More information to be disclosed in Public Deeds
New rules entering into force mid-November will require the disclosure of the exact means of payment used in the purchase and sale of real estate in Portugal. These rules will allow authorities to track payments and reduce the risks of simulated businesses that may be associated to money laundering operations.
The rule provides that if a property is paid for using a check, it is necessary to include its serial number and issuing bank in the deed. If a bank transfer is involved, then the bank and the account number must be known. The currency must also be identified. This is information that, currently, is not required to be included in any public deeds of purchase and sale.
Please note that new restrictions on payments in kind were introduced.
In addition to these new obligations for any Notary Public, the new diploma provides that real estate agents will also have to comply with stricter regulations and disclosure duties.