Villas & Vacations - in the AlgarveVilla Club Ltd

Sociedade de Mediacao Imobiliaria Lda (AMI 715)
More   Property Sales - Required legal documents

Property Registration Certificate.

(Certidao do teor registral)

This will verify current owner of the property and no one else has any rights. Also will verify the property is free of charges or mortgage. A Registration Certificate will also describes the property's legal history.

Property Tax Document

(Caderneta Predial)

At the local tax office obtain an official tax document which certifies the inscription of the property for fiscal purposes and also identifies the owner and his fiscal number, the description of the property (areas, no. of rooms, area and type of plot, history etc) it also identifies the property with a unique fiscal number. This document also states the official value of the property which determines the level of local annual taxes (IMI Tax). This document must be available at the time of conveyancing. If the property is new, this can be replaced by a temporary form which can be used until the proper document is issued.

Habitation/Usage License

(licencia de habitabilidade)

A copy of the license may be obtained at the Local Town Hall. This document states whether the property is approved for the proposes of the original building permission. For residential property a habitation license is essential, for non-residential use it is necessary to have a commercial or industrial license . This document must be available to the Notary when the deed is done.

Energy Certificate

(Certificado Energetico) This is required for the marketing contract and must be shown on all marketing material. If you require a certificate these can be arranged quite quickly and there are several local companies that provide this service. For more information and prices

Termohouse

Other information

  • Any floor plans
  • Copy of Passport
  • Home Address
  • Portuguese Tax Number

Sales Process

Promissory Contract

(Contrato promessa compra e venda)

This document must be signed by the buyer and seller and must reference the documents mentioned above and also the terms and conditions of sale. A deposit must be paid by the buyer and, although this is usually 10%, it can vary depending on the wishes of the parties. If the buyer does not proceed, he will lose the deposit; if the seller changes his mind he has to return the deposit in double. This contract should be signed in the presence of the Notary.

Transfer Tax

(IMT- IMPOSTO MUNICIPAL) A purchase tax, Imposto Municipal sobre Transmissoes Onerosas de Imoveis (IMT) of between 0% and 8% (depending on the declared value of the property - the registered Valor Patrimonial - VP) is payable by the purchaser.

This tax must be paid before the Final Deed. A document is issued by the Local Tax Office as proof of payment and must be presented to the Notary on signing the Deeds.

Final Deed

The title of the property is transferred at the Notary's office. All the documents mentioned above must be available.

Registration

Finally it is essential to register the property in the new owner's name in the Land Registry office and also in the Local Tax Office. This procedure should be done without delay.

Posted: 2006-07-01      Click here to go back to summary

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