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Invest in Portugal
Invest in Portugal
How to buy
How to buy
At i-Wish Real Estate we promote direct contact with the client.
Here you can buy any type of property, new, used or historical, according to your personal taste or investment goal.
After an initial search, you can take the first step towards the acquisition of luxury homes in Porto.
We have a Rental Management service for owners with one or more homes.
Our service includes disclosure of the property on our website and several portals , and you can also choose among the various services:
- Cleaning of property;
- Small works;
- Pool and Garden Maintenance;
- Reception of hosts;
We make budget according to your needs.
At i-Wish Real Estate we promote direct contact with the client.
Here you can buy any type of property, new, used or historical, according to your personal taste or investment goal.
After an initial search, you can take the first step towards the acquisition of luxury homes in Porto.
Choosing a House
Choosing a House
Location
- Check if the location is served by the main infrastructures such as electricity, water, gas, sewage, telephone, TV and internet lines.
- Go to the site during different periods of the day and at night to observe the surroundings and the neighborhood.
- Analyze the good accessibility to the location, public transportation and ease of parking.
- The proximity of Schools, Hospital, Health Center, Commerce,
- Public Services (CTT, Banks, Pharmacies, ...) and Gardens, is a factor of great relevance.
- Find out about the degree of security on the location and the proximity of police entities.
Characteristics of the dwelling
- Pay attention to the building's age and construction quality.
- Check for cracks or fissures in the walls, any interventions made, the type of insulation, signs of humidity in the walls, ceilings and under window sills.
- Examine the proper functioning of the gas, water and electricity and find out about the power.
- Inquire about the existence and value of the condominium.
Legality of the purchase
Legality of the purchase
Used House
- Ask for a copy of the deed of acquisition, the land registry certificate and the land registry certificate.
- Make sure there is a valid habitation permit.
- In the copy of the land registry certificate, you can verify the identification of the owner of the property and the charges registered on it (mortgages, liens, usufructs). If you request financing for the purchase of the property, the financial institution will verify the respective situation and proceed with the cancellation of encumbrances and charges. The cost of cancelling these charges will be the responsibility of the seller (unless otherwise agreed).
- Verify if the building or condominium unit has its registration registered in the caderneta predial (land registry), or if its registration is being requested (Tax Office).
- Make sure that the house is not rented and that the IMI is paid, as well as the condominium expenses.
- The charges and taxes resulting from the purchase and sale are the responsibility of the buyer (Real Estate Transfer Tax, Stamp Duty, and notary and registry fees).
New House
- Check that you have a habitation permit, a habitation technical sheet and an energy certificate.
- In the case of acquisition of land for future construction of a house, check if the land is located in an area authorized for urban construction, i.e., if a subdivision permit was issued and what are the characteristics of the house that can be built.
- The builder/developer must guarantee the amounts delivered as a down payment during the construction phase, by signing a promissory contract of purchase and sale with notarized signatures.
- The builder/developer is responsible for the costs of the horizontal property deed and its registration in the land register.
New House
- Check that you have a habitation permit, a habitation technical sheet and an energy certificate.
- In the case of acquisition of land for future construction of a house, check if the land is located in an area authorized for urban construction, i.e., if a subdivision permit was issued and what are the characteristics of the house that can be built.
- The builder/developer must guarantee the amounts delivered as a down payment during the construction phase, by signing a promissory contract of purchase and sale with notarized signatures.
- The builder/developer is responsible for the costs of the horizontal property deed and its registration in the land register.
New House
- Check that you have a habitation permit, a habitation technical sheet and an energy certificate.
- In the case of acquisition of land for future construction of a house, check if the land is located in an area authorized for urban construction, i.e., if a subdivision permit was issued and what are the characteristics of the house that can be built.
- The builder/developer must guarantee the amounts delivered as a down payment during the construction phase, by signing a promissory contract of purchase and sale with notarized signatures.
- The builder/developer is responsible for the costs of the horizontal property deed and its registration in the land register.
Purchase and sale promise contract
Purchase and sale promise contract
This is a document by which the parties undertake to conclude, between themselves or with a third party, the definitive contract for the purchase of the property. The promissory contract must contain the signatures of the signatories duly recognized, to ensure greater legal security.
The Promissory Contract must contemplate the following aspects:
- Identification of the intervening parties, promissory purchasers and promissory sellers (name, marital status, civil ID number, tax ID number, address).
- Identification of the property to be transacted (including the description in the Land Registry Office and the land registry inscription registered in the Caderneta Predial).
- Reference to the habitation/construction license of the property.
- Transaction price, form of payment, value of the down payment, reinforcements of the down payment and respective schedule (reference to the loan requested or to be requested from the bank, to the fact that the purchase depends on this loan and foreseeing, in case it is not granted, the consequent restitution of the down payment).
- Indication that the property will be sold free of any liens and encumbrances.
- The maximum period for the conclusion of the promised contract, and the payment of penalties may be agreed upon if the period is exceeded through the fault of either party.
Process and legal costs
Process and legal costs
Process Costs
- Opening Expenses: Commission established by the financial entity for managing the financing process.
- Appraisal Fee: Procedure through which an expert (appraiser) determines the market value of the property on which the mortgage will be established to guarantee the loan.
- Solicitor's fees: this is the fee set by the financing entity for the processing of the legal documentation of the operation.
Process Cost
- Registration of Purchase and Mortgage: Currently there are two ways to perform a purchase and sale deed and mutual with mortgage: in Safe House (in a Notary Office, which requests all property registrations and cancellations online), or in Ready House (in a Land Registry Office, where all previous acts and cancellations are immediately registered). In both cases the values are legally established.
- Notary fees - Public deed of purchase and/or loan with mortgage and/or guarantee: The notary fees are established by each Notary based on the value of each of the acts and the real estate that are part of the operation. The costs of the deeds are calculated based on the declared value of the purchase and sale, the number of properties, the specificity of the acts, the number of copies requested, among other factors. To these costs may also be added values by way of Certificate of Deed.
- Title Deed Certificate: The Certidão Teor of all land registrations and descriptions can be obtained Online or at a Land Registry Office.
- Stamp Tax: Stamp Tax on the acquisition of 0,8% on the transaction price of the property in the deed and Stamp Tax of 0,6% on the amount of credit used.
- IMT (Property Transfer Tax): The calculation of this tax obeys values established annually in the State Budget, and differs as to the location of the property (Continent or Autonomous Regions) and the use of the property (Permanent or Secondary Proper Habitation and for Lease). This tax is calculated on the greater of the taxable patrimonial value of the property or the constant value of the act or contract (for example: deed of purchase and sale) and must be liquidated and paid before the deed. The payment forms can be obtained online or at the Tax Office.
- IMI (Municipal Property Tax): It is an annual payment tax that is levied on the taxable patrimonial value, contained in the Caderneta Predial Urbana (Urban Property Book), and covers buildings (rustic, urban or mixed) located in national territory. The definition of IMI rates is the responsibility of local municipalities.
Scripture
Scripture
In this phase are carried out:
- Purchase and Mortgage Registrations: Currently the purchase and sale deeds and mutual deeds with mortgage can be executed in a Notary's Office (Serviço Casa Segura) or in a Land Registry Office (Serviço Casa Pronta).
- Payment of the IMT (Municipal Property Transfer Tax): If there is no exemption from this tax, the payment slips can be obtained Online at the Customs Tax Authority Site or requested at a Tax Office.
- Purchase and mortgage deeds: Currently the purchase and sale deeds and mutual deeds with mortgage can be signed in a Notary Office (Serviço Casa Segura) or in a Land Registry Office (Serviço Casa Pronta).
- Deed of Sale and Purchase and Mortgage: At the moment of the deed, two distinct acts take place. The contract of purchase and sale, through which the buyer becomes the owner of the property, and the contract of loan with mortgage in which everything related to the mortgage is stipulated (the value, interest rate, repayment terms, amortizations, etc.). After this contract is signed, the bank releases the amount necessary to pay the former owner of the property.
Documents required for the Deed:
- Civil identification and tax identification documents of the intervening parties.
- Certificate of content of all inscriptions and descriptions in force.
- Caderneta Predial Urbana or Application for registration of the building in the matrix (Model I of IMI) issued by the Autoridade Tributária e Aduaneira.
- License for use (property built after August 1951).
- Housing Technical File (if the License for Use was issued after 03/30/2004).
- Infrastructure Certificate (if you have a Land Allotment License registered after 1992, without the provision of a deposit and in the case of a 1st transmission).
- Energy and Indoor Air Quality Certificate for Buildings.
- Proof of payment of IMT.
- Proof of payment of Stamp Duty.
- Declarations of Exercise of the Right of Preference (in case they exist).
- Toponymy Certificate (if there is one).
- Statement of the outstanding loan amounts for the purpose of liquidating the loan (if any).
- Settling the IMI (Municipal Property Tax)
In the properties that are destined to permanent habitation and rental, the request for exemption of payment of IMI (Municipal Tax over Real Estate), can be done within 60 days after the deed, in the Finance Department of the area of the property.
