ACQUISITION PROCESS
From the moment we have negotiated the price and payment terms of the property that you will be buying, you may either sign a reservation contract (with a relatively small deposit, refundable under certain conditions) or move straight to the sale and purchase agreement (SPA.).
Before signing the SPA it is always advisable to contract a lawyer to perform a ´due diligence´ of the property. one will need to check if the land and the constructions are duly registered; if there are any liens, debts, claims or other contingencies related to the property; if building and planning requirements are fulfilled with the townhall and other government agencies, etc...
Exclusive Realty Brasil will be glad to indicate two or three local lawyers, whom we know to be reliable and efficient, or you may, of course, pick any lawyer of your own choice.
When your lawyer confirms that there are no insurmountable risks to the transaction, the SPA may be signed. the private purchase contract will be signed by the buyer and the seller, legally binding both to proceed with the transaction. At the signing of the SPA a non-refundable deposit needs to be paid directly by the buyer to the seller. typically, this is around 10 to 25% of the total but there are no legal requirements and it may vary between 0 and 100%.
Depending on whether you are acquiring a villa, an off-plan project or a land, and the subsequent requirements with respect to licenses and documentation, it generally takes between 3 weeks and 2 months before the deed may be signed between both parties or their legal representatives. Before signing the deed, the transfer tax needs to be paid (by the buyer) as well as the fees of the notary. At the signing of the deed in front of the notary, the property will formally be handed over from seller to buyer. With the confirmation that the remaining balance of the acquisition price was paid, the keys are handed over and ownership is transferred. as a final step, the new owner should now still register the property in his or her name at the local real estate register in Porto Seguro.
