The time has come, hasn't it? After many years of enjoying it to the fullest, it's time for you to sell your property in Portugal
. You may not want to do it, but reasons beyond your control force you to do it. Fortunately, there's nothing you need to worry about. The process of selling real estate in Portugal may seem hard at first, but when you get right down to it, it's pretty simple. There's a lot to know and do, yes, but they're not that difficult to understand. Let this real estate guide show you the ropes.
What Are The Costs of Selling Your Property in Portugal?
You know the saying, 'you need to give a little to get a little
'? Well, they're probably talking about selling real estate! Putting your property in Portugal for sale comes with a few important costs. They include the capital gains tax
, notary fees, valuation costs, land registry fees, and the commission you'll pay your real estate agent
if you hired one. Not to mention more costs to pay for renovations and such if your property need them. So yes, you have to pay a lot just to sell your place. The good news is that some of these are paid via the final price of the property.
Should You Sell Your Property Privately in Portugal?
Here in Portugal, you have the option of selling your property all on your own
. It's not a requirement to hire a real estate agent and, in turn, this lessens the costs you have to pay. Many have gone on to sell their own real estate in Portugal because of this very reason. However, they were only able to do that because they were already familiar with the process. If this is your first time selling your property in Portugal, then perhaps you ought to hire a professional to help you out first. Especially if you're not even that fluent in Portuguese to begin with!
How Do You Make a Property Valuation in Portugal?
Among the most important first steps in selling your property in Portugal is to conduct a valuation. This is a kind of survey that will determine just how much your place is truly worth. And from there, you can set an initial asking price for when you put the property on the market. But how do you do this? Well, if you're selling your property through real estate
, the agent or firm you hired may have this as part of their services. If not, you can always get a third-party company to do it. Moreover, the buyer will also conduct their own valuation as part of their application for a mortgage.
How Do You Survey Your Property for Selling?
More than just the valuation, you ought to conduct other property surveys on your real estate too. It'd even benefit you if you do these before the valuation. Why? Because you can spot everything that needs fixing in your place, have them fixed, and in turn make your property look even better than before. Thanks to this, there's a good chance that the valuation would see your real estate as having a higher value than before you fixed anything. This also gives you chance to spruce up the place and tend to everything that the buyer will look for in a property
How Do You Market Your Property in Portugal?
Once it's all ready, it's time to market your real estate in Portugal. How do you go about this? By going online, of course! Since practically everything is up on the internet nowadays, many buyers will look for places to buy online too. So to get their attention, your best bet is to have your home featured on any of Portugal's top property listing websites
. Those with a far reach will have many potential buyers checking your place out. And if you go on popular platforms like OLX
, your property can even pique the interest of international buyers too!
What is The Process of Notarizing Your Property in Portugal?
Among the many professionals you need to hire for this process, the notary is the most important. It will be their role to make sure every step taken is legal and certified. Without one, you can't transfer the ownership of your property in Portugal to the buyer. So it's important that you hire a trustworthy notary too. One that you can easily understand and communicate with, especially when it comes to drawing up important documents. If you can get all your concerns across without any problem at all, then things will go smoothly from the get-go!
What Documents Do You Need To Sell Your Property?
According to Portugal Homes
, you will need to show many documents in order to sell real estate in Portugal. They include the land registry certificate (Certidão De Registo Predial
), your tax card (Caderneta Predial
), the Energy Performance Certificate (Certificado Energético
), your residency license (Licença De Utilização
- if applicable), and proof of identification (your valid passport will do!). You'd do well to get all of these early on in the process because if not, then you risk prolonging it even further. The amount of time it will take for you to sell your property in Portugal heavily depends on how prepared you are with the important documents.
How Do You Set Up the Sale & Purchase Contract?
Speaking of important documents, you need to stay on top of the promissory contract. This is the legal document that will essentially bind you and the buyer to the sale. It will guarantee that the buyer does, in fact, intend to buy the property from you. For your benefit, try to be involved in drawing up the contract. Include certain terms and conditions that will allow you to exit the agreement in light of certain situations. If not and you decide to bow out after signing anyway, this can lead to legal and financial trouble on your part.
What are The Legal Issues in Selling Your Property in Portugal?
It's not that surprising that the process of selling real estate in Portugal comes with many legal issues
. The process itself is legal too. Take the aforementioned promissory contract, for example. As previously stated, bowing out of the agreement after signing the contract can lead you to legal and financial trouble. But what is that, exactly? Well, when both you and the buyer sign the contract, the latter will have to pay you a 10% to 30% deposit. If you terminate the agreement after signing, then you'll be required to pay back the buyer double the amount of the deposit they paid you.
How Long is The Process of Selling Your Property?
It will take you around two to three months to sell your property in Portugal, give or take. Though there are many steps to take, they're not that hard to do for the most part. As long as you're prepared and no problems arise along the way, it'll only take you a couple of months to complete the sale. But as previously mentioned, this is only if you are fully prepared, which means you've gotten all the paperwork ready. If you haven't, then there's a good chance the process will take a long time. Possibly six months or even more!
What are The Best Tips for Selling Property in Portugal?
Finally, here are a few helpful tips
that will make sure that you sell your property in Portugal with no problem at all! Firstly, remember to be 100% honest about the property. Though you're not legally required to share info on the property, the buyer might decide to ask a set of questions about it before they finalize the sale. And when that happens, you'll want to be honest with your answers. Why? Because if they discover that the property has a defect and were able to prove that you knew about it, the liability falls on you. Secondly, don't forget to set a move-out date. It'll lessen the confusion on when the buyer can move in if you do!
If you ever need to sell real estate in Portugal, you have to know what to do first. Don't just go through the process willy nilly hoping everything goes well in the end. You can take control of the situation by learning about the basics from this real estate guide beforehand.