SELLING A HOUSE IN PORTUGAL
Do you own a property in Portugal and are you thinking of selling it?
If the process of buying a property is in many cases, a daunting task due to the quantity on offer, the bureaucracy involved and the management of personal expectations, then the selling process is no less so. Selling a property whilst simultaneously competing with what is on the market, making it attractive and advantageous for both yourself and the buyer is also an arduous task, especially if not managed in the best way.
For this reason, and to facilitate matters, it is advisable to select and contact a real estate company. The latter must guarantee and assure you of all the information necessary in this process, including creating a description and providing confidentiality as required.
As with professionals who are used to this work on a day to day basis, these companies have networks of contacts of potential buyers and investors, which can be the key to a successful sale. Along with close contact with potential investors, they also hold other tools such as an online platform, regular advertising on social media and communications, directed at national and international markets, which makes a difference in the success of this process. Note also that the best companies also have accredited professionals with knowledge and who are fluent in several languages.
It is also important to note that some companies also have marketing professionals with skills in the field of image, decoration and photography who can make your property even more attractive to potential buyers, making the sales process faster and more profitable. At the same time these professionals will be able to tell you the current value of your property, taking into account the economic scenario, market potential and demand.
DOCUMENTS REQUIRED IN ORDER TO SELL YOUR PROPERTY
To begin marketing your property you will need several documents, in order to present your property clearly, and with a view to simplifying and speeding up the process. Remember that the offer available on the market is fierce, so the buyer will be grateful if you can simplify this part of the process. Also note, that while we are talking of substantial values, the acquisition of property is often driven by momentum, which is why it is important to be available and flexible with any potential buyers.
With regards to documents, pay attention that you have a valid identification document or passport as well as a tax identification number or Numero de Identificação Fiscal (NIF).
During the sales process you will be required to present a Caderneta Predial issued by the Finanças office and valid for a maximum of six months and through which it is possible to see the tax rates applicable for your property.
You must also have the Registo Predial, obtained from the Conservatória do Registo Predial, which must state the current owner’s name/s as well as state any eventual debts or mortgages and the statistics of the property.
In Portugal there are many properties without a construction or habitation license, if they were built before 1951. However, in the case of property built after 1951 you will need to have a Licença de Utilização ou Construção, issued by the local Camara Municipal. It is stated that no property in Portugal can be sold without this license.
In addition to these documents, you should also provide a Ficha Técnica do Imóvel, which is issued by the builder of the property when purchased. Through this document the buyer can see all the details of the construction, principally the materials used and respective suppliers.
Finally, since 2010, owners of property are required to present a Certificado de Eficiência Energética, issued by the Energy Agency, an entity which regulates the national system of energy certification of buildings, and which is valid for 10 years. This is a certificate which presents the energy efficiency of the property with a scale from A+(high efficiency) to F(low efficiency).
After ensuring that you have all of these documents, all that remains is to wait for the first contact from potential buyers, schedule a date for signing the Promissory agreement and subsequently, signing the deed. Ensure compliance with all legal requirements and agreement between all parties involved.
Do not forget to ensure that the various costs associated with legal fees from your lawyer and mediation commission from your estate agent are previously agreed upon. Also make sure that you have paid for the taxes associated with IMI and afterwards with IRS/IRC, which should include amounts earned during the process of sale.
When the time comes that I want to sell my property, why should I contact an estate agent?
Yes, a certified estate agent with references in the market can simplify the whole process of selling, providing you with all the information necessary to sell your property quickly and at the best price.
What can an estate agent offer me?
Security, assurance, transparency, celerity and confidentiality. At the same time, with a responsible and knowledgeable professional they can offer you with a set of marketing and advertising tools to promote your property both nationally and internationally.
What documents do I need to sell my property?
- Valid identification documents such as a passport
- NIF Portuguese tax number
- Caderneta Predial
- Registo Predial
- Licença de utilização/construção/habitação
- Ficha tecnica do imóvel
- Certificado de Eficiencia Energetica
The information stated here does not exempt the reading of legal and tax regulations, available through public organizations and institutions. In this regard we are not responsible for any errors or outdated information described herein. Last updated July 2017.