If a person is looking to buy or rent a property in Portugal the process can be stressful no matter which property one chooses because there are other requirements such as having a fiscal number and a resident number and even landlords will not accept a tenant that has does not have these two requirements. Aside from the legal constraints the buyer has to put down a minimum deposit of 10% before they are allowed to buy a house and get a mortgage plus they must also have worked in the country for one year in the country and if any of the property details are in Portuguese or they are incomprehensible then it is better to go see a solicitor that will save the client from signing a contract that they did not understand and that might prove to be expensive in the long run.
There are certain things to also note when trying to buy property in Portugal and one of this is to resist the urge to buy property that they have just seen at a property exhibition that they saw while in their home countries because once they land in Portugal they are more likely to come across private property sales that might even be cheaper than the deal they saw in their home country. The prudent thing to do would be to rent a property as they are getting their bearing and there are many short term leases available and thus they offer an excellent view into the kind of property that the person intends to buy. The person needs to make sure that they have a signed lease agreement that details everything required and one of the terms of most leases is that a month’s rent is required in advance and another month’s rent is required as a deposit.
After ensuring that they are settled the person can begin the search for property to buy but they need to ensure that they are prepared because the buying system is different from what they might have been used to and when purchasing a property in Portugal it is vital to know the correct procedure to take because even the contract has a name and it is called the contrato de promessa de compra e venda. This is the legal document that has all the details and conditions of the sale and it is handled by a notary who is a public figure that is assigned to perform this type of legal work and after the contract is signed the client has to give a deposit which is between 10-12% of the total cost of the property.How I Became An Expert on Properties