Buying Property in Portugal

by Gabrielle Collison

An extract from Gabrielle's guide to buying property in Portugal.

The book can be purchased at amazon.co.uk

Real Estate Agents & Vendors

Be careful whom you purchase property, plots and ruins from. The first choice for most prospective buyers is a real estate agent. Like anywhere in the world, there are reputable agents, not so reputable agents and downright un reputable agents.

Checking out Portuguese Agents

In Portugal, a real estate agent has to be registered and, therefore, have the appropriate insurance and qualifications. A registered agent is given a number. This is known as an AMI Nº and is issued by INCI (formerly IMOPPI).

To check whether a real estate agent is registered and has an AMI Nº consult the INCI website at http://www.inci.pt.

Click on Serviços Online on the left hand side and then on Consulta de Empresas and Licença de Mediação Imobiliária on the left hand side.

You can then insert all or any of the following: licence/AMI nº (Nº Licença), company fiscal nº (NIPC) name (Denominação), address (Morada), postal code (Código Postal) or locality (Localidade), and click on Pesquisar in the bottom right hand corner.

If you want to find all registered real estate agents in a particular district (Distrito) or council area (Conselho), click on the arrows alongside those boxes and highlight the area you want and then click on Pesquisar. By clicking on the individual agent you can then check all their details, such as, when their licence was issued (Licença emitida em), when their licence is valid to (Válida até), their company fiscal nº (NIPC), their insurance company (Seguradora), and the validity date of their insurance (Data de Validade do Seguro).

It has been known for real estate agents to display a false AMI Nº. So just because they seem to be legitimate don’t take it for granted. Double check.

Treat all real estate agents the same way. Just because they might be a fellow national and/or speak your language fluently, it doesn't’t make them any more reputable or trustworthy. Check them out.

More recently, if a real estate agent is involved in the sale of a property, then their name and details must also appear on the final deed (escritura). If you wish to check whether the real estate agent is a limited (lda) company and the details of that company, read the Builders & Architects chapter to find out how you can do this via the Internet on the DGRN/RNPC web site.

If you need to contact INCI to make further enquiries or to make a complaint click on Contacto on the home page in the bottom left hand corner or on INCI, I.P. and then Horário e Localização on the left hand side for their address and working hours. Remember, in Portugal, legal representatives are not permitted to act as real estate agents and sell properties.

Checking Out UK Agents

There are several UK companies on the Internet now selling property and plots in Portugal. They are sometimes connected to a builder or developer and these, of course, will not be registered by INCI.

Many are simply run from homes or behind other businesses and when you telephone or e-mail them they will often put you in contact with someone in Portugal. Do your homework again. Check whether they are registered at Companies House in the UK.

Go to http://www.companieshouse.gov.uk and click on “Find Company Information” on the right hand side and then on “Access Webcheck.” Enter the name of the company and click on “Search.”

A list will appear with companies of that name or similar. Click on the name of the company you are looking for and if they are registered correctly the company details such as their registered office, company number, date of incorporation, type of business, status and accounting and return dates will be shown. To find out more details, such as the directors’ names and for copies of returns and accounts, you can telephone, write to or e-mail Companies House. They charge a fee for this service.

Check also when you contact the real estate company in the UK, whether they have an office in Portugal and, therefore, the address, telephone numbers, fax numbers, mobile numbers and e-mail address for that office, as well as the name of the contact in Portugal.

If you go through one of these companies then find out how you will pay them, into what accounts and where the money is declared. Check whether they could be in any way money laundering.

You are going to be making a very expensive purchase so be certain what is happening with your hard earned cash!

There are also UK based companies with Portuguese real estate “arms” doing viewing trips for a very cheap fee per person. Firstly, a long weekend is rarely enough time to view enough properties sufficiently. Secondly, they aren’t giving you a good price on the viewing trip simply because they’re nice. Their goal is to sell you property. So, if you do decide to go on one of these trips be prepared for their pressure selling tricks but don’t let anyone rush you to make a decision. Consider these companies in the same light as you would any other and make sure you do the necessary checks.

Checking Out Private Vendors

Of course there are people who prefer to sell privately. No problem in that. But check that the person selling the property actually owns it. It may sound bizarre, but there have been cases of people buying houses from individuals, who don’t actually own them! Not very nice when the real owners come back to claim them.

Also, check how many people own the property. Quite often the title can be in the name of several family members and if one of them happens to be living overseas, it can be difficult getting them all to agree to sell and sign. See the Land Registry - Conservatória do Registo Predial and Notary - Cartário Notarial chapters to find out how you can check, regarding who the owners of a property are.

'Buying Property in Portugal' can be purchased at amazon.co.uk >