The purchase – fast facts
The deposit is paid when signing the contract. It is usually about 10% of the purchase price for resale properties and a fixed sum of between €3,000 and €6,000 for new builds. The deposit is proof of the buyer’s commitment to the purchase of the property.
Once the property has been purchased, the title deed is registered in the title deed registry. This is proof that you are the new legal owner of the property.
In Portugal you generally pay 10% of the purchase price for resale and new builds.
To buy a property in Spain or Portugal, you need a tax identification number (known as an NIE/NIF). You also need an NIE /NIFnumber if you are going to work, open a bank account or set up a phone or internet subscription in Spain. Applying for a NIE number usually takes several weeks, so prepare the application in well advance of your planned property purchase, so that it doesn’t cause a delay. We can put you in touch with companies that can assist you in obtaining an NIE.
In Portugal, it is easy and quick to apply for a NIF, you do this at the local tax office (Finanças) showing your passport.
The Notary Public is an officially appointed law professional who in this case is obliged to check the identities of the buyer and vendor and the legal status of the property. The Notary Public also prepares the transfer deed, which forms the basis of your title deed application.
The completion date is the date that you get access to your new property. The purchase is finalized and you pay the remaining part of the purchase price. After that, the home is yours.