning and maintenance services, etc.), please do not hesitate to contact us for recommendations.

Legal notice: The information provided here is not legally binding and no legal claims can be made in the event of errors. We recommend that you consult a lawyer if you have any legal questions.