# Repossessions



## Mayflower44 (Jul 27, 2012)

Has anyone any first hand knowledge of buying a house that has been repossessed by the courts. Are there any extra precautions that need to be taken in the buying process.


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## jerryceltner (May 15, 2012)

I don't know about repossessions but if you buy a house in Portugal then you automatically take on all the debts as well. So be careful and make sure that there are no outstanding debts.
The solicitor will do this for you.
By the fact that repossessions will have outstanding debt then the same principle I would imagine would apply. I am sure others will have more info on this.


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## canoeman (Mar 3, 2011)

jerryceltner said:


> I don't know about repossessions but if you buy a house in Portugal then you automatically take on all the debts as well. So be careful and make sure that there are no outstanding debts.
> The solicitor will do this for you.
> By the fact that repossessions will have outstanding debt then the same principle I would imagine would apply. I am sure others will have more info on this.


Not really there is a specific clause in Escritura that should state the property is debt free, for example a mortgage lender would be named as a part owner of property, they would be present at the Escritura and the seller wouldn't be able to proceed with a sale unless the mortgage was cleared at time of Escritura and proven to Notary. 
It is also a legal requirement that owners declare any debt or liens on property when signing a Contract with an Estate Agent who should also check. 

The major thing to check is that seller who generally here are the Banks or Financas can sell legally the *whole* property.
Banks use specific agents to represent them, Financas sell from their own site. I'd be very wary of the "English" sites that advertise Repossessed property on net.


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## Mayflower44 (Jul 27, 2012)

Mayflower44 said:


> Has anyone any first hand knowledge of buying a house that has been repossessed by the courts. Are there any extra precautions that need to be taken in the buying process.


Thanks for both those replies. I will make sure the solicitor covers me if I buy a repossessed house.


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## 4rivers (Jun 16, 2011)

Portugal is littered with repo's , not all , bank repo's , the finance office has a website , where if you have a valid tax number and password , you can bid online, for the stated property . 
As with all property - you have to do your homework , and if in Portugal , it's worth visiting the property , as opposed to going in blind . This type of property still attracts all the normal taxes and fees associated with buying any property . 
Here is a link 

:::: AT : VENDAS DE BENS PENHORADOS :::: 

Use the map to find the desired location ( in Portugal ) and and click on anything that takes your fancy . Google translate will not automatically translate the website - but if you are prepared to play around with it ( non portuguese speakers / readers ) it can still be rewarding and informative .


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## paramonte (Sep 9, 2007)

For instance if the house you bid is rented you can´t evict the renters


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## Mayflower44 (Jul 27, 2012)

paramonte said:


> For instance if the house you bid is rented you can´t evict the renters


There are definitely some danger areas associated with buying a repro property but also it is possible, if careful, to get a gorgeous property as a seriously low price. Perhaps not a good idea to risk your life savings but a good investment for some.


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