Mortgage for Land onlyLand only mortgage
e. land, villa or apartment, is a regulated process.
Horticulture financing, credits & mortgage for land or real estate
Remember to start a nursery? You may already own land or gardening properties and are looking for additional financing for any use. In contrast to some bankers, we see it as one of our tasks to assist the horticulture industry by making the financing of horticulture as simple as possible.
Our clients have been assisted by us in obtaining gardening credits and gardening mortgage and we can help them as well. Often we have noticed this because gardening can be a season deal that often requires a gardening loan to facilitate your money supply. There are also cases where it is necessary to increase the financing of real estate with farm limitations, including gardening.
How is horticulture financing calculated? Financing for horticulture may be granted for land of any scale (with or without a house), land with farming constraints (agricultural ties), land, building, small business, vegetable gardens, fruit gardens and, in general, all types of land in the countryside or, in some cases, not so in the countryside. How does horticulture financing look like?
Horticulture financing can be long-term or short-term. Successfully we mediate gardening bridge financing or bridge credits, financing for the construction of horticulture real estate or promotional credits, longer-term horticulture mortgage payments and longer-term horticulture loan payments. This is a shortlist of common garden financing projects....
Acquiring a mortgage in Portugal
Buying real estate in Portugal of all kinds, i.e. land, villa or apartment, is a regular procedure. As soon as a sale is made with a seller, both sides will enter into a Contrato de Promessa de Compra e Venda (Promissory Contract) and make a down payment of usually 10%-30% of the sale is made.
At this point you need the assistance of a certified real estate attorney who can speak your own native tongue. In our past practice, it is often beneficial to consult a good lawyer/solicitor before you sign a promissory note loan agreement to make sure that the real estate you are buying is debt-free, with restrictions and, in the case of a land sale, with the possibility of building on it.
You will forfeit your payment if for any reasons you do not continue with the transaction. Imposto Municipal Sobre Transmissões (IMT), officially known as SISA, is subject to a land acquisition duty that must be paid in stages before the "escritura de Compra e Venda" (title deed) can be prepared by the solicitors.
Remaining amount of the sale and all other pending charges and tax such as "Imposto de Selo" (stamp duty) will be payable upon conclusion to a Civil Law Consultant if both the seller and the buyer signs the "escritura de Compra e Venda" (title deed) with a Civil Law Law notary. If you are not able to reside in Portugal at that moment, it is possible to authorise your legal representative to do so.
Mortgage in Portugal can be arrange for the purchase of real estate, refurbishment or building, the mortgage is against the land or real estate here in Portugal collateralized. Mortgage loans are all full loans and evidence of interest and expenditure is requested from them. There is also a need to open a banking deposit with the mortgage provider.
Minimum available credit is 80% of the credit (no ceiling) with a maturity of 30 years up to the retirement of 80 years (e.g. a 25-year credit is available for a 55 year old individual at the point of purchase). Most available loans amount to 90% of the total amount of the loans (with no ceiling ) with no ceiling until the end of the 80s (e.g. a 55-year old loans is available for a 25 year old individual at the moment of purchase).
Banking and legal fees & fees: However, if we are not able to obtain a mortgage quote, we will not invoice anything. The majority of lawyers/solicitors calculate between 1 and 2% of the sale value of the real estate as a royalty. Usually approx. 2. 0% of the real estate acquisition cost. Mortgage Arrangement Fee: Bank Valuation Fee:
In Portugal, all bankers usually levy a commission on the value of the real estate they purchase, unless the relevant bank has already assessed pre-valued real estate, e.g. a new one. Fees differ from institution to institution, but go from EUR 150 + IVA to EUR 400 + IVA. Banking administration fee: IMT (Municipal Transfer of Ownership Tax):
A number of Portuguese bankers have insisted that you take out your own personal endowment plan together with multi-risk building coverage. Others allow overseas assurance, provided it can be allocated to the institution to meet the cost of the credit.