If you are thinking about buying a property in Portugal, there are a lot of laws and regulations set in place to make sure that the process goes smoothly. We...
|Scooped by Michael Vincent|
If you are thinking about buying a property in Portugal, there are a lot of laws and regulations set in place to make sure that the process goes smoothly. We have decided to include some things you should be made aware of like the terminology used in Portugal property sales that you may not be familiar with if you live outside of the country.
Key Property Terms Used In Portugal property sales:
1) IMT: Property Transfer Tax which is to be paid before or at the completion of the sale
2) CadernetaPerdial: Property Tax Document
3) CadernetaRustica: Tax Document which includes an exact description of a rustic property only
4) ContratoPromessa de Compra e Verda: Preliminary Contract
5) Certidao de Teor: Property Registration Document
6) IMOPPI: Professional orgainsation which all licensed estate agents in Portugal belong to.
7) Escritura de Compra e Venda: Final Sale Deed
8) MediadorAutorizado: A Licensed Real Estate Agent
9) Notario: (Notary Public) someone who is responsible for the sale of a property in Portugal
10) Registo: A property registration document
11) Rustica: Applied to all properties in very rural areas of Portugal
12) ProcurcaoPublica: (Power of Attorney) could be issued by a Notary Public which can act on behalf of the buyer to purchase a property in Portugal.