Selling your Property in Portugal
Selling your property in Portugal
Selling your property in Portugal can be a stressful experience if not handled correctly. Make sure you have trust in the Real Estate agent who is assisting you with the sale of your property.
We at Ocean Key Property guarantee our loyalty and excellence when listing your property.
We will put your property on our site with photographs and a write up describing your property. If a buyer shows interest in your property we will inform you of any viewings and give you feed back after the viewing takes place.
The first question a seller needs to let us know is how much your property is worth.
After contacting Ocean Key Property we will arrange a day suitable for you for one of our agents to visit your property to give advice on how much it is worth on today’s market. It is up to you the owner if you wish to have a for sale sign up on the property. If not don’t worry Ocean Key Property will advertise your property on all of our property engines. After price is agreed we will draw up a legal listing contract with you.
Documents you will need for Selling your Property in Portugal:
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Identification from all the owners of the property such as your passport
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Fiscal number
- Stands for Número de Identificação Fiscal Tax Identification Number and it is commonly called Número de Contribuinte Taxpayer Number. It is a 9-digit unique personal identifier used for tax purposes.
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Tax and financial registration of your property which is issued by the tax department. This document shows the financial registration of your property, rates, and the taxes payable to the local council. Make sure this document is no later than 6 months old.
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Property registration certificate or land registry which shows who the registered owner of the property are. This document is also needed to show any outstanding payments of loans or mortgages. This document will also show the construction area, plot size, and other information about the property.
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A habitation and construction license is required for properties constructed after 1951 and is issued by the City Hall. This document also shows that your property has been built according to the plans approved for your property. No property can be sold without this license in place.
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With properties built before 1951, there would have been no registration done meaning this property would need a declaration from the city hall. This document states the property was indeed constructed before 1951.
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Property Technical file. This document is provided by the developer or builder and is a new requirement since March 2004. This file is the detailed ID of your property and explains in detail the construction. The ID also shows the suppliers, materials used, and all other technical data used for the construction of the property.
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Energy Certificate which this is according to the new law here in Portugal. All properties advertised with a Real Estate agent should have their own certificate.
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Mediation contract. Before an agent can advertise your property the owner needs to sign this contract with the agent handling the sale. This contract is the owner giving permission for the hired agent to find a buyer for their property.
Selling Costs
Lawyers fees – The seller may choose to have a lawyer for the representation of selling your property, but the costs of lawyers here in Portugal will vary on the lawyer. You will find most agents will have a lawyer that will work on behalf of the seller and buyer cutting the cost of fees for both parties involved.
Income Tax – IRS/income tax for the capital gain obtained through the sale of your property which the buyer purchases at a lower price. The seller or the agent must report the sale of the property to the tax department within a fixed time after the final deed. Also, the amount of capital gains tax payable depends on whether you are a Portuguese resident or not, which having deductible expenses or not, the year the property was purchased, etc. Prior to selling your property, you should enquire with your tax advisor before determining the price of your property.
Agents Fee – The seller will meet with their chosen Real Estate agency to find out the costs as here in Portugal the seller pays the fees to the hired agency.
Please note, as the laws in Portugal are constantly changing the above information is just a guideline and we cannot be held liable for any errors or misinformation and recommend legal and fiscal consultations prior to any transaction.
If you need to know how the currency market is please follow the link https://www.currencyindex.co.uk/Agent/oceankey or information on the buying process in Portugal please see the following link https://www.oceankeyproperty.com/buying-a-property-in-portugal/
