The transfer of a property, because of its importance and value, requires from the professionals involved in the transaction, the assumption of a set of obligations and duties, and for the buyers to adopt a set of procedures that ensure legal security on the real estate business
One of the first aspects to consider relates to the analysis of the property documentation. You should therefore verify whether the property is able to be legally transmitted, using the:
– Property Registration Offices
– Tax Offices
Once the process of negotiation is concluded, it is advisable to establish a Promissory Contract of sale, to ensure both parties in the completion of the final contract the Deed .
Before the completion of the deed, the provisional registration of acquisition and mortgage may be done, (in case it has resorted to bank financing ) with the respective land registry offices .
Marked the date of conclusion of the deed is required to pay the Council Tax Property Transfer (IMT) .
After the payment of the IMT, It is then necessary to deliver before the Notary or the bank, in case of a bank loan, a set of documentation.
Under the Law-Decree nº 68 of 25 March 2004, it became mandatory to provide also for presenting a technical Housing report to be delivered to the buyer in all of deed acts involving the acquisition and ownership of a residential building or part of it, which without it, the deed cannot be concluded. Also it is advised to the sellers to provide a energy certificate of the building, but the absence of this last is not mandatory for the final deed.
The next phase regards to the conclusion of the business, completing the purchase and sale of the property upon execution of the public deed in the Notary (Art. 875 Of the Civil Code) .
Another cost to consider in the process of purchasing immovable property relates to Tax stamp.
After the completion of the contract of sale that will register the acquisition or conversion into final or provisional registration, previously made by lodging the application for registration in the land registry offices, it has to be delivered, a copy of the contract or certificate of deed and building Handbook of the building .
Finally, the acquisition of the property should be shared, in the course of sixty (60 days), in the Tax Office location area for the purpose of registration or updating of land registers.