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Portugal has a great climate, old culture, relaxed lifestyle and friendly people welcoming foreigners.
Real Estate Practices
In Portugal, the commission is negotiable and varies from 2-6% according to area, property and value. The Value Added Tax at 21% is added to all commissions. The commission is paid by the seller. Portugal has a Transfer tax (IMT) of up to 6% of the transaction value. Also, lawyers and surveyors fees can add another 2%. And, finally, stamp and notary fees are around 1-2%.
The purchaser pays the transfer tax and his/her own professional advisors as well as the various stamp and registration duties.
There is no multiple listing system, but firms can liaise with relevant brokers if needed.
The Portuguese government over the last few years introduced a widespread licensing program both for Brokerage firms and the individual brokers.
Mortgages are available to foreign buyers with several Portuguese and international banks offering mortgages. Conditions vary but competitive rates can be obtained. As a new product, one can as an alternative enter into a lease arrangement with the bank.
The time it takes to get to settlement depends on the parties and their advisors involved. Deals can be completed within a week if all paperwork is in order and available and the funds for completion are available.
Information courtesy of IRG International Realty Group
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