Image by Alberto Castillo Q.

FREQUENTLY ASKED QUESTIONS

 

WE ARE HERE TO ANSWER YOUR QUESTIONS

You are required to have a tax number (NIF number) to purchase property in Portugal, obtainable from the local tax office. If you are not fiscally in Portugal, you can give power of attorney to a legal representative who can then get this on your behalf.

You will be required to pay the Municipal Property Transfer Tax, called IMT (Imposto Municipal sobre as Transmissões Onerosas de Imóveis), deed costs. Lastly, the Stamp Duty tax, which is called IS (Imposto de Selo). We recommend that you budget 10% of the total sales value for these expenses; however, it is often lower than that.

WHO PAYS THE SALES COMMISSION IN PORTUGAL?

The only one who pays a commission is the person selling the home. Whether a buyer has an agent or not, the seller will still be the one paying. These agent fees are already built into the sales price; once the purchase is complete, the seller will pay the seller agent that, in most cases, will split the commission with the buyer's agent. You thus get all the information, advice, and assistance, in most of the transactions, at no additional charge. As such, you have little to lose by having our agents assist you in the buying process.

WILL I STILL BE PAYING COMMISSION EVEN WITHOUT A BUYER´S AGENT?

Sales commission in Portugal is generally 4-5%. The seller will pay a full commission to the listing agent or split it between the listing and buyer's agent. Irrespective of the sales price, the commission will have to be paid. Therefore, it is a smart idea to take advantage of a buyer's agent.

 

It does, but you are not interested in the more expensive home. You are interested in the home that ticks all your boxes. We may be earning less from your home purchase on commission, but the positive reviews we get and the number of referrals makes up for it. We appreciate each journey with our clients. Building long-lasting relationships based on trust and successful purchases are what matters to us.

There's no official ruleset on how long a seller may take to get back to you. Sellers can take as much time as needed before responding; however, in most cases, sellers will typically respond to you within a few days.

HOW MUCH TO OFFER THE SELLER?

Every buyer wants to strike a good deal. It feels great to negotiate a sales price down, a small cut in price can make a significant difference in your monthly repayments. However, if you start with a lowball offer, you may risk offending the sellers—and completely cutting you out of the deal. Getting the right balance is key. Owners often compare their properties with others listed in the market. Since they have an emotional connection with their homes, they believe their homes are higher in value, which often results in an over-inflation of property prices. This is where we come in and give you our unbiased opinion based on our experience and market knowledge and guide you in the right direction to get the best possible deal. Though, in the end, the decision is entirely yours.

WHAT EXACTLY IS AN ENERGY CERTIFICATE?

An energy certificate is produced by a qualified architect or engineer who would assess the energy efficiency of a property. It is then rated on a scale from "A-F" with "A" being very efficient and "F" being inefficient, taking into account the construction materials used, insulation, ventilation, heating and cooling systems inside the property, and lastly, solar exposure.

 

GET IN CONTACT

The Kuabit team has helped people buy real estate, mainly in the Algarve, Cascais, Lisbon, and Silver Coast.  We´re happy to clarify any doubts that you may have. Reach out to us, and we’ll respond asap.

+351 936 070 311

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