Buying a property? We're with you every step of the way

We know how you feel ... you've been searching the internet for days, weeks, possibly months looking at hundreds if different properties. You've been trying to work out which area is best for you, trying to find out about schools, activities and healthcare options, not to mention which law firm will be right for you and your head is spinning with all the different options - you may even be dreaming about properties at this point, and you are yet to even set foot in Portugal!

We are here to help break things down into manageable steps, to give you a clear understanding of how the process works and to help you feel comfortable and confident from the start. As with anything, once you understand how it works it becomes less daunting. Knowing what buying a property in Portugal will entail from the start will help you feel at ease throughout all stages of the process. And don't worry, if you have questions just ask that is what we are here for.

DEFINING YOUR SEARCH

We all have to start somewhere. Whether you have been coming to Portugal for years or if you have never been but have heard how great it is and are keen to see what is available, we all have to decide what it is that we want and this is not just about property, think about the area that you would like to buy in and the environment you want to enjoy. 

Getting your search criteria clear in your own mind is the beginning of the process - and possibly the hardest part! Before you even begin to look at properties, you need to work out what it is that you want and then get in touch.

📧 enquiries@triennialproperties.com  ☎ 00351 915898235

We can start to make your criteria on paper a reality in the Algarve.

Every client is an individual which means each has unique needs, requirements and is working with different time frames. We listen to you, we hear you when you say you want a villa with a pool and that having a garden is super important. We don't have a hidden agenda of pushing you into one of our own properties, we work with agents across the Algarve to find you what you want, not what we want you to buy, and we work for you completely free of charge. We only pick properties that are tailored to your specific requirements and we take things at a pace you are comfortable with. Our team will step things up or slow things down based on your individual needs.

WHAT'S RIGHT FOR YOU?

To help clarify your search criteria there are 4 main areas to think about. 

• BUDGET: How much do you have to spend? Are you a cash buyer? Do you need a mortgage? Could a small mortgage increase the scope of your search?
• LOCATION: There are so many different landscapes and ways of life in the Algarve. Establishing (and agreeing!) what you are looking for from an area will help you to determine your search criteria. Don't worry if you have never been to the Algarve before, tell us what kind of location you are looking for and we will do the rest.
• BASIC REQUIREMENTS: How many bedrooms would you like? Do you want a big garden for the family pooch to run around in or something small and easy to maintain? What style of property floats your boat? Renovation, redecoration or relaxation - do you want to do any work on your new property? Defining these basic requirements will help you, and us, focus your search. 
• MUST HAVES: Is there something you just have to have, something that is a deal-breaker if it's not there? A sea view? Complete privacy? Rental income? Whatever your must-have is, tell us and we will ensure that we do not waste your time showing you options that do not have that must-have.

VISITING PORTUGAL & VIEWING PROPERTIES

The time has come, you are here! It's sunny, it's warm, it's just like being on your very own version of A Place in the Sun, but without the cameras.

You finally get to meet your Triennial Properties expert in person and they will accompany you on every property viewing. We have helped hundreds of clients through the buying process, you are no different. 

We won't just help you find the right property, we give you the inside track on local schools, gyms, restaurants, tourist spots and community life. We have all lived in Portugal for many years and our local knowledge will help you feel more informed about the area in which you are considering buying property. We want to set you off on the right track from the start.

FINANCE

As early as you can in the buying process decide how you are going to finance your purchase. Your budget is one of the key elements of your search criteria and we will have spoken about this on the phone before you arrive in Portugal.

• MORTGAGES: If you wish to get a mortgage you can contact a Portuguese bank directly, use a Portuguese bank that specialises in mortgages for ex-pats or use a mortgage broker. If you want any help organising an "in principle" mortgage, your Triennial Properties expert will be happy to help. Getting the wheels of your mortgage rolling will really put you in a strong position for future offers or negotiations.
• CURRENCY EXCHANGE: Often it proves more economical to conduct your currency exchange through a specialist currency exchange expert, rather than through your bank. If you want any help organising your currency exchange your Triennial Properties expert will be happy to help.

MAKING AN OFFER

Congratulations! You've found the winning property - we knew you would. At this stage, it's important to have all your finances organised before making an offer so that you are in a position to follow up once your offer is accepted.

We will discuss any conditions you have about the winning property, for example, you will only proceed with the purchase if you can put in a pool. We want you to feel comfortable with the property and committed to it before making an offer. In our experience it is best to only ever offer on one property at a time and, once you have made an offer, stop viewing other properties. 

We are here to advise you about the offer you make, we know the market and the vendor and can advise on whether the offer is likely to be viable.

We will negotiate on your behalf, keep you informed on negotiations and bring you the good news once your offer has been accepted.

Once an offer has been accepted, usually vendors will not show the property to any other potential purchasers as they are committed to selling to you. We will immediately begin gathering the information required to pass on to your chosen lawyer in preparation for the next stage - the Promissory Contract.

PROMISSORY CONTRACT

The Promissory Contract (CPCV) is the first of two legally binding documents which make up the Portuguese property purchasing process and it is essential that you understand it fully before signing.

You will be asked to pay a deposit (anywhere from 10-30% of the purchase price) and provide information for inclusion in the document such as full names, marital status etc. If you have any conditions to your offer (such as getting a mortgage) these will be written into the Promissory Contract. Including these clauses can protect you from having to forfeit your deposit if you are unable to complete. 

Once the contract has been signed the full deposit amount will be paid to the vendor. If you change your mind you will lose your deposit. If the vendor pulls out they must return double the deposit amount.

Information contained within the Promissory Contract will include:

• Full details on the 'civic status' of both the purchaser and the seller (full names, DOB, place of birth, marital status etc)
• A description of the property, confirmation of the title deeds and confirmation of the plot reference complete with the surface area of the plots being sold (including buildings)
• The agreed price, including estate agency fees (paid by the seller) estimated legal fees and the deposit amount
• Circumstances in which the deposit may be forfeited, obligations of the purchaser and declarations from the vendor
• Results of the land registry search
• A series of standard suspensive clauses, as well as any agreed additions
• A target completion date - this is not a confirmed completion date. It is subject to change in certain circumstances
• A list of any furniture or equipment included in the purchase, if applicable

PURCHASE COSTS

There aren't any 'hidden' costs however it is important that you understand all of the costs involved with the purchase prior to making an offer.

The price of your accepted offer is the price of the property.

The additional fees to be paid are IMT - Property purchase tax, Stamp duty, Notary fees, Lawyer fees, Land registry, Mortgage fees, Surveyor fees.

Fees vary with the price of the property. It is wise to budget around 10% of the purchase price of the property as this will certainly cover all costs necessary. You can find out all about the buying costs here.

THE DEEDS - FINAL DOCUMENT SIGNING

Normally, deeds will be scheduled around 3 months after signing the promissory contract. This will take place in Portugal, at the designated notary office. Once this final document is signed, you will be the owner of the property and will take the keys away from the meeting with you.

Before the deeds you will need to ensure that the balance of funds to complete the purchase of your property is in your lawyer's bank account, this includes any funds which are being paid by the mortgage company. If you are using a currency exchange company to transfer funds they will work with you to ensure that this money arrives with your lawyer on time.

You also need to ensure that you have insurance on the property before you take ownership on the day of signing.

That's it! You are now a homeowner in the sun!

Sit back, open a bottle of something and enjoy your new purchase. Portugal is a wonderful country and if you are like us you will fall in love with it over and over again.

Always remember, whenever you need us, before, during or after you have purchased a property, we will always be here for you.

From everyone at Triennial Properties, we wish you every happiness with the purchase of your new home.