1. PROFESSIONAL HELP AND ADVICE
We know how important it is to be advised by professionals who speak your own language. That?s why our team is always there for you at all stages of the process of buying a house in Portugal.
2. START HOUSE-HUNTING
If you haven?t yet found a house, you can contact Real Estate Agents who will help you through the process and make sure that the house you choose has been legally declared fit to live in. You can also look for your house in specialised web sites and magazines, or contact property developers.
3. MAKING AN OFFER
If you are interested in a house, make an offer directly to his real estate agent. If it is accepted, you must make a down payment and sign the deposit or reservation contract.
4. CHECKING THE HOUSE BACKGROUND
Before formalising the purchase you should check a number of items related to the house as to safeguard the operation. During this process, UCI?s team of professional solicitors will conduct all searches and verifications and will obtain all necessary documents and make sure everything is in order.
5. APPLYING YOUR MORTGAGE
Your UCI mortgage adviser will help to find the best solution to suit your needs and give you as much advice as you need to get you moving.
6. ARRANGING HOUSE VALUATION
The house valuation is a very important stage of the buying process because it can influence the amount of the finance, and because it helps you guarantee that the purchase price is adequate.
7. ADDITIONAL EXPENSES FOR THE BUYER
- House valuation fees
- Land register fees
- Notary fees
Urban Transfer Tax ? This tax is defined by the value of the purchase and it only applies to transactions over 80.000 ?.
Stamp Duty ? 0,8% of the declared amount of the sale, payable to the notary; 0,6% of the mortgage, withheld by the bank; 0,4% of the process opening fees; withheld by the bank.
Urban Property Tax ? This tax is paid every year and the local council settles the amount.
After our solicitor has checked the legal title and made the appropriate searches, he will arrange Conveyancing in a notarial deed.
Our solicitor will also check that the previous owner has paid all Property and Capital Gains Taxes and Owners? Association contributions.
If you wish, you can also request optional services, such as checking due payment of basic utility bills (the cost depends on the service).
You are obliged by law to make Multi-Risk Insurance on the property, naming the entity that grants the loan as beneficiary of the insurance. You are also recommended to take out adequate Life Assurance.