Algarve Real Estate Information
Your comprehensive guide to Everything Algarve
If you wish to buy property in the Algarve you need to research the market and research the legal and financial obligations implied. You can find a wealth of information online, but it is always advisable to use the services of a local lawyer.The information given below is general and introductory.
If you chose to deal through a real estate agent be sure they are a licensed agent – ask for their AMI number. You can also buy directly from developers. Once you have found your dream property there are several steps to follow. You should consider carrying out a structural survey to avoid any unpleasant surprises. A property search – checking the legal pedigree of the property - is vital. The estate agent, developer or lawyer should assist here. The next step is a promissory contract, “contrato promessa de compra e venda” – at this stage a deposit is required. The final steps in the signing of the deed of purchase and sale - “escritura”, which requires the presence of a Notary. There are some additional costs involved in the purchase of property – notary fees, IMT tax.
To ensure that your experience of buying property in the Algarve runs smoothly, professional assistance is essential.
