Step 5: From Offer Accepted to Keys in Hand

You’ve done the hard emotional work and found a place that feels right. Now you’re in the most technical part of the process—where your lawyer, the promissory contract, and a stack of receipts quietly turn that dream flat or farmhouse into something you legally own. This step is about slowing down just enough to understand the moving pieces so you don’t feel rushed, confused, or pressured to sign something you don’t fully get.

A simple way to think about this phase is in four parts:

Let’s walk through each.

Once a seller accepts your offer, you move from “looking” to “committing,” and your support team becomes very important. At minimum, most foreign buyers use an independent lawyer to run checks on the property, draft or review the promissory contract, and represent them at the final deed if they can’t attend in person. If you’re taking a mortgage, you’ll also be dealing with a bank and possibly a mortgage broker, who have their own timeline and paperwork.

This is the stage to confirm exactly who is doing what. Your agent might say “our lawyer will handle the CPCV,” but that lawyer still works for the seller’s side unless you’ve hired them directly. You want it in writing who is responsible for: due‑diligence checks, drafting or reviewing the CPCV, coordinating with the bank, and booking the notary.

In Portugal, the promissory contract of sale—the Contrato Promessa de Compra e Venda or CPCV—is a binding agreement between you and the seller that sets out the price, deposit, deadlines, and what happens if either side backs out. It usually comes after the offer is accepted and basic checks look satisfactory, but before the final deed at the notary.

The CPCV typically includes: the full purchase price, how and when you’ll pay, the date or conditions for the final deed, what’s included in the sale (parking, storage rooms, furniture), and penalties if buyer or seller defaults. Your lawyer should walk you through every clause in plain English and push back on anything vague—especially around deadlines, included items, and what happens if your mortgage is delayed.

When you sign the CPCV, you’ll normally pay a deposit (sinal) of around 10–20% of the purchase price, sometimes up to 30% on new builds or competitive sales. That money is your way of showing you’re serious, and it’s part of the final price—so if you’re buying for 300,000€ and pay 30,000€ now, you’ll pay the remaining 270,000€ at the final deed.

The scary‑sounding part is what happens if someone walks away. Under standard Portuguese rules, if you pull out without a valid contractual reason, the seller usually keeps your deposit. If the seller backs out, they typically owe you double the deposit back, and in some cases you can also push them to complete the sale through legal action. This is why you do not sign or pay anything here lightly—this is the “we’re really doing this” moment.

The CPCV sets the timetable for getting from “offer accepted” to the final deed (escritura), usually somewhere between 30 and 90 days, depending on how complex the deal is and whether you need a mortgage. That period is where things like mortgage approval, final valuations, and any remaining paperwork are supposed to get done.

If you’re financing, the CPCV may make the sale conditional on your mortgage being approved by a certain date. If you’re paying cash, it’s often more flexible, but the deed date still matters—everyone needs a clear target so the seller can plan their move‑out and you can schedule flights, removals, or renovations.

On top of the purchase price, Portugal has its own stack of closing costs, and most of them land near the end of the process. Broadly, you’re looking at:

IMT and stamp duty usually have to be paid before or right at the moment of the deed, and the notary will want proof they’ve been paid before allowing the signing to go ahead. A good rule of thumb is to have a clear written estimate from your lawyer or broker early in the process so you know how much needs to be sitting in your Portuguese account by closing week.

As the deed date approaches, your lawyer and/or agent should send you a checklist of what needs to be in place: all taxes paid, funds in the right account, and final versions of the deed and mortgage documents if you’re borrowing. If you won’t be in Portugal, you may have set up a power of attorney earlier so your lawyer can sign on your behalf—make sure that document covers the deed and the bank contract if applicable.

If you’re attending in person, this is also the moment to think about practicalities: where you’ll pick up the keys (at the notary or at the property), whether utilities are already in your name or need to be transferred, and how you’re actually moving money for any last‑minute payments. Closing days are emotional; having these basics already decided keeps it from feeling chaotic.

In Portugal, ownership only officially transfers when the final deed is signed and notarised, then registered at the Land Registry in your name. On signing day, you, the seller (or your representatives), the notary, and sometimes the bank all sit in a room while the notary reads through the deed out loud, confirms everyone’s identity, and checks the tax and payment documents.

Once everyone agrees, you sign the deed and any mortgage documents, the payment is completed, and the notary’s office or your lawyer arranges for the new ownership to be registered. At that point the property is legally yours—and either in that room or shortly after, you’re handed a set of keys that suddenly make all of the earlier spreadsheets and translations feel worth it.

The days after closing are usually a mix of logistics and small surprises. You may still need to: transfer or set up utilities, register for council tax or local charges, update your Portuguese address for banking and tax records, and schedule any repairs or renovations you agreed would happen post‑sale. If you bought with a particular visa in mind, this is also when you start pulling together proof of ownership and any rental contracts needed for your residency application.

Emotionally, it can feel strange: for months the property has been a dream on a listing, and now you’re standing in it with a ring of unfamiliar keys and a folder full of stamped documents. That’s normal. Step 5’s job is to give you enough clarity on the process that you can actually enjoy that moment instead of wondering if you missed something important along the way.