Buying Property in Uruguay

Both the nationals and foreigners can purchase property in Uruguay with ease. It does not matter whether a person has a citizenship or not, the rules are the same for locals and foreigners. In fact the foreigners can purchase property in Uruguay even without entering the country. The purchase is open to both individuals and companies.

There are no restrictions in terms of the type of property to be purchased. One can buy rural properties, farm ranches, beachfront properties, or apartments.

The purchase process is completed by the help of a notary. The notary verifies the good standing of the deed by checking the ownership history for 30 years. An initial purchase draft is made by the notary and he/she also acts as an escrow agent for the initial payment. In short, the notary’s job is to overlook and conduct the purchase process bearing the interest of both parties in mind.

After a property is selected, the buyer discusses the price with the seller and they reach an agreement. The notary chosen by the buyer then prepares “Boleto de Reserva” which is the first sales document recording the commitment of sales from both parties. With the signing of this document, 10 % of the price of the property is deposited with the notary in escrow.

With this draft, a closing date is also set which is within 30-45 days from the date of signing. This is the window that is used to verify the documents and the standing of the property. This is done by verifying records in the Public Registry and checking the tax papers.

By the end of this period, the notary drafts the closure document called “Escritura de Compraventa” which once signed requires the full payment to be made and the purchase is recorded in the Public Registry as well.

Buying Property in Trinidad y Tobago

The process of buying land and property in Trinidad and Tobago is similar to many other Caribbean nations and the rules are not much different from those for the locals.

Foreigners and foreign companies are allowed to purchase up to one acre of land for residence and/or up to five acres for commercial purposes without applying for a license. An Alien Landholder License must be acquired from the government for any purchases above these sizes.

After a buyer finds a property, a sales agreement is signed basis the verbal agreement between the buyer and the seller. This agreement consists of all the clauses agreed upon by both parties. An initial 10% payment is made by the buyer that is held in escrow as per the contract that binds both parties. Under normal circumstances, the remainder of the payment is done after 90 days of signing the sales agreement and it is during this time that verification of all paperwork is done.

Once the sales agreement is signed, a local attorney on behalf of the client has to perform a title search. Simultaneously the buyer must verify from the utilities and Water and Sewage Authority (WASA) to make sure that all taxes are paid till the point of acquisition. It is this part of the purchase that is the longest with the response time of WASA being up to 6 weeks.

The closing is initiated after the title of the property is verified and all records checked. Closing Fees is a total of Stamp Duty, fees of attorney, and insurance costs for the dwelling. A Memorandum of Stamp Duty has to be submitted to the Board of Inland Revenue for assessment of Stamp Duty prior to closing. After closing this memorandum is taken to the Board of Inland Revenue for payment of duty. Upon payment, the Memorandum of Transfer is stamped and the buyer can then present this for registration with the Land Registry.

A Return of Ownership form for the change in ownership is prepared by the Land Registry for paying property taxes.

Buying Property in Haiti

Purchasing a property in Haiti is a time consuming process and therefore a foreigner should opt for a deft notary and real estate agent to speed it up. Once a buyer selects a property, he/she must check when the last survey was done on the property. If it is over five years, then a new survey needs to be done again.

The Dean of the Civil Tribunal Commune where the property is located- gives authorization for the survey after a file containing documents of previous survey and sale of property is presented to him. This process can take up to 20 days.

When the survey is done, all those who share a border with a property are invited to witness the survey. The completion of survey can take between 10 and 90 days. In case anyone presents request for a “refre’” once a survey is initiated, the survey is suspended till the matter is resolved.

While this is done, the notary chosen by the buyer must prepare a Bill for Sale. The usual notary fees is 1% but Notary Association of Port-au-Prince charges 6% of the sale price which consists of 2% professional fees and 4% capital gain tax, transfer tax etc. which the notary pays to the concerned authorities. There is additional VAT that is paid by the seller but held by the notary public until he/she decides to transfer it to the Direction Generale des Impots.

The Bill of Sale agreement is then deposited by hand to be registered in the Direction Generale des Impots. This procedure requires a fee of 1% of the property sale price in accordance with the “loi du 28 septembre 1977 sur l’enregistrement et la conservation fonciere”. This is usually done by the notary who charges this amount initially. However, this process can take between 6 to 9 months and once completed is when the sales procedure is said to be finished.