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Purchase Assistance...
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Exchange contracts
With the offer accepted and the deposit paid, the next step is to exchange private contracts, ‘Contrato privado de compraventa’, which states the agreed price and what is to be included in the sale.
This usually happens within two weeks from the offer being accepted and its where your lawyer really starts to earn his money by conducting property searches and making sure that there are no outstanding debts attached to the property, for which you may be liable.
This is confirmed in a document called a Nota Simple. In most cases you will now be required to pay a non-refundable deposit of around 10%.
Final completion and registration of the title deed
Final completion takes place when the title deeds are signed before a notary and you pay the balance of the purchase price.
The signed deed is lodged with the land registry and your lawyer will take care of the remaining formalities such as payment of the relevant transfer taxes.
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