Real Estate Information
If you wish to buy property in the Algarve you need to research the market and research the legal and financial obligations implied. You can find a wealth of information online, but it is always advisable to use the services of a local lawyer.The information given below is general and introductory.
If you chose to deal through a real estate agent be sure they are a licensed agent – ask for their AMI number. You can also buy directly from developers. Once you have found your dream property there are several steps to follow. You should consider carrying out a structural survey to avoid any unpleasant surprises. A property search – checking the legal pedigree of the property - is vital. The estate agent, developer or lawyer should assist here. The next step is a promissory contract, “contrato promessa de compra e venda” – at this stage a deposit is required. The final steps in the signing of the deed of purchase and sale - “escritura”, which requires the presence of a Notary. There are some additional costs involved in the purchase of property – notary fees, IMT tax.
To ensure that your experience of buying property in the Algarve runs smoothly, professional assistance is essential.