BUY / SELL

Important  Information 

1-Real Estate Brokerage: Working with a Licensed Estate Agent is more secure. Always negotiate with a broker licensed by the InCI, in case of doubt, you may ask for the license number of the AMI (Activity of the Real Estate). Under Portuguese law the real estate agents are required to hold a professional liability insurance to ensure all transactions, providing credibility and security in its pursuit and implementation of investment.

Urbinvest Realvilla Ltd is insured for € 250,000 €, alternatively you can contact the services of the InCI and APEMIP, to be informed about the license and expiration date, or even check on the websites of these entities. 

2-Reserving a Property: When deciding to buy or having selected a particular property, and after being informed about all aspects, it is a usual request to make a reservation of the same by signing a "Proposal of Purchase", with which you will leave a deposit, this way for a period of time it does not allow the real estate broker to sell to another buyer. The broker will reserve the property for 15 days. This document is not a contract and the deposit is refundable.
 
3-Promissory Contract of Purchase and Sale: After having agreed the purchase price and various conditions, the promise of sale contract should be signed, this document contains in detail the terms of the transaction, including the purchase price agreed, the amount of the deposit and initial payment, the deadline for conclusion of the deed, penalties for noncompliance, payment terms and date for the completion of the business.
On the signing of the contract a deposit of 10% is usually delivered. This is a legal document that formalizes the transference of a property between the part who promises to sell and who promises to buy. Through this promissory contract, legal commitments and obligations are set between the parties and the contract signatures should be notarized. There are other specifications relating to this legal act that a solicitor or lawyer is able to explain.
 
4-Financing: It is possible to obtain a bank loan for the purchase of a property or its reconstruction, either through a bank loan from Portuguese bank or by international banks.
 
5-Fiscal Tax Number (NIF): At the signing of promissory contracts or deeds, it is necessary to present the Fiscal Number of all parts. To obtain this document, it is necessary to apply at the Tax Department, with a personal identification document, for non-resident citizens they must have a fiscal representative.
 
6-Power of Attorney: If applicable, the buyer or seller may be represented throughout whole the process by a lawyer, solicitor or person they trust. The power of attorney must be specific to the intended purpose.
 
7-Transfer Tax (IMT): A tax levied on the transfer of property to be paid once before the deed and it is calculated on the value of the act or the taxable estate value of the property, depending on which is the largest.
The value of IMT tax varies depending on the nature and purpose of the property; there are special cases of total or partial exemption. This tax replaced the SISA tax from 1 January 2004.
 
8-Stamp Duty: Acquisition of real estate is subject to stamp duty regardless of the property being acquired by sale, gift or legacy and its value is provided in the General Stamp Duty Table.
 
9-Deeds: To complete the transaction it is required to sign a deed of sale granted in the Public Notary or by signing private documents authenticated by the town hall registrars, Solicitors or Lawyers.
 
10-Property Registry: After signing the deed of sale, the Notary, Solicitor or Lawyer immediately registers the property at the Land Registry Office.
 
11-Property Tax (IMI): Annual Municipal Tax, levied on the taxable estate value of the property, for this purpose, the acquisition of property must be reported to the tax department situated within the area of the property location, within 60 days of the purchase date
 
12-Utility contracts: Supply of water, gas, electricity and telephone, the connection to these services must be made immediately after the possession of the property.
 
This information is only indicative, there are legal specifications related to real estate transactions that only a solicitor or lawyer are able to explain.

 
Attention: Do not rush, due to pressures or sign any document or contract that is not completely clear.

 
OTHER NAMES & DOCUMENTS USED
 
Property valuation (Avaliação Imobiliaria) - Analysis of property value, present or future, joining the analytic and systematic determinations of all facts and circumstances related and based on a physical inspection of it leading to a written report.
 
Tax Document(Caderneta Predial) - The Tax Document proves entry of a building or a condominium unit and reports on the fiscal situation of the property, confrontations, the tax ID and owner’s name. This document is issued by the Tax Office.
 
Property Registration Certificate (Certidão de Teor Predial) - Document issued by the Land Registry Office, containing all entries, composition, owners, encumbrances, transfers, etc..Valid for 6 months it is also possible to request a "permanent certificate online".
 
Energy Certificate (Certificado Energetico CE) – Classifiesa property regarding the energy performance and efficiency This certificate has an efficient scale from A + (energy efficient) to G (low efficiency).The Energy Certificate contains various information such as the identification of the property, brief description of the property, description of the adopted methods, summary description of the solutions to adopt. In the act of any deed of purchase or lease,it is required to have this certificate.
 
Building Technical Record (Ficha técnica da habitação FTH)- A document that describes the technical and functional characteristics of the building for residential purpose, reporting the date of completion of construction, reconstruction, extension.This document is the developer`s responsibility and it should include the name of the Constructor (Builder) with the identification of the designers of the architecture and structures, the identification of the technician responsible for the work, and real estate developer. This form is obligatory for buildings whose habitation license/use has been issued after March 30, 2004.
 
License of use or habitation (Licença de Utilização ou Habitabilidade) - A document issued by the City Hall authorizing a property to be used and that it is built in accordance with the approved plans.
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Contacts

Rua das Estrelas, Ed. Saturno
8125-468 Vilamoura
APEMIP: 14 - AMI: 789
Phone: 289389393
 Fax: 289389059
 Mobile: 919447735
 vendas@urbinvest.pt
 www.urbinvest.pt
 
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