In the Algarve the law is the same as for the rest of Portugal; estate agents must be licensed to operate legally.
The IMPIC (Instituto dos Mercados Públicos do Imobiliário e da Cosntrução) regulates all property related issues such as real estate agent’s licenses. All licensed agents are required by law to have an AMI number (Associação de Mediadores Imobiliários).
Licensed agents in the Algarve, Portugal are required to display this AMI… number in all advertising, on their website, business cards and on every other type of printed material related to their business.
Our license number is AMI 2196.
Be careful as there are many fly by nights around, some operating from ghost websites without a physical address and some of them using fake AMI numbers. You can check the validity of this AMI number by visiting IMPIC here; If the company is legal, the results will show the full company info, if no results appear for this number chances are this agent is illegal and should be avoided.
You should deal only with licensed estate agents to avoid disappointment and look out for coffee shop based agents or “free lancers” which most times work without a license and cannot be held responsible. Engaging illegal and unlicensed agents may seem cheaper, but you will be exposing yourself to property fraud and massive financial loss.
It is absolutely compulsory for real estate agents to carry Civil Responsibility insurance in order to protect buyers and sellers against any shortcomings that may happen during the transactions. Again, dealing with unlicensed and illegal agents you will not have the protection.
For a trouble free experience when investing in Algarve Property, make sure you check the legality and credentials of the agents whose services you are considering,
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