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Off plan investors in Portugal can look forward to a relatively straightforward buying process without huge headaches – though a reassuring amount of red tape is still present. Once a property has been decided upon a trusted local lawyer should be employed to help with all dealings/translations and the like. Once a contract is drawn up by a real estate agent, a deposit of ten to twelve percent is paid. Once everything has been checked over and affirmed by the lawyer the signing is carried out by the buyer and seller. Once this is complete, the documents are notarised and the sale can be completed in full, with all outstanding fees paid, and the property is registered with the local Land Registry. It should be noted that there are laws which can leave unpaid mortgages/council tax and other general charges as the responsibility of whomever owns the property – it should be made sure that there are no such outstanding fees before anything is signed, though with trusted legal advice this pitfall is easily avoided. Payable fees include applicable lawyer, estate agent and notary fees. Other taxes and costs may be incurred on top of these charges.
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