HOW CAN I FIND THE RIGHT PROPERTY?

    With an increase in disposable incomes, greater mobility in workplace location, improved infrastructures, modern telecommunications and high quality construction, Portugal and especially the Algarve, now offers an increasing number of buyers the opportunity to invest not only in the popular tourist or retirement type of apartment or luxury villa, but also in a more permanent base to work from and from where to raise a family.

    Buying a property for whatever reason is one of the most important investments most people make during their lifetime and it is therefore in your best interest to proceed with care and good advice.

It is prudent to only use a Real Estate Agent licensed by the Portuguese State.

You can recognise a licensed agent by the licence number - AMI number- which will be clearly displayed in their offices. Buying a property in a foreign country can be stressful and confusing at times and a genuine Estate Agent will not only help to identify the property you seek but will also assist you through the various stages connected with your purchase until you are safely and securely residing in your new home.

Manorpark offers the luxury of an extensive network of associated and fully licensed Agents throughout the Algarve and the rest of Portugal. Our Portugal/Algarve villa experience stretches back from 1989 and we offer one of the largest selections of apartments, plots and luxury villas to choose from. Whether you have a query on owning a property in Portugal or buying a luxury villa in the Algarve; we are proud of the range of skills, experience and care we devote to our clients.

The following comments are intended to provide a series of helpful guidelines to steer prospective purchasers towards a successful acquisition.

SELECTING YOUR PROPERTY

Step 1:

Take your time, sit down quietly with your Agents and let them help you search their database for properties, and select those which most closely match your requirements.

Step 2:

Do allow your Agent to help and advise on all aspects of a purchase. A reputable Agent will spend considerable time trying to meet your needs and will always be prepared to arrange additional property visits until they find the right one for you.

Having found your ideal property, there are a series of actions to undertake to ensure that the property is as described and that your ultimate ownership will be secure, legal and free of any encumbrances.

Step 3:

It is advisable to retain the services of a reputable lawyer to act on your behalf and if needed to have a "Power of Attorney" to continue the process during your absence from the country. Your Agent will recommend a number of lawyers for you to meet and choose from and ensure that they are fluent in your own language.

It is also advisable that you call on the professional assistance of a surveyor to make a thorough check on the property before you commit yourself.

Step 4:

To secure the property, it is essential to agree and pay an acceptable deposit to the vendor, which usually is between 10 to 20 % of the purchase price - and to complete a PROMISSORY CONTRACT (Contrato Promessa de Compra e Venda). This is a legally binding and notarised contract between buyer and seller and includes the terms of the sale which are:

Step 5:

The balance of the purchase price will be made available for transfer to the vendor. The property purchase tax (IMT) will have been calculated and paid to the local Tax Office.

The lawyer’s office will then proceed to register the transfer of ownership at the Land Registry, which only leaves:

Step 6:

Time to fully enjoy your property!

BUYING A PROPERTY OWNED BY A COMPANY

This is a simpler and less costly process, which avoids much of the bureaucratic activity involved in the above private transaction and is normally used when purchasing a luxury villa in the Algarve above a certain price range.

It is, however, essential to retain the services of a Lawyer experienced in the preparation of a Share Purchase Agreement, which will be used to acquire the shares of the company, whose sole asset is the property.

The lawyer's additional responsibility will be to ensure that the company is free of all debts, liens and mortgages.