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Why You Should Invest in a Property in Portugal Anytime that you consider a property investment in Portugal, then there are many locations that you can go for. You must know that Portugal has great chances for the possible DIY investors that want restoration properties to apply like the vacation houses. Old towns can provide you with huge very good deals on the restoration properties where you can get an agreement which 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. Different locations worth discovering for the purpose of purchasing property would include the different 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. The method of property purchase in Portugal is quite direct. If the buyer likes a property, then what one must do is to hire the services of an attorney who will provide guidance and help the buyer go through the process.
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The task of the lawyer will often include drawing up contracts and also initiating the method of inspecting such property title to ensure that there are no legal issues that come up following the transfer. The search is going to be made to check such land registry title in the local municipality and also another search at the Inland Revenue to make sure of the tax registration on the property and that there must be no unpaid charges too. A fiscal number may be needed through the tax office in the locality since this is needed 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. What the buyer will do next is to pay the municipal property tax. Understand that the transaction would end with the execution of the Deed of Purchase and Sale that is signed in front of the notary and this is then officially recorded. Also, the balance of the purchase price is being paid based on the provisions of the promissory contract. The property is then going to be registered in the name of the new owner of the property. This is the completion of the transfer.