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It is highly recommended that you use a Portuguese property lawyer to assist with the purchase of a property in Portugal.
Most lawyers in the Algarve speak English and their fees are generally around 1 to 1.5% of the value of the property.
Once a price has been agreed between you and the seller of the property, you will be in a position to sign a ‘Promissory Contract’. At this stage, a deposit of between 10-20% is paid (this may be more if agreed by both parties).
The Promissory Contract is a binding document signed by both parties, which states all of the terms & conditions agreed, such as the price and completion date of the purchase.More advise about buying in Portugal.
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Q: Can I afford a property in Portugal?With UK property prices increasing, many people are using equity from their current home to fund a foreign purchase.
Q: Can I get a Portuguese mortgage?You can arrange a mortgage up to 75%-80% of the value of the property as a maximum, subject to status.
Q: What’s the market like in Portugal?The Portuguese property market is very robust, with expected price increases ranging from 10%-25% depending on area.More answers to frequently asked questions about Portugal
Where next? Looking for property in the Algarve?
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