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Why You Should Invest in a Property in Portugal When you are going for a property investment in Portugal, there are various location that you may opt for. You must know that Portugal has great chances for the possible DIY investors that want restoration properties to apply like the vacation houses. The old towns may provide big deals on the restoration properties where you may have an agreement that is as small as L10,000. You should know that the deluxe villas in the popular towns could be yours from L90,000 up to L160,000. The many locations that are worth discovering for such purpose of buying property would actually include several resorts. The time that you will invest on the Portugal property investment is now since the rates have observed that sharp boost and specialists have predicted such rigid competition between those Portuguese investors in the near future as requirement will outshine the supply of the territory. Know that there are no restrictions on foreign property ownership. When it comes to purchasing a property in Portugal, the method is very direct. When the buyer has found a great property the next thing that you should do is that you must hire the services of the attorney who will guide and also assist the buyer through such process.
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The task of the lawyer will often include drawing up the contracts and also initiating the method of inspecting the tile of the property to ensure that there are no legal snarls that will come up following the transfer. The search is going to be made to check the land registry title in the local municipality and also another search at the Inland Revenue to make sure that the tax registration on the property and that there must be no unpaid charges. The fiscal number can be acquired for you through the local tax office since this will be necessary for various transactions in Portugal.
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If the buyer is happy with the property and decides to get a promissory contract, then the details of the conditions of sale and other agreements on the transfer may then be drawn. When this is signed and also notarized, then two parties turn legally bound in order to see the transfer through. A deposit of ten to thirty percent of the buying price is often lodged in this stage and the parties have to agree with the notary to record the date for the purchase’s completion. The next task of the buyer is to pay the municipal property tax. Know that the transaction is going to end with the execution of the Deed of Purchase and Sale which is signed infront of the notary and such is then recorded. You will then have to pay the purchase price’s balance according to the promissory contract. The property will then be registered under the name of the new owner. This is the completion of the transfer.