How to Buy

Procedures which secure legal protection in a R.E transaction

1.Elements to be provided by the vendor:
- Registration of the property: certificate of content proving that the owner of the property fully corresponds to the person who wishes to sell, and if any charges or debts exist on the property.
- Property registration: document which clarifies the fiscal situation of a property registered in the name of the owner, with indication of the area, location and topography.
- License for the property: document which proves the conditions of habitableness of the property

2.Elements to be provided by the buyer:
- ID of the purchaser, name, address, passport number, fiscal number, matrimonial agreement with mention to conventions.
- Payment of the legal taxes in force in the respective country, where the property is being acquired, before the celebration of a final contract.

3.Elements to be referred to in a proposal of purchase:
- The vendor
- Purchaser or buying entity
- Description of the unit to be sold.
- Location
- Area
- Selling Price
- Payment conditions agreed
- Reservation fee
- Identification of cheque and number or bank transfer referee.
- Period of validity, normally extending over 15 days. If after this time the Promissory Contract has not been signed, the reservation fee will no longer be valid and is automatically canceled, with the exception of special situations, where both parts have accorded a mutual agreement.
The whole process will be followed by the R.E. Company until the signing of the final deed.
      
4.Celebration of a Promissory Purchase and Sales Contract
The Contract is formulated in writing in the respective language of the country where the property is being acquired and elaborated in duplicate in the native language of the purchaser, or in any preferential language referred to in his passport.
The celebration of a Contract saves the interests of all parts and secure the realization of a final deed.
The Contract must carefully and concretely describe the object of the transaction, not giving way to any possible doubt.

The Contract must foresee:
-The appointed term for the signature of the final deed
-The amount due as down payment, if agreed, to be deduced from the total amount due
-The amounts due to reinforce the first down payment, if existing, with reference to dates where these payments are due.
-The cession of the property will result in conformity with the obligatory payment of the legal transaction tax, called IMT in Portugal.