Real estate Details for Properties for sale in Portugal
Portugal, unlike other countries in European Union is relatively poor. Sharing borders with Spain & the touch with Atlantic Ocean, the country’s mountainous locations & sea side plains have been one of the major attractions for the visitors from around the world. However, the economy of the country is service based & is mostly privatized, the growth of the country is considerably higher in comparison to its status in the list of European countries. However the real estate market had suffered from a downturn in the start of 21st century, it soon covered up all the damages & continued to become the leading economy with high prices of properties for sale in Portugal. Till then, severe effects had not been occurred to this sector of economy System of Acquisition of property in Portugal
It is on the basis of land registry system that property for sale in Portugal are purchased & sold. It is nearly similar to the system prevailing in other European countries like Italy, Spain etc. Therefore, investors from other parts of the Europe does not have to face complications of buying property is foreign land. The transaction related to the property starts after the promissory contract on the start of which the investor has to deposit a fraction of the total price of the property. The final transfer is done in presence of the notary staff which checks for all the documentation needed. They will record the transfer in their database & also provide a proof of purchase to the buyer as well. All the related fees & taxes has to be paid at this stage of notary.
Role of Estate Agents
Licensed estate agents are hired by the sellers & not the buyers to go through the required niceties of the deal of properties for sale in Portugal. Since they are hired from the seller’s side, they will work in his side. Sometimes, licensed estate companies are hired for the whole processes. There was a time when tax benefits are obtained by doing this, but with time laws have changed. And buying from real estate companies is mostly likely to get tax related issues in the future.
It is on the basis of land registry system that property for sale in Portugal are purchased & sold. It is nearly similar to the system prevailing in other European countries like Italy, Spain etc. Therefore, investors from other parts of the Europe does not have to face complications of buying property is foreign land. The transaction related to the property starts after the promissory contract on the start of which the investor has to deposit a fraction of the total price of the property. The final transfer is done in presence of the notary staff which checks for all the documentation needed. They will record the transfer in their database & also provide a proof of purchase to the buyer as well. All the related fees & taxes has to be paid at this stage of notary.
Role of Estate Agents
Licensed estate agents are hired by the sellers & not the buyers to go through the required niceties of the deal of properties for sale in Portugal. Since they are hired from the seller’s side, they will work in his side. Sometimes, licensed estate companies are hired for the whole processes. There was a time when tax benefits are obtained by doing this, but with time laws have changed. And buying from real estate companies is mostly likely to get tax related issues in the future.
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