I found my dream property, what are the next steps?

I found my dream property, what are the next steps?

We can understand that you see a big blank space between the moment of finding your dream property and the moment you actually are in your new home drinking a nice vinho tinto. We give you a step by step overview of what you need to do after you agreed on the purchasing price with the seller.

If you purchase via a real estate agent, they can guide you through the process. They will act as a bridge between the seller, notary and you. Still then, we advise you to do the following.

  1. Hire a lawyer
    If you hire your own lawyer, this person will help you through the entire process, check all paperwork and let you know if something is not right.
  2. Get your finances sorted
    You need to prepare to pay a 10% down payment of the purchase price when signing the promissory contract. If you arranged a mortgage in your country of residence for this purchase, the bank needs to see the promissory contract to make the money available to you. The rest of the payment is due at the day of the escritura (signing the actual purchase contract).
  3. Get a fiscal number (NIF). This number is a personal tax identification number of Portugal and is needed to buy a property. You can obtain this number in the tax office (Financas) in any city of Portugal. You need to bring your passports/ID card, address details, and a bank statement of the country of residence.
  4. Send your personal details to the real estate agent/lawyer/solicitor that will handle the purchasing process. In order to make the contracts they will need:
  • ┬áCopy of your ID/Passport
  • Marital status (If married they need the same details from your spouse)
  • Portuguese fiscal number
  • Address in country of residence
  1. Open a Portuguese bank account (the real estate agent or lawyer can help you with this)
  2. After the escritura is done, you will be left with the key to your new home!
    To connect electric (EDP) and water you need to go to the offices and set up an account. Again, the real estate agent or lawyer can assist you with this.