Tavira Property Brokers have recently advised existing clients and potential property purchasers in Portugal of a way in which unscrupulous agents are making extra money from buyers. This is an easy trap for the unwary to fall into. If you are considering buying a property in Tavira or anywhere else in the Algarve please do read the full property scam story here.
Posted by: Tavira Property | April 13, 2008
Algarve Property Scam?
Posted in Tavira Property News | Tags: algarve property scam, poroperty in Tavira, Property scam, Tavira Property
Many years ago property agents were the norm in the Algarve, but it came to light that many of these people were acting incorrectly. Therefore the Portuguese government decided to licence all people working working in real estate agents here in Portugal in order to protect the buyers.
Portuguese agents usually earn 4-5% commission from builders but overseas agents have often negotiated 8% commission. Therefore people purchasing through agent outside of Portugal are often paying MORE!!!
If you are looking to purchase a property in Portugal you should go direct to a Registered Portuguese Agent where your buyers rights are totally protected.
If you go to a overseas website who is covering “the world”, then it is likely that the people on the other end of their phone have no knowledge of the properties they are trying to sell. Plus, if they are linked to a real estate agency in Portugal who is maybe giving them a as much as 50% of their commission, then there is less likely hood of you getting any discount on the purchase price as the Real Estate Agents commission has already been halved.
You SHOULd only work with goverment licensed agencies and long standing ones, who will be around in 10 years time, not the “get rich brigade” who promise amazing capital growth over a short period of time, but then when you come to sell are nowhere in sight!
By: jane on April 16, 2008
at 4:30 pm