If you are thinking of selling your property in Portugal, then this is the post for you! In this guide, we will take you through every step of the process, from finding a good real estate agent to finalizing the sale. We'll also go over some of the costs involved in selling a property in Portugal.
So whether you are just starting or have already begun the process, read on for valuable information and advice.
When it comes time to sell your property in Portugal, it's important to find the right real estate agent to help you through the process. You could sell it on your own but an experienced agent will know how to market your home and get it sold quickly for the best price possible.
At Elyseeum, we specialize exclusively in high-end luxury properties and have a team of experts who know how to market them effectively. Our marketing is targeted towards wealthy individuals who are more likely to buy your home. We concentrate on promoting the unique details of each property so that buyers can see its true value. This focused approach increases our chances of finding the perfect buyer for your home.
While discussing with the agents and preparing for the sale, you'll need to gather some paperwork. The following list will help you get started :
After finding your real estate agent, one of the first things you'll need to do is sign a mediation contract with them. This document outlines the terms and conditions of the relationship between you and the agent, and both parties must be clear on what's expected.
In Portugal, only licensed real estate agents can operate as brokers and they are only allowed to start promoting a property after the mediation contract is signed by both parties.
You can check if an agent is licensed on the website of the IMPIC.
It's important to have a realistic idea of your property's worth before putting it on the market. Getting an appraisal will help you set the right price and avoid over or under-selling your home.
This means that someone will come and look at your home and say how much they think it is worth. This can help you to set a good price for your home and avoid selling it for too little or too much.
The appraiser will look at the size of your home, its condition, features such as a pool or garage and other factors that may affect the price. They will also consider recent sales of similar homes in Portugal to get an accurate idea of how much yours is worth
You should also factor in any renovations you have made to your home over the years as this can increase its value.
When you’re selling your property, it is important to make sure that it looks its best. This means taking the time to stage it in a way that will showcase its features and make it look as attractive as possible. Here are some tips on how to do just that!
This may require some effort on your part, but it will be worth it in the end!
When selling your property in Portugal, it's important to have good-quality pictures and videos taken of the house to show its features and attractiveness. This will help to draw in potential buyers and increase the chances of a sale.
It's best to work with a professional real estate photographer who knows how to capture your home in just the right way - highlighting its amazing features while diminishing any imperfections.
They know how to get the lighting just right, suggest how to arrange or remove personal items to make a room shine, and ultimately produce high-quality, beautiful photos that will allow buyers to really picture themselves in your space – and want to book showings.
At Elyseeum we work with some of Portugal's best real estate photographers who provide stunning HDR photography/videos as well as drone footage/photography so you can be sure your home looks amazing online AND sells fast
They'll introduce your property to their network, get your property listed in all the right places, and make sure all details about your property are accurately included and clearly displayed. This will help ensure a fast sale.
First impressions count, and nothing could be truer when it comes to presenting your property for sale. Your property is usually just one in a very long list of properties a buyer will visit, so it is crucial that they see it in the best possible light. The more desirable your property appears, the better your sale price is likely to be.
This means that your property needs to be clean, tidy and well-maintained.
A property that appears well-cared for is more valuable than one that has been run down.
When the agency has found the right buyer for your property and a price has been agreed upon, you can hire a lawyer/solicitor. They will help you review/translate the contracts and gather the necessary documentation. It is not mandatory to have a lawyer/solicitor in Portugal for the sellers but we highly recommended it, particularly if you are overseas.
Many sellers give their lawyer/solicitor a signed Power of Attorney "Procuração" with specific powers to complete the sale on their behalf. This is easily done in a notary's office and is recommended if you can´t or don´t want to be present in person.
If you wish, at Elyseeum, we can introduce you to reliable lawyers with whom we have a longstanding relationship, to help you throughout the process.
The buyer's lawyer will carry out due diligence on his behalf and draw up the promissory contract. This usually takes between 2-10 days but can be different depending on the situation.
After the due diligence period, the first legally binding contract on selling property is signed. This promissory contract (CPCV) is signed by you and the buyer.
Upon signature of the promissory contract the agreed deposit is paid (usually 10% of the purchase price). As this contract is legally binding, the deposit is non-refundable. If either party changes their mind, they lose the deposit to the other (this means that if the buyer changes his/her mind he loses his/her deposit but if you change your mind you have to return the deposit in double).
About 30 to 60 days after the promissory contract, depending on the situation, the final deed is signed and the remaining balance is paid. This process involves the seller, the buyer, the lawyer, and the notary. Your lawyer will be there mainly to check the contract on your behalf and to translate it into your preferred language. The notary guides the process for both parties at the final deed, after which you have officially sold your property!
It is important to calculate the expenses inherent to the sale of a house in Portugal because not everything is profit. You should remember to consider the following expenses to plan your budget carefully:
Thank you for reading this guide on how to successfully sell your Portugal property. We hope it has been helpful in providing all the information and advice you need to get started on this exciting journey. Remember - while it can be complex at times, armed with the right knowledge and guidance, selling a Portugal home can be an enjoyable experience filled with great rewards!
Good luck on your Portugal property sale journey! We wish you success!
Q: Selling property with an estate agent in Portugal or on your own?
A: This is a very personal question. Some people choose to handle all the business on their own and others prefer an agency to handle the whole selling process. You must not forget that the longer you take to sell the house, the more it loses value in the market, and the best people to get your property sold quickly are agents, given their expertise in the market.