Right of preference: what it is, to whom it applies and how to proceed
At the time of purchase and sale of a property. Find out what it means, who applies and how to proceed.
What is the right of preference?
The right of preference establishes priorities between potential buyers in conducting a business in equal circumstances.
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Property Developers often sell some or all of their properties before they have finished building them. This is known as selling “Off Plan”.
The main attraction for members of the public to buy “Off Plan” is to save money. Property in Portugal is still growing in value and, by paying a deposit to secure today’s prices rather than paying a higher price at completion, profits can appear to be certain.
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In order to complete a purchase of property, a number of documents are required and must be delivered to the Notary’s office at least one week before the date booked for signing the Deed of Transfer known as the Escritura. These are:
A registration certificate. This is issued by the Land Registry (Conservatório do Registo Predial and is valid for six months and shows who is the owner and if there are any mortgages or encumbrances registered on the property.
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The legal regulations are very specific when buying a property in Portugal; however, it is always advisable to use qualified legal advice from a lawyer, solicitor or experienced person in this field.
It is also important to insure that any plans in the Town hall referring specifically to the property do physically agree with the existing construction.
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