SPAIN
In short, these are the steps from start-to-finish of the acquisition process:
1) Sign a reservation agreement and pay the reservation fee (typically between EUR 10.000 and EUR 20.000). This takes the property off the market until step 2 is performed.
2) After your lawyer has approved the transaction from a legal point of view, the Private Purchase Agreement may be signed. Typically this happens within maximum 30 days after the reservation and requires a 10% down payment (or 25 to 40% down payment in case of an "off-plan" acquisition).
3) Within 2 to 3 weeks after the signing of the PPA, the Title Deed will be signed at the notary. At this moment the property will be transferred into your name, the keys will be handed over and the remaining balance will be paid.
One should calculate between 12.5% and 14.5 % of total costs on top of the acquisition price, made up as follows: lawyer fee 1%, notary 1%, stamp duty 1.5%, property registry 1% and transfer tax (ITP) 8%. For "off-plan" there is no transfer tax but a VAT of 10%.
BRAZIL
In short, these are the steps from start-to-finish of the acquisition process:
1) Reach a verbal agreement about the price and other conditions. Sometimes a reservation agreement is made (typically with a 10% down payment)
2) After a lawyer has approved the transaction from a legal point of view, the Private Purchase & Sale Agreement may be signed. Typically this happens within 10 to 15 days after the reservation (whether verbal or in writing) and requires a down payment of between 10% and 25% of the total price.
3) Within 2 to 3 weeks after the signing of the PPSA, the Title Deed will be signed at the notary ("cartório"). At this moment the property will be transferred into your name, the keys will be handed over and the remaining balance will be paid. Subsequently, the Deed will still need to be registered at the Real Estate register ("registro de imóveis").
One should calculate around 7 - 8 % of total costs on top of the acquisition price, made up as follows: lawyer fee 1% - 2%, notary 1.5%, property registry 1.5% and transfer tax (ITBI) 3%.
PORTUGAL
In short, these are the steps from start-to-finish of the acquisition process:
1) Reach an agreement about price and other conditions (verbally)
2) After your lawyer has approved the transaction from a legal point of view, the Private Purchase Agreement may be signed. Typically this happens within maximum 10 to 15 days after the reservation and requires a 10% down payment (minimum).
3) Within 2 to 3 weeks after the signing of the PPA, the Title Deed will be signed at the notary. At this moment the property will be transferred into your name, the keys will be handed over and the remaining balance will be paid.
One should calculate around 9 % of total costs on top of the acquisition price, made up as follows: lawyer fee 1%, notary & registry fees 1%, stamp duty 0.8%, and property transfer tax (IMT) 6%.
