Seven Step Guide to Buying a Home in Portugal
@Carl Hyde's quick guide for the show this morning, which will be expanded in the classroom, in due course *Seven Step Guide to Buying a Home in Portugal* 1. Define Your Goals and Budget Decide if the property is for living, vacation, or investment (tax implications) Include purchase price, taxes, fees, and ongoing costs !! Explore mortgage options if needed !! 2. Get a Portuguese Tax Number (NIF) Required for contracts, taxes, and opening a bank account Can be obtained with help from your lawyer, relocation expert/concierge or online 3. Choose the Right Location Lisbon and Porto: city life and culture, Algarve: beaches and expat communities. Nearby cities and towns can offer a lot more property for less money. Central & Northern Portugal: more space, lower prices 4. Hire a Buyer's Agent Free to you, zero cost* Their lawyers work on your behalf to confirm ownership, legality, debts, and contract details This protects your interests (Remember, listing agents represent the seller best interest first) *(Carl Munson: Some might charge) 5. Make an Offer & Sign Promissory Contract (CPCV) CPCV is legally binding agreement with deposit (usually 10%) If seller backs out they have to pay double your deposit as a penalty If you back out, you lose your deposit 6. Sign the Final Deed (Escritura) Signed before a notary Pay the balance and register property in your name 7. Register Register with tax office and pay property tax (IMI)