In recent years, Portugal has become a country of choice for foreign investors. In addition to the growth of tourism, initiatives promoted by the Portuguese Government, such as the Golden Visa Program and other urban renewal projects, helped to establish Portugal as an attractive destination for foreign investors.
In 2019, more than half of the real estate transactions in the country were made by foreign investors, mainly British, French and Brazilian.
Many other nationalities are also interested in buying a house in Portugal, due to quality of life, tax benefits, attractive cost of living and the increasingly cosmopolitan cities, which make Portugal the ideal place to live or invest.
Is it necessary to hire a lawyer to buy a house in Portugal?
It is not mandatory to hire a lawyer to buy a property in Portugal, but it is seriously recommended as this will ensure that the purchase process will be done according to the law and will not have unpleasant surprises in the future.
With the great rush to the Portuguese Real Estate market also increased the number of curious in search of opportunities, who do not always act with loyalty, and many schemes and fraudulent businesses are known to deceive those who may have less knowledge of the law.
The advice from a lawyer in this type of business is quite common, especially from promising buyers who are the most unprotected part in this type of business, especially foreigners, who are the easiest target of schemes and illegalities.
Hiring a lawyer allows:
- Remote handling of bureaucratic procedures;
- Verification of property documentation;
- Confirmation of the real ownership of the property;
- Confirmation of the legality of the constructions, the existence of burdens or charges on it; and
- The guarantee that the contract of promise of purchase and sale protects your interests and meets all legal requirements, while facilitating any procedure, since in Portugal lawyers have the power to perform certain notary acts, such as powers of attorney, signature acknowledgments, certification of translations, etc.
Representation through a lawyer not only allows you to negotiate peacefully, but also avoids the frequent problem of additional trips for simple signatures, through a PoA.
You also have an additional guarantee resulting from the fact that it is an activity disciplined by a professional order and it is covered by a liability insurance.
Investing in a property has great economic relevance from the point of view of those who buy and a more experienced investor in this business can ensure that the work of a lawyer, despite having an associated cost, can, ultimately, correspond to considerable time and money savings for the buyer.