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Selling Real Estate in the Algarve - A guide for the Process

You want to sell your property in in the Algarve and it is hard to find the right agency? Then ask us! We are happy to help you.

Unlike in some other Countries, you can place your Property in Portugal over as many agencies as you want for sale. You can offer your Property (for a certain period of time) as well as exclusively through an agency for sale, which gives you a discount on the agency fees.

After contacting us "Portugal Service", we will terminate our first meeting, which can be done in our Office or by telephone. On the second date, we will take your Property, take pictures and answer open questions. As soon as we have all the details, we will be able to do this on our homepage and the requests can start.

If we have found the right buyer for your Property and a price has been agreed, we advise you to hire a lawyer. The latter will translate the contracts and documents to you, as well as the notarial notarisation with the notary. If you do not have important documents that you need to sell, your attorney will help you get those. Involving a lawyer is not a legal obligation, but we definitely recommend it, you will save time and money.

After a price has been agreed between you and the buyer, the lawyer of the buyer carries out a due diligence test on his behalf and creates the purchase pre-contract. This usually takes between 5-14 days, but may vary depending on the situation. After reviewing the documents, the purchase agreement is signed by you and the buyer. You will receive the advance payment, which is usually between 10% -20%.

As this contract is legally binding, the deposit is non-refundable. If a party changes the opinion, the seller loses the deposit to the other (for the seller, this means that if he changes his mind, he will pay the double deposit to the buyer. If the buyer changes his mind, the seller may keep the deposit). This is the Portuguese law and is everywhere the same, no matter by which agency the sale is mediated.

Approximately 30 to 60 days (depending on the situation) according to the pre-purchase contract, the prescription=Escritura takes place at the notary! This process affects the buyer, seller, buyer's lawyer, attorney's lawyer, sales representative's bank (in the case of a mortgage) the translator of the buyer and seller (if they dont understand Portuguese) and the notary. The final contract is in Portuguese. The remainder of the agreed purchase price will be paid at this time. The balance is generally paid in Portugal by bank certified bank check. If both parties have been signed, the check has been handed over and the land register has been registered, the transfer of ownership is final and you have officially sold your Property. Portugal Service sells your property, contact us!

 

Energetic Certification

All properties for selling are now required to have an Energy Certificate!

Golden Visa

Golden residence permit for investment activity!

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