Buying

Buying process PPM

 

⦁    Find a property that you want
⦁    Instruct a local Lawyer to represent you in the buying process. He will apply for your fiscal number.(+- 3/5 days)
⦁    Open a local bank account
⦁    Place your offer on the property and inform your Legal rep of the details, via the agent.
⦁    The Lawyer will then do all the necessary property checks regarding building /renovation licences, any outstanding charges like          Council rates, condominium fees, and utility bills to the property etc
⦁    Preparation of the CPCV (Promissory Contract) 

 

This CPCV will be legally binding, as you the Buyer promises to buy, and the Seller promises to sell, stating clearly, the property description, the price agreed and the method of payment.


If the Buyer is in breach of contract before Deed, there is a penalty – The Buyer loses his deposit paid, and if the Seller does not fulfill his contractual obligations by Deed, he will be have to refund the deposit in double, back to the Buyer. 
Normally there is a deposit of 10% -20% paid over by the Buyer, on signature of CPCV

 

⦁    The official Deed or “Escritura” is done at the notary office. Here all change of ownership settlements are made. Outstanding purchase amounts paid, Utility readings recorded, all property documentation and all keys handed over to the new property owner.The buyer will pay all property taxes and stamp duty as well.

 

Property costs

 

⦁    Lawyers' fees vary from 1% to 2% of the purchase price.
⦁    IMT – Property Purchase Tax as by the table below

 

For your primary home:


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to €92,407.00    0%    0
From €92,407.00 to €126,403.00    2%    €1,848.14
From €126,403.00 to €172,348.00    5%    €5,640.23
From €172,348.00 to €287,213.00    7%    €9,087.19
From €287,213.00 to €574,323.00    8%    €11,959.32
Over €574,323.00    6%    0

 

For second home


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to   €92,407.00    0%    0
From   €92,407.00 to €126,403.00    2%    €924.07
From €126,403.00 to €172,348.00    5%    €4,716.16
From €172,348.00 to €287,213.00    7%    €8,163.12
From €287,213.00 to €550,836.00    8%    €11,035.25
Over €550,836.00    6%    0

 

 Value of Property Transaction      % Tax Payable
Rustic and Agricultural Plots          5%
Other Property and Urban Plots    6.5%
Offshore in Blacklisted Jurisdictions 10%    


 
⦁ Land Registry when the transfer of property ownership is registered. The stamp duty is a flat rate of 0.8% of the property price.

 

 

Buying process PPM

 

⦁    Find a property that you want
⦁    Instruct a local Lawyer to represent you in the buying process. He will apply for your fiscal number.(+- 3/5 days)
⦁    Open a local bank account
⦁    Place your offer on the property and inform your Legal rep of the details, via the agent.
⦁    The Lawyer will then do all the necessary property checks regarding building /renovation licences, any outstanding charges like          Council rates, condominium fees, and utility bills to the property etc
⦁    Preparation of the CPCV (Promissory Contract) 

 

This CPCV will be legally binding, as you the Buyer promises to buy, and the Seller promises to sell, stating clearly, the property description, the price agreed and the method of payment.


If the Buyer is in breach of contract before Deed, there is a penalty – The Buyer loses his deposit paid, and if the Seller does not fulfill his contractual obligations by Deed, he will be have to refund the deposit in double, back to the Buyer. 
Normally there is a deposit of 10% -20% paid over by the Buyer, on signature of CPCV

 

⦁    The official Deed or “Escritura” is done at the notary office. Here all change of ownership settlements are made. Outstanding purchase amounts paid, Utility readings recorded, all property documentation and all keys handed over to the new property owner.The buyer will pay all property taxes and stamp duty as well.

 

Property costs

 

⦁    Lawyers' fees vary from 1% to 2% of the purchase price.
⦁    IMT – Property Purchase Tax as by the table below

 

For your primary home:


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to €92,407.00    0%    0
From €92,407.00 to €126,403.00    2%    €1,848.14
From €126,403.00 to €172,348.00    5%    €5,640.23
From €172,348.00 to €287,213.00    7%    €9,087.19
From €287,213.00 to €574,323.00    8%    €11,959.32
Over €574,323.00    6%    0

 

For second home


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to   €92,407.00    0%    0
From   €92,407.00 to €126,403.00    2%    €924.07
From €126,403.00 to €172,348.00    5%    €4,716.16
From €172,348.00 to €287,213.00    7%    €8,163.12
From €287,213.00 to €550,836.00    8%    €11,035.25
Over €550,836.00    6%    0

 

 Value of Property Transaction      % Tax Payable
Rustic and Agricultural Plots          5%
Other Property and Urban Plots    6.5%
Offshore in Blacklisted Jurisdictions 10%    


 
⦁ Land Registry when the transfer of property ownership is registered. The stamp duty is a flat rate of 0.8% of the property price.

 

 

Buying process PPM

 

⦁    Find a property that you want
⦁    Instruct a local Lawyer to represent you in the buying process. He will apply for your fiscal number.(+- 3/5 days)
⦁    Open a local bank account
⦁    Place your offer on the property and inform your Legal rep of the details, via the agent.
⦁    The Lawyer will then do all the necessary property checks regarding building /renovation licences, any outstanding charges like          Council rates, condominium fees, and utility bills to the property etc
⦁    Preparation of the CPCV (Promissory Contract) 

 

This CPCV will be legally binding, as you the Buyer promises to buy, and the Seller promises to sell, stating clearly, the property description, the price agreed and the method of payment.


If the Buyer is in breach of contract before Deed, there is a penalty – The Buyer loses his deposit paid, and if the Seller does not fulfill his contractual obligations by Deed, he will be have to refund the deposit in double, back to the Buyer. 
Normally there is a deposit of 10% -20% paid over by the Buyer, on signature of CPCV

 

⦁    The official Deed or “Escritura” is done at the notary office. Here all change of ownership settlements are made. Outstanding purchase amounts paid, Utility readings recorded, all property documentation and all keys handed over to the new property owner.The buyer will pay all property taxes and stamp duty as well.

 

Property costs

 

⦁    Lawyers' fees vary from 1% to 2% of the purchase price.
⦁    IMT – Property Purchase Tax as by the table below

 

For your primary home:


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to €92,407.00    0%    0
From €92,407.00 to €126,403.00    2%    €1,848.14
From €126,403.00 to €172,348.00    5%    €5,640.23
From €172,348.00 to €287,213.00    7%    €9,087.19
From €287,213.00 to €574,323.00    8%    €11,959.32
Over €574,323.00    6%    0

 

For second home


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to   €92,407.00    0%    0
From   €92,407.00 to €126,403.00    2%    €924.07
From €126,403.00 to €172,348.00    5%    €4,716.16
From €172,348.00 to €287,213.00    7%    €8,163.12
From €287,213.00 to €550,836.00    8%    €11,035.25
Over €550,836.00    6%    0

 

 Value of Property Transaction      % Tax Payable
Rustic and Agricultural Plots          5%
Other Property and Urban Plots    6.5%
Offshore in Blacklisted Jurisdictions 10%    


 
⦁ Land Registry when the transfer of property ownership is registered. The stamp duty is a flat rate of 0.8% of the property price.

 

 

Buying process PPM

 

⦁    Find a property that you want
⦁    Instruct a local Lawyer to represent you in the buying process. He will apply for your fiscal number.(+- 3/5 days)
⦁    Open a local bank account
⦁    Place your offer on the property and inform your Legal rep of the details, via the agent.
⦁    The Lawyer will then do all the necessary property checks regarding building /renovation licences, any outstanding charges like          Council rates, condominium fees, and utility bills to the property etc
⦁    Preparation of the CPCV (Promissory Contract) 

 

This CPCV will be legally binding, as you the Buyer promises to buy, and the Seller promises to sell, stating clearly, the property description, the price agreed and the method of payment.


If the Buyer is in breach of contract before Deed, there is a penalty – The Buyer loses his deposit paid, and if the Seller does not fulfill his contractual obligations by Deed, he will be have to refund the deposit in double, back to the Buyer. 
Normally there is a deposit of 10% -20% paid over by the Buyer, on signature of CPCV

 

⦁    The official Deed or “Escritura” is done at the notary office. Here all change of ownership settlements are made. Outstanding purchase amounts paid, Utility readings recorded, all property documentation and all keys handed over to the new property owner.The buyer will pay all property taxes and stamp duty as well.

 

Property costs

 

⦁    Lawyers' fees vary from 1% to 2% of the purchase price.
⦁    IMT – Property Purchase Tax as by the table below

 

For your primary home:


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to €92,407.00    0%    0
From €92,407.00 to €126,403.00    2%    €1,848.14
From €126,403.00 to €172,348.00    5%    €5,640.23
From €172,348.00 to €287,213.00    7%    €9,087.19
From €287,213.00 to €574,323.00    8%    €11,959.32
Over €574,323.00    6%    0

 

For second home


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to   €92,407.00    0%    0
From   €92,407.00 to €126,403.00    2%    €924.07
From €126,403.00 to €172,348.00    5%    €4,716.16
From €172,348.00 to €287,213.00    7%    €8,163.12
From €287,213.00 to €550,836.00    8%    €11,035.25
Over €550,836.00    6%    0

 

 Value of Property Transaction      % Tax Payable
Rustic and Agricultural Plots          5%
Other Property and Urban Plots    6.5%
Offshore in Blacklisted Jurisdictions 10%    


 
⦁ Land Registry when the transfer of property ownership is registered. The stamp duty is a flat rate of 0.8% of the property price.

 

 

Buying process PPM

 

⦁    Find a property that you want
⦁    Instruct a local Lawyer to represent you in the buying process. He will apply for your fiscal number.(+- 3/5 days)
⦁    Open a local bank account
⦁    Place your offer on the property and inform your Legal rep of the details, via the agent.
⦁    The Lawyer will then do all the necessary property checks regarding building /renovation licences, any outstanding charges like          Council rates, condominium fees, and utility bills to the property etc
⦁    Preparation of the CPCV (Promissory Contract) 

 

This CPCV will be legally binding, as you the Buyer promises to buy, and the Seller promises to sell, stating clearly, the property description, the price agreed and the method of payment.


If the Buyer is in breach of contract before Deed, there is a penalty – The Buyer loses his deposit paid, and if the Seller does not fulfill his contractual obligations by Deed, he will be have to refund the deposit in double, back to the Buyer. 
Normally there is a deposit of 10% -20% paid over by the Buyer, on signature of CPCV

 

⦁    The official Deed or “Escritura” is done at the notary office. Here all change of ownership settlements are made. Outstanding purchase amounts paid, Utility readings recorded, all property documentation and all keys handed over to the new property owner.The buyer will pay all property taxes and stamp duty as well.

 

Property costs

 

⦁    Lawyers' fees vary from 1% to 2% of the purchase price.
⦁    IMT – Property Purchase Tax as by the table below

 

For your primary home:


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to €92,407.00    0%    0
From €92,407.00 to €126,403.00    2%    €1,848.14
From €126,403.00 to €172,348.00    5%    €5,640.23
From €172,348.00 to €287,213.00    7%    €9,087.19
From €287,213.00 to €574,323.00    8%    €11,959.32
Over €574,323.00    6%    0

 

For second home


Value of Property Transaction    % Tax Payable    Amount to Deduct
Up to   €92,407.00    0%    0
From   €92,407.00 to €126,403.00    2%    €924.07
From €126,403.00 to €172,348.00    5%    €4,716.16
From €172,348.00 to €287,213.00    7%    €8,163.12
From €287,213.00 to €550,836.00    8%    €11,035.25
Over €550,836.00    6%    0

 

 Value of Property Transaction      % Tax Payable
Rustic and Agricultural Plots          5%
Other Property and Urban Plots    6.5%
Offshore in Blacklisted Jurisdictions 10%    


 
⦁ Land Registry when the transfer of property ownership is registered. The stamp duty is a flat rate of 0.8% of the property price.

 

 

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R. da Quinta do Romão, Vilamoura 8125-301

+351 925 557 851

Monday-Friday 09:30 - 18:30, Saturday 09:30 - 12:30

37.074249 / -8.109981 

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R. da Quinta do Romão, Vilamoura 8125-301,Co-ords: 37.074249 / -8.109981

Open : Monday-Friday 09:30 - 18:30, Saturday 09:30 - 12:30

+351 925 557 851

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