Buying in Monchique

Useful hints and tips to buy well in Monchique

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The Portuguese Association of Real Estate Agencies

Please note, if you are looking at a plot or parcel of land to build on, it is necessary to verify that the land is cleared for building in the Municipal regulations. and urban planning maps.

Portuguese Regulatory Body

The Construction and Real Estate Institute, I.P. (InCI,I.P.) is the regulatory body for the industry.

Buying property in Monchique

To buy a property the buyer will have to navigate through strange legal procedures with laws that may be very different from the laws in his home country. Due to this fact we strongly suggest that prior to the signing of any document you should retain the services of a local lawyer who will do a complete “Due Dilligence” on the property to acertain that the ownership titles are correct, property description is correct as well as property size. Also of great importance is to confirm that the property does not have debts, outstanding taxes or embargos associated to it.

Useful information

After the signing of the Final Deed all services contracts such as water, Electricity, gas and telephone should be transfered to your name. This can also be efficiently done by your lawyer.

Keep in mind all property owners must pay an anual Tax on the property (IMI) (Imposto Municipal sobre Imoveis), the amount is calculated by the municipality.

Keep in mind our information is simply informative and does not substitute the services of a lawyer and we cannot take responsibility for any loss or damage.

The promissory contract

The first stage of a property purchase is normally sealed with the “Promissory Contract” This is signed by both the selling and buying parties., this contract must indicate all the relevant details of the property as well as the terms and conditions agreed between parties, the purchase price and date for Final Deed.A down payment of at least 10% of the total purchase price is required.

Purchase final deed

The Final Deed of a property purchase are done at a Notary office, the documents are prepared on the basis of the property detail documents.
The presence of both the seller and buyer or their legal representatives is required to sign the Deed.
At this stage all payments must already have occured. The Deed is read out loud by the Notary and an authenticated copy can and should be requested.
Before the signing of the Deed the “Due Dilligence” on the property should have been done to avoid responsibility on outstanding debts, taxes etc. on the property.