I want to buy a house in Portugal, now what?

The first thing you should do when starting the process of buying a property, is to know how much you can afford.

After seeing the property of your dreams, above the value that you can afford, it will be much more difficult to find a smaller property in a less noble area.

A good financial qualification will help the process of visits and proposals to be faster. You will be much safer to make an offer and proceed to the signing of a Promissory Contract of Purchase and Sell.

At this stage, for us real estate consultants, after the financial qualification made with a specialist, we will only want to know 5 information:

1. What is the maximum value that you will be able to invest (value of the purchase of the property - expenses and taxes);

2. If you are going to resort to credit;

3. How much money you will have available as a down payment to sign a Promissory Contract Of Purchase and Sell;

4. If the credit is "Pre-approved" in the bank waiting for the property documentation to be sent to start the evaluation process.

5. If we find the property you want for a slightly higher price, can you make an additional effort? 

"I didn't buy what I could, because I wanted to buy what I wasn't going to get" - AT

We will want to know exactly what you are buying. This is the only way we can stop presenting you with properties that don't meet your interests / needs / expectations.

At this stage it will be very important to talk to you. Our procedure is to hold a meeting where we will identify 6 information:

1. Characteristics that the property must have;

2. Features of the property that, although you do not need it, you would like it to have;

3. Area where you want to buy;

4. Area where you could live if we can't find what you want in the first area;

5. By what date will you have to buy the property;

6. What are the consequences if you do not buy the property by the date set out in the previous point.

At this stage we have already started the research process. We will be actively searching for your property.

We will only present you with properties that are within the qualifications we have made.

It is normal in this phase, the buyer collaborates in the research. Send us all the properties you find so we can validate if it fits within your requirements.

Be prepared at this stage to make an offer on the first property you find.

It is common for a buyer to say: "I'm not going to buy the first house I see". This buyer may have just missed the first best deal.

"The Property I saw today and liked, and will still think about, another client saw yesterday... and has already thought about" - AT

We have already found the property that fits within what you need and can afford. Let's start negotiating.

At this stage we will give you the information you need to make an honest offer.

Decide on the maximum amount you will pay for the property and let us negotiate.

For an offer, it is not only the value that counts, but also:

• What is the deadline for signing the PSPC?
• Will you make the proposal conditional on evaluation?
• What is the amount of the deposit to be paid?
• What is the deadline for the deed?

"Business flows when it is good for both sides" - AT

This process may take place before or after the PSPC. It will depend on the conditions we manage to negotiate the proposal.

At this stage we will send the property documents to the bank. It is likely that the bank will now debit you the valuation of the property.

If all the process in the bank is ready, after sending the documentation of the property, it is expectable that the bank schedules the evaluation up to 48 hours and informs you the value of the evaluation in 72 hours.

In the case of having signed a PSPC with a resolutive clause, after leaving the favourable evaluation of the property, we should inform the selling party that the process is closed and that we will wait for the schedule of the deed.

After the evaluation is issued, the credit approval letters are issued, which will be signed and we will wait for the mandatory period of 7 days for reflection.

This document provides to set out the terms of the business of buying and selling an agreed property.

It is signed by the parties involved in the business representing the promissory seller and buyer.

The parties can be replaced by a representative with a valid power of attorney for the act.

See here all the information about the Promissory Contract for Sale and Purchase.

The Public Deed is a definitive contract of sale and purchase.

When the client is able to do so, he can, after the proposal is accepted, "go straight" to deed. Although it is possible, we always advise signing a PSPC so that we have time to receive and check all the documentation. A PSPC we may be able to sign in less than 24 hours, however a deed becomes more complicated.

Before signing the final contract, you will have to pay the taxes. 

Here are all the steps you should take after celebrating the deed.

Transforming the transaction of a property into a rewarding experience.

It is our goal that, regardless of the motivations of the transaction, the final emotion is always positive, promoting repeat business.

To add value to the client's situation and thus make the purchase or sale of the property a positive experience.