FAQ

FREQUENTLY ASKED QUESTION

WHICH ARE THE FIRST HOME TAX BENEFITS?

Who buys a first home (therefore does not have other properties for residential use) is entitled to tax benefits on the purchase and on the buy back....

 

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IF I SELL A HOUSE PURCHASED WITH "FIRST HOUSE" FACILITIES BEFORE 5 YEARS WHAT HAPPENS?

The Income Revenue Authority will require the tax difference between the 1st and 2nd house, an over-tax of 30% and interests of arrears....

 

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WHICH RESTRICTIONS ARE THERE TO BUY A HOUSE WITH FIRST HOME BENEFITS?

The buyers must declare in the purchase agreement as follows :
- Not to be exclusive owner (100% owner) or in community of property with their spouse (joint ownership with another person than the spouse is not an impediment) or in usufruct, use and residence of another purchased house in the same municipality where the property to be purchased

 

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HOW TO PROCEED TO PURCHASE A PROPERTY?

Once decided to buy a property, the buyer signs a purchase proposal on which it is specified ...

 

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WHAT IS THE PRELIMINARY CONTRACT?

The preliminary purchase contract is the main contractual tool with which those who intend to sell and to buy commit themselves in black and white to do that...

 

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WHAT IS THE DOWN PAYMENT?

The down payment is the legal tool provided for by the Civil Code which penalizes the party which does not fulfill the commitments taken with the preliminary purchase agreement....

 

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WHAT IS THE DIFFERENCE BETWEEN PURCHASE PROPOSAL AND PRELIMINARY SELL?

The unilateral purchase proposal, usually expressed as an irrevocable proposal, is a preparatory action, aimed to "bind" the promissory buyer to his own offer.....

 

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THE DEED

The deed or the notary’s act is the final act of the whole procedures foreseen to become owners of a property.
It is a contract....

 

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WARRANTIES FOR THE BUYER

Cofim real estate delivers the deposited cheque, only after that all the verifications concerning the property....

 

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WHAT DOES THE SIGNING OF A PURCHASE PROPOSAL IMPLICATE FOR PARTIES?

By the proposal it is expressed the intention to buy a certain property under the proposed conditions; If the conditions are accepted by the seller, the parties are bound to move forward with the trade....

 

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