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Selling Guide

Selling Guide

Selling your Property

Once you decide that you want to sell your property in Portugal; the first things that you will need to do is ensure all your property documentation is in order and up to date and clear all your civic municipal dues and municipal council taxes.  It is also essential to pay all utility arrears in full before the sale; this includes; telephone, electricity,  water, gas, insurance and other bills.

 
Enlist the help of a Licensed Estate Agent
 
It is highly recommended and advisable that you deal with an Estate Agency who is Government Licensed (Mediador Autorizado) with an AMI Number and whose conduct is subject to enforceable rules.  Algarve Homes Lda. is a legally formed Company and is the earliest Government licensed agency in the Algarve (AMI License Nº 175).  By selling your property through a licensed estate agent like ourselves you are ensuring that you are insured against disputes and irregularities that may arise during any sales process.  Once you have enlisted us as your estate agent we will undergo all the necessary procedures to correctly and effectively promote your property ie. take good quality photographs, note all necessary and relevant property information, do an initial check of your property documentation to ensure there are no irregularities.  A mediation contract will then be prepared and required in order for us to legally market your property.
 
Enlist the help of a Lawyer or Solicitor
 
It is also advisable to enlist the help of a lawyer or solicitor who can act legally on your behalf.   Deal only with Lawyers and Solicitors (Advogados or Solicitadores) who are fully qualified and whose conduct the Portuguese Law Society controls. We are happy to recommend professional and reliable bi-lingual lawyers or solicitors with years of experience in the purchase and sale of Portuguese property.
 
Find Out the Market Price
 
Algarve Homes will be able to advise you on the current market price of your property.
 
Correct Advertising
 
This is a crucial element of all real estate sales; being a government accredited estate agency we know exactly where to advertise your property and will ensure your property gets full international and national marketing exposure.
 
The Sale
 
In order to sell or buy real estate in Portugal, legal papers must be drawn up and signed by concerned parties in front of the notary. This document is then submitted to the local land registry. Once you have found a buyer, your legal representative will obtain the papers from the land registry. The purchaser will initiate the purchase by signing a Promissory Contract of Purchase and Sale (Contrato Promessa de Compra e Venda) which will be drawn up their lawyer. This document contains all the conditions of the transaction and a time limit is established for the signature of the final deed in accordance with the wishes of both parties. The contract is signed by both parties or their legal representatives, at which point a 10% deposit is paid, or as otherwise agreed. This legally binding document proves that the purchase has now been contracted and sealed in accordance with Portuguese legislation. If a buyer defaults on the contract he loses any deposit paid. If the vendor defaults, then double the deposit is paid back. Completion on this kind of purchase takes place in the presence of a notary, or alternatively with a lawyer registered with “Casa Pronta on-line”.
 
Checks are made that the IMT (property transfer tax) has been paid and the content of the final deed of purchase and sale is verified, before being read out to the parties (or their representatives). The deed is then signed and the balance of the transaction price is paid. The original of this document remains where the transaction was completed, bound into the official records. Authenticated copies can be obtained at any time to prove ownership. A copy of the title deed is then immediately lodged in the local Land Registry office and Tax office and the change of ownership registered.