It is a law that defines the priorities when buying and selling a property. The law in question covers municipalities and the Directorate-General for Cultural Heritage.
The concept of right of first refusal allows for the determination of priorities between potential buyers when making a deal on equal terms.
Anyone wishing to sell a house that has been rented out for more than two years will have to give priority to the tenant, provided they are willing to accept terms that have already been negotiated.
Tenant's right of first refusal
For a tenant to be able to exercise their legal right of first refusal to buy a house, they must have lived in the rented house for at least two years. The tenant only has a legal right of first refusal if they want to buy the property for their own home.
Therefore, if they wish to purchase the property for other purposes, for example to rent it out to third parties, then the tenant loses their right of first refusal.
The homeowner has a duty to inform the tenant of their desire to sell the house. They must also indicate the value attributed to the property. The owner's notice must be sent by registered letter with acknowledgement of receipt.
The tenant will then have a period of 30 days to exercise their right of first refusal, of course, if they wish to buy. The days must be counted from the date of receipt of the letter.
Pre-emptive rights for public entities
When buying and selling a property, priority must be given to a public entity (in some situations), maintaining the value and conditions agreed with another buyer.
There are several entities that can exercise their right of first refusal. These public entities include the State, local councils, autonomous regions and the Directorate-General for Cultural Heritage.
In this case, the right of first refusal serves as an instrument for intervention and the implementation of public policies. In this way, it can be used by the Central State and local authorities to reorganize land use and to ensure the protection of heritage and urban rehabilitation.
The legal right of first refusal over residential property can be exercised by public bodies. However, this only happens when the house is located:
- In an area of urban pressure;
- In areas where there is a lack or inadequacy of supply, duly identified in the National Housing Program.
Public entities also have a legal right of first refusal when the property is classified or is in the process of being classified and is located in a protected area or urban rehabilitation area.
Steps for selling a house in a preference zone.
You should place an online advertisement to exercise the right of first refusal whenever your property is located in an area of urban pressure, or if it is part of the classified heritage or in the process of being classified. This is an essential step for anyone wishing to sell a house under these conditions.
The Casa Pronta Portal page is the right place to put the details of the deal. Before carrying out any real estate transaction, you should place an ad in this space.
This is a service provided by the Ministry of Justice which enables you to carry out the formalities necessary to buy and sell a house, allowing you to do so immediately, including the process of transactions using home loans.
In this process, you must identify the property and indicate its location. Other information about the house must be submitted, including the value of the purchase and sale and the expected date of the deal. Finally, you have to pay for the service by ATM. The cost associated with this process is 15 euros.
What information is needed to place the ad?
- Who is making the request;
- Seller or sellers;
- Buyer or buyers;
- Identification and location of the property;
- Value of the sale;
- Expected date of the deal.
After submitting your listing, you can check the status of your order on the Casa Pronta website.
In this space, you can also receive all communication relating to this subject.
Source: https://www.idealista.pt/