Factors to Ponder Before Buying Property in Portugal

A lot is involved when it comes to buying properties in Portugal. When it comes to investing in Portugal, it is important to arm yourself with some tips and regulations required. You also need to learn a lot about property investment trends. This write-up shares some essential aspects of the Portuguese real interest market that might be of interest to any investor.

Current State of Real Estate in Portugal

Portugal beach home

Around three-quarters of people in Portugal own a home. You might be surprised to realize that this figure has been relatively steady in the last decade. It is also worth noting that there are no property ownership restrictions here and non-EU citizens who invest in real estate are entitled to a Golden Visa, which gives them permanent residency for five years with a provision for lifetime renewal upon expiry.

The only requirement to buying property is a personal fiscal number. One is automatically given this number when they open an account with a local bank. You can also get it from a local tax office. This number is needed when doing money transfers or making regular payments.

Buy or Rent?

A series of considerations often inform the decision to buy or to rent. Some factors that influence the decision you might make include how long you intend to stay there, the current state of the property market. Portugal is historically known for low interest rates. Thus, taking a mortgage can prove to be highly rewarding especially in the long term than renting. With the Porto Portugal real estate market on its path to recovery, the future is green if the current real estate trends are anything to go by.

Finding Property in Portugal

With your eyes set on buying property, you might be looking for possible avenues of getting the best deal. Locating the best property deals is not always easy. And this is why most investors recommend working with a local real estate agent. Since you do not have to pay anything when buying a home, it is worth listening to some professional advice before jumping in.Portugal apartment

Closing the Deal

Once you have the property you want and you would want to close the deal, get a solicitor. The solicitor takes charge of the deal and ensures that there is nothing wrong with the property before closing the deal. He or she prepares the contract, and both parties are obliged to seal the deal.…

Read More »

All You Need to Know about Wrongful Foreclosures

Wrongful foreclosures do happen. Homeowners facing foreclosures are often troubled a great deal as the foreclosure notice is difficult to handle. Things get from bad to worse when the foreclosure is erroneous. There is hope as homeowners can fight an erroneous foreclosure.

home closed

As much as homeowners can fight a wrongful foreclosure, it is not an easy process. For instance, where does one start? What constitutes a wrongful foreclosure? Homeowners facing a wrongful foreclosure need a wrongful foreclosure lawyer who is knowledgeable enough in foreclosure matters.

What Constitutes a Wrongful Foreclosure?

In most states, a wrong foreclosure typically occurs when the lender initiates a non-judicial foreclosure. Whether take you to court or not, the buck stops with the foreclosure agreement. Ideally, some foreclosure contacts allow the lender to initiate the foreclosure without going to court whereas others require the lender to use the court. A lender who forecloses outside these standards commits a wrongful foreclosure.

Fighting Wrongful Foreclosure

The only way to fight a wrongful foreclosure is to use legal means. Applying for wrongful foreclosure, being a technical subject calls for the input of a lawyer who will them explore common actions that might lead to a wrongful foreclosure. Here are some of these acts

Improper notice to homeowners

The lender is mandated to visit the borrower and assess their situation before issuing the notice of default. Different jurisdictions have different requirements on how to go about filling the notice of default before commencing in the foreclosure. If the lender initiated the foreclosure within the grace period after contacting the client, the borrower could initiate a wrongful foreclosure.

Not Mailing the Homeowner

The notice of default must be mailed to the homeowner and any other relevant party. If the lender fails to notify the homeowner and proceeds with the foreclosure, the foreclosure is deemed illegal.

Not Providing Payoff Figures

Some jurisdictions require the lender to provide details of all amounts owed and the date by which the borrower is expected to pay off any outstanding costs. Failure to provide these details can be illegal and stop the foreclosure action.

foreclose approvedLoan modification refusal

Lenders are legally mandated to consider loan modifications. Failure to recognize the borrower’s modification request constitutes wrongful foreclosure action.

Wrongful foreclosures can happen to anyone. This does not mean that you are doomed. If you feel that the foreclosure was not fair, contact a lawyer specializing in real estate and wrongful foreclosures to see whether you stand a chance of getting the property back.…

Read More »