Mastering the Art of Real Estate: The Key Importance of Knowing How to Sell or Buy a House

Buying or selling a home is a major financial decision that requires careful analysis and planning.

Whether you're investing in a property or selling your current home, it's essential to follow important steps to ensure a good financial return and a safe transaction.

Carry out market research in the region where you intend to buy or sell a property, to get an idea of current market prices and trends.

In addition, it is advisable to obtain a valuation of the property to ensure that you are doing business safely and at a fair price.

We share an overview of the administration behind this process in Portugal:

1. Property search: The search for a property that matches your criteria. Use real estate agencies, online platforms to help you in this process.

It is advisable to check the license of the real estate agent involved and read their reviews before finalizing any deal.

2. Negotiation: The negotiation process usually involves price discussions and an agreement on the terms of the sale. We suggest the support of a lawyer.

3. Promissory Contract of Purchase and Sale: This is a preliminary contract signed by both parties, where the conditions of the definitive deed of purchase and sale are established. At this stage, a deposit is normally paid, which is usually around 10% of the property price.

4. Due Diligence: Before signing the final deed of sale, it is important to carry out thorough due diligence. This includes checking the legal status of the property, checking for any outstanding debts or charges (at the land registry or tax office) and confirming that all the necessary licenses are in place.

5. Final deed of sale : The last step is to sign the deed of sale before a public notary. Both parties, or their legal representatives, must be present at the signing. At this stage, the remaining amount of the property price is paid and the keys are handed over to the buyer.

6. Costs and taxes: It is essential to consider the extra costs involved in a property transaction in Portugal, such as property transfer tax, stamp duty, notary fees and registration fees.

7. Legal support: It is advisable to seek legal advice from a solicitor or lawyer specializing in property transactions to ensure that you are covered in all legal aspects and to protect your interests. Avoid using a lawyer who represents both parties.

8. Documentation: Make sure the property has all the necessary documentation in place, such as a valid energy certificate and the appropriate planning permissions.

Work with a lawyer who specializes in real estate law in Portugal, to help you understand the legal issues involved in buying or selling a property.

A crucial step in buying a house is to carry out a detailed inspection of the property. Look for any evidence of damage or wear and tear and evaluate the possibility of hiring a professional inspector to examine the condition of the home.

In addition, it is essential to investigate the construction of the house to ensure that it complies with all building codes and regulations.

If you are considering buying a house that is still under construction, it is important to research the construction process and the company responsible for the work.

Make sure you know the builder's reputation and find out about the materials used in the construction. It is also important to assess the solidity of the building and its ability to withstand natural disasters such as earthquakes and floods.