Perhaps the most exciting part of your search is viewing properties that match your criteria. ten Hoopen Realty will help you define what is important to you and help you navigate the local property market.

Once you have found your dream home, it’s time to start negotiating. We generally recommend starting with an offer of around 10 to 15% below the asking price, depending on how the price compares to comparable properties on the market. Our expert team will negotiate on your behave, securing the best deal possible. Once we have negotiated a price that is acceptable for both the buyers and the sellers, we instruct the lawyers to take care of the paperwork.

As the due diligence process can take some time, it can be useful to sign a reservation agreement with the sellers. This is typically a 5.000 euro reservation deposit, which is held in your lawyer’s account. This agreement takes the property of the market and the vendor should cease viewings. This reservation agreement shows your intent to buy to the seller and gives you, the buyer, a little more security that the property won’t be sold from under your nose. 

However, it is important to note that the deal is not secured until the all-important next step: the ‘Contrato Promessa de Compra e Venda’, also known as ‘CPCV’ or in English as the ‘Promissory Contract’. 

Generally, we aim to sign the CPCV within 14 days of signing the reservation agreement. In this time, the lawyers will have time to do the necessary due diligence: checking for any debts, liens, or legal issues with the property. It is important to ensure that all the required licenses are in place and the property matches the plans registered at the town hall. 

Upon signing this promissory contract, you – the buyer –, will pay a deposit of typically 10 to 20% of the purchase price, minus the reservation amount. The size of the deposit reflects the time between the signing of the promissory contract and signing of the deed. A longer period, means a higher deposit. 

The CPCV is a legally binding contract. Details such as the agreed price, the identities of the buyers and sellers, payment terms and other terms and conditions are stipulated.

Important information: this CPCV contract is not mandatory, though at ten Hoopen Realty we strongly advise you not to skip this step. Why? If the sellers pull out of the deal, they will have to pay back the deposit, plus the same percentage on top. If you as a buyer were to back out of the deal, you would lose your deposit. 

The final step is signing the deeds at a Portuguese notary and, maybe the most exciting part, getting the keys to your new home in the sun! 

At this stage, you will pay the IMT or purchase tax and stamp duty, after which the property is legally yours. Then, your lawyer will register you as a new owner in the Registo Predial (land registry). You will of course receive copies of every legal document. After that, you’re all set to enjoy your new life abroad.