Useful Information
On this page you can find some useful information regarding the different terms and documentation related with the purchase of your
.
Legal Estate Agents - Imobiliárias
In
Must be registered: They must be registered with the “IMPIC” (Institute of the Public Markets, Real Estate and Construction), the body responsible for licensing, supervising and monitoring the activity of Real Estate Agents; and, Must comply with the laws that regulate the Portuguese Real Estate industry.
.
The license given to estate agents has the initials AMI (Actividade de Mediação Imobilária) and you will know that an estate agent is licensed because they are obligated to display the license in their offices (where visible), have the license number present in correspondence, business cards, signs and web sites. Agents will not be offended if they are asked for proof of their license when you are dealing with them by phone, fax and/or email as any reputable agent will want to maintain the standards of the industry. All Government Licensed Estate Agents, by law, must have at least one legitimate registered office where you can find the AMI license displayed and the complaints book.
.
Lawyers (Advogados) will have a degree in Law and must have completed an 18 month period of practical training with a senior lawyer. Your lawyer (attorney-at-law) will perform the same duties as a solicitor or barrister and will be a member of equivalent to the law society “Portuguese Bar Association” (Ordem dos Advogados). The lawyer's duties include checks to confirm that the vendor has true title of the property, checks to confirm that the property is free of any liens or mortgages and that all of the necessary documentation is in order as required by law for completion of sale.
.
Fiscal Identification Number - Número de Identificação Fiscal (NIF)
This tax identification number is essential for performing almost any legal act in
.
The Municipal Transfer Tax (Imposto Municipal sobre a Transmissao Onorosa de Imoveis or IMT) is calculated against the purchase price or taxable value, whichever is higher, on a sliding percentage scale which changes annually (as seen below). This tax has to be paid for at a fiscal office prior to completion of purchase and proof of this payment has to be presented at the notary in order to proceed with the final deed. Urban residential properties (villas, houses and apartments) are taxed from 0% to 8%, with certain deductions. Tax deductions for a permanent home are higher. Note also that the maximum value where 6% tax is applicable is lower for 2nd home buyers.
IMT TAX 2019 FOR A PERMANENT HOME |
||
Value of the property |
Tax (%) |
Amount to be |
Under 92.407 |
0% |
0 |
From 92.407 until 126.403 |
2% |
1.848,14 |
From 126.403 until 172.348 |
5% |
5.640,23 |
From 172.348 until 287.213 |
7% |
9.087,22 |
From 287.213 until 574.323 |
8% |
11.959,26 |
Over 574.323 |
6% |
0 |
IMT TAX 2019 FOR A 2ND HOME |
||
Value of the property |
Tax (%) |
Amount to be |
Under 92.407 |
1% |
0 |
From 92.407 until 126.403 |
2% |
924,07 |
From 126.403 until 172.348 |
5% |
4.716,22 |
From 172.348 until 287.213 |
7% |
8.163,09 |
From 287.213 until 550.836 |
8% |
11.035,35 |
Over 550.836 |
6% |
0 |
© Copyright: Cenario Oeste - Portugal Silver Coast Properties - AMI 7874