Portugal Property Buying Guide

AWARD WINNING PROPERTY EXPERTS

OUR GUIDE TO HAPPY HOUSE HUNTING PROPERTY PURCHASE GUIDE

David Rowat

Michael Vincent

BUSINESS DEVELOPMENT DIRECTOR

MANAGING DIRECTOR

Hard work, determination and focus.

Innovation, and image.

These qualities set us aside from our competition. We never had it easy and we learned the hard way by incorporating this company in the dark days of 2008. A time where you had to be excellent to effectively win clients from what breadcrumbs were left on the table after the European melt down.

Looking back now you could never believe we could have achieved so much against the background of bailouts and recession. And yet, look at us now, 6 offices, a workforce growing close to 50, a new fleet of vehicles all proudly badged with our logo and property sales at a level which shows we are doing so many things right.

transparency

As a company we like to lead the way; to set new standards and invest heavily back into our systems and website.

Having won many awards for our website and having listened to you, our clients, we have always tried to improve and remain the company who others like to copy.

We now have our Iphone App which has been a great success and the website will soon have further improvements to make it easier and simpler for you to find that perfect home.

The success of this company has been the fusion between the website and the team on the ground in Portugal.

Having said this, without you, our clients, we would have nothing to be proud of. So, as always, I am extremely grateful that so many place their business with us. Nothing is more satisfying than a delighted client.

By excelling at both we can offer you the best possible service – and that is what we always hope to achieve.

David

Michael

EUROPEAN R E A L E S TAT E Official airline partner

««««« BEST REAL ESTATE AGENCY WEBSITE PORTUGAL www.portugalproperty.com

by PortugalProperty.com

REAL ESTATE AGENCY WEBSITE PORTUGAL www.portugalproperty.com

By Portugal Property

PROPERTY PURCHASE GUIDE

WELCOME TO PORTUGAL THE BEST PLACE IN THE WORLD Climate, safety, cost of living, lower taxes and quality of life, whatever you consider to be important to you, Portugal will serve up in huge, fresh, healthy and affordable portions. Officially the second safest country in Europe after Germany, voted the best travel destination in the WORLD by Conde Nast Traveller and it took a whopping 9 awards from the recent World Travel Awards!

WHY ARE WE SENDING YOU THIS GUIDE? We want to give you as much information as possible before you arrive so we can maximize the time we have with you. If you do not absorb all this information then do not worry as we will clearly explain everything when you are here but for those who like to be extra prepared then what follows is information you should find useful.

WHAT DO YOU WANT? By now you will have a firm idea of what ‘you think’ you want. You have probably spent hours on the internet; created wish lists of all of your needs and prioritised them. You will have spoken to one of our Property Advisor’s given them your budget and promised yourself you won’t breach that and now here you are taking the first real step by coming over to view. At this time you will be handed over to one of our Property Consultants who will provide you with all the information you need and show you properties that move you from ‘think’ to ‘know’. It’s an exciting and enjoyable journey!

We also have a team of Property Promotion Consultants and their job is to source properties for us.

So let us know your requirements well in advance because if it isn’t in our portfolio now we will do our very best to find it for you before you come over.

PROPERTY PURCHASE GUIDE

WHAT MIGHT HAPPEN NEXT? If the sun shines brightly (as it does) and we happen to do our jobs well (as we do) then we might just find that ideal property. This process is a partnership between your requirements and our solutions. With a wide variety properties we stand a great chance of unearthing the ideal place that you desire. So with the property waiting to be bought and our support in the background then we venture forward.

STEP 1 – NEGOTIATION & RESERVATION Here we act on your behalf to talk with the owner / developer to secure the property at a price agreeable by both parties. Once this has been accepted, with great excitement we visit one of our recommended lawyers. You are always free to choose any firm of lawyers although the ones we recommend have proven to be the most reliable and professional. At the lawyer’s office, you will receive a full explanation of the buying process in Portugal - in English. If after this, all is well then a reservation deposit is paid (normally Euros 6,000) and the property is provisionally taken off the market.

The lawyers will then undertake their due diligence to ensure everything is correct before proceeding with the next step.

STEP 2 – PROMISSORY CONTRACT From then onwards the lawyers will guide you through the legal formalities. The next step, usually 7 – 14 days later, will be the signing of the Promissory Contract. This contract is legally binding for both parties and will establish in detail all the procedures of the transaction such as stage payments, the maximum term allowed for completion, and exactly who the buyers and vendors are. A deposit must be paid when signing this promissory contract, which is normally 20% of the total purchase price agreed less the reservation deposit. This contract can be signed personally by yourselves or by the lawyers acting for you based on a Power of Attorney.

STEP 3 – PUBLIC DEED Upon completion, the Public Deed will be signed in front of a Portuguese Notary who will check all the documents in the purchase and ensure that the purchaser has paid all the necessary legal fees.

The Notary office will issue certified copies of the transaction and this serves as official proof the transaction has been made lawful and at this stage the balance of the agreed purchase price is paid in full. We’ll then help and guide you through maintenance issues, condominium set ups, rental income and finding competent workmen to build that new annex for the family visitors!

PROPERTY PURCHASE GUIDE

IMPORTANT INFORMATION SECURITY We are members of APEMIP (no. 4446) and INCI (no.8460) which are the regulatory bodies who govern estate agency operations in Portugal. We hold all the necessary licenses to trade legally in Portugal and we adhere to all the latest recommended practices and rules. They are there to protect you and us.

THE BUYING COSTS Costs of buying a property vary from property to property and are on a sliding scale.

The chart below to gives you an indication however a full breakdown is always provided by the lawyer. These costs include the lawyer’s fees, the stamp duty, the IMT (transfer tax), the Notary’s fees, the Land Registration fees and the mortgage stamp duty. Phew – finished! They can’t be avoided although the mortgage stamp duty is dependent on the amount of mortgage. All fees are payable at deed apart from half of the lawyers fees that are paid at Promissory Contract.

1,000,000 euros 850,000 euros 650,000 euros 500,000 euros 400,000 euros 300,000 euros

Total Buying Costs as a percentage

200,000 euros 175,000 euros 150,000 euros 0

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GOLDEN VISA & NON HABITUAL RESIDENCE SCHEME If you are here looking for property with the intention of taking advantage of one of these Government Incentives then rest assured that you are dealing with a Real Estate agency that has proven experience and a track record. A large number of our clients have been accepted onto these schemes and we work closely with the legal firms to “hold your hand” throughout the entire process.

PROPERTY PURCHASE GUIDE

IMPORTANT INFORMATION We normally start by seeing you at 10 o’clock and the day can go on as long as you wish it to (usually!). We are keen to show locations as well as property so expect to see many nice beaches, golf courses, restaurants and culture as we show Portugal to you in all its glory.

We try not to show too many properties! We know from experience this can lead to confusion and exhaustion. Be honest with us and let us try to guide you into the perfect place.

Other agencies – our reputation and position on Google means we have properties from other agencies on our website. We are not a portal but we want to have the best properties available to us. The good news is that means you don’t need to explain your requirements and see lots of different agencies. We can do it all for you. It also avoids turning up at a property the day after you’ve already seen it!

There are very few properties for sale exclusively with just one agent so often most properties are for sale with all the agents. So if you see a property for sale on another site we probably have it! Sometimes our pictures show the pool and others may have the front of the house. So whatever you see on the internet just send it to us and we can arrange to see it – let’s try and make it easier for you.

If your plans change then we would ask that you let us know as soon as possible. As we like to be prepared then we often organize viewings days in advance so if you can’t attend or change your mind as to what you want then we would really appreciate as much notice as you can. This keeps our vendors happy as well and allows us to keep a professional relationship with them.

After all, if they respect us then we are likely to get a better price for you!

PROPERTY PURCHASE GUIDE

THE PARTNERS WE USE MORTGAGES Your budget obviously dictates what you can buy and where. If you are considering taking a mortgage then we can help. We recommend only the best banks that offer the best terms. No need to shop around as our independent Mortgage consultant can do that for you. Our Top Tip is to start this process NOW. It takes up to 4 months to arrange finance in Portugal. If this is done before you buy then you are seen as a Cash Buyer and therefore in a stronger position to negotiate.

CURRENCY EXCHANGE Are your funds outside the Euro Zone? With fluctuations in the exchange rate market it is vital we maximise your position and secure an excellent rate for you, hence our tie-up with dedicated currency exchange companies that can save you up to 4% on the price of your property purchase.

FURNITURE If your property is unfurnished or you prefer a change of style then we can introduce you to companies that can take care of as much or as little of this as you need. Full furniture packs from sofa’s to knives and forks can be ordered or simply new bedside lamps and a sun lounger for the terrace. Interior designers can transform a blank canvas into a real ‘home from home’ - suiting your personal taste. Below are some of the companies we recommend.

Without their support and service we wouldn’t be able to take care of you as well as we would like.

PROPERTY PURCHASE GUIDE

AND FINALLY Rest assured we will act with professionalism and respect. Our goal is to see you absolutely delighted with everything. We look forward to being of service to you and we keep our fingers crossed that we can find that home and watch you enjoy our PortugalProperty.com bubbly upon a successful conclusion to your trip!

See you soon.

The PP Team

PROPERTY PURCHASE GUIDE

Golden Triangle Office: Rua Cristovao Pires Norte, Nº368, Loja A, Almancil, 8135-117, Loule Vilamoura Office: Avenida da Marina, Edif Marina Plaza, Loja 71, Vilamoura, 8125-401 Lagos Office: Rua Dr José Francisco Tello Queiroz, Lote 1, Loja M, 8600-707 Lagos Lisbon Office: Rua Castilho, nº 71-5drt, Lisboa, 1250-068

+44 203 011 0051 |

+351 308 800 878

General Enquiries: info@portugalproperty.com Property Promotions: forsale@portugalproperty.com

www.portugalproperty.com www.portugalproperty.com is a trading name of Appreciating Portugal - Soc. Med. Imob. Lda | AMI Licence 8460