Home buying in Portugal, especially in the Algarve has become easier over recent years thanks to the adoption of the Euro as a single currency, free movement of money between European countries and an increase in multilingual Estate Agents, Surveyors and Lawyers, who are experienced in dealing with purchasers living outside Portugal.
We hope that the following brief buyers guide is helpful in outlining the main steps when purchasing in Portugal.

1. Once Ocean Country have helped you to find the right property, you will need to make an offer. Ocean Country can advise you in matters relating to negotiation process.
2. Once you have agreed on the price you will need to:
   (i) Appoint a lawyer to handle the “paper work” including search of the property register to check that the seller has a valid title of ownership and that the property is free from encumbrances (the lawyer’s fee will normally be 1—2% of the purchase price of the property;
   (ii) Appoint a surveyor to carry out a structural survey of the property (surveyor’s fees range from about £400 - £1000 depending on the size of the property);
   You are strongly advised not to purchase a property without qualified legal assistance. Ocean Country’s in-depth local knowledge ensures arrangement of the best independent professional guidance.
3. Additional costs include:
   (i) IMT tax “transfer of ownership tax” is payable on properties valued at over 80,000 Euros. For residential property there is a sliding scale, up to a ceiling of 6% of the purchase price on properties over 500,000 Euros. For rural land there is a standard rate of 5%.
   (ii) Notary fees calculated according to the value of the property (certain documents need to be signed in the presence of a notary):
   (iii) Registration of title fees.
   Remember, the seller pays the Estate Agent’s commission, not the buyer.
4. You, the buyer, enter into a Promissory Contract with the seller, whereby you pay over a deposit to the seller, usually to the value of 10-15% of the purchase price of the property. If the seller withdraws from this contract, he must pay you twice the amount of the deposit. Alternatively, if you withdraw from this contract, you will forfeit your deposit.
5. Completion of the purchase usually takes place 2-3 months after signing of the Promissory Contract. During this time, the lawyer checks all legal issues relating to the property and the purchase transaction. On completion, you are obliged to pay the remaining balance of the purchase price.

Ocean Country will oversee the entire process, ensuring that all runs smoothly and that you have the right professional assistance every step of the way.