Buying Guide

Enjoy Life at Pestana Properties

If you have been looking for the ideal home in the Algarve, look no further.

With the help of our highly experienced (licensed) team of real estate agents, we guarantee that at Pestana Golf & Resorts you will find the perfect property to fit all your needs and, most of all, your budget.

You can trust that our team of expert agents will offer a high level of service, the best advice and will gladly assist you with the purchase of your luxury home.

1 - Reserving a property

To accommodate overseas buyers who tend to be on a tight schedule, Pestana will accept a deposit and draw up a Reservation Agreement that removes the property from the market whilst the paperwork is checked and contracts are processed.

2 - Appointing a solicitor

Your solicitor will:

a. Check the property and resort documentation
b. Write the Contrato Promessa de Compra e Venda (section 3)
c. Ensure all taxes and fees are paid (see section 5)
d. Guide you through the purchase process

3 - Contrato Promessa de Compra e Venda

The Portuguese legal system offers a binding contract in the promessa that removes the possibility of gazumping.

If the promessa is broken by the seller they must return the deposit amount multiplied by two. Should the buyer break the contract he forfeits the amount of the deposit.

Enjoy life at Pestana Properties

4 - Conveyance

The deed is finalised in a public notary’s office in a procedure that can be held by your solicitor (providing you have signed over a power of attorney to them).

5 - Payments, taxes and fees

• IMT (Imposto Municipal Sobre Transmissões Onerosas de Imóveis) - Transfer Tax
  Prior to completion IMT must be paid on the declared sale value of the property. This tax is worked on a sliding scale starting from 2% below € 177,000 to 6% above € 535,000.
• Honorários de Notário (Stamp Duty)
  On completing the process, 0,8% of the declared value will be paid to the notary.
• Solicitors/Advogados
• Fiscal representation
• Other
  There may be small notary charges to be paid during the completion process. Noting the change of owner on the land registry costs approximately € 150