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 Chile

Chile is a beautiful country bordered by the Andes Mountains to the east and the Pacific Ocean to the west. It has the world’s driest desert in the north and a 2,700 mile coastline that boasts some of the world’s loveliest beaches. The country is becoming a big draw for people who want to live in an economically stable country.

Foreigners who are not residents but want to buy property have to apply for a RUT (Rol Unico Tributario) at the National Tax Office. This is a number given to you for tax purposes. It allows you to buy real estate or conduct any other transaction that involves public records.

It is a good idea to work with both a real estate agent and an attorney when you buy property in Chile. They can help you with the formalized contract and the Title Report for the property, two things you will need in order to purchase it. Chilean law is very exacting as to the structure of formalized contracts so an attorney is essential to the process of buying property.

Property prices are typically 5-10% higher than the seller actually wants in order to leave room for negotiation. It is traditional for both buyer and seller to share the majority of expenses involved in your purchase; all in all, you’ll pay about $7,000 in fees and expenses when buying a $100,000 property.

Once you find property you’ll sign a buy-sell agreement that is legally binding so be absolutely sure that it’s the property you really want.  After that, a notary has to verify that all taxes have been paid and will notify the Chilean Tax Bureau.  If all is well a tax certificate will be issued so that you can buy the property.

Chile does have a VAT (value added tax) that you will be charged when you purchase property.  At this time it is 19% and your real estate agent will charge about 2% as their commission.

Buying Property in Peru

In these times of regressed economy, Peru is considered to be a safe bet as far as investments are concerned mainly due to its stable economic and political conditions that are beneficial to its developing economy.  Peru offers a whole lot of awesome opportunities for foreign investors who can be assured of considerable returns for their investments. Most international investors find it profitable to buy property in Peru and rent it out at attractive rates. Peru is also an attractive place to live in and lots of foreigners have made it their secondary home.

Whatever the objective, when buying property in Peru, it is imperative that you are aware of the law of the land that especially deals in real estate. This is to ensure that you do not fall prey to fraudulent activities and that your rights are well protected.

Once you identify the property that you would like to buy, and start negotiations with the seller, you could request the seller for the relevant details of the property for obtaining the ‘CRI’ or ‘Certificado Registral Inmobilario’. It is also a prerequisite that you collect the relevant information regarding the original legal title of the property from the SUNARP or the ‘Superintendencia National de los Registros Publicos’ and also make sure that it is up to date.  These processes require the services of a good lawyer who can guide you effectively to this regard.

Another important factor before buying a property in Peru is the existence of restrictive covenants if any, in the property you are interested in. sometimes, it so happens that due to the specific placement of the property, the municipality has the right to determine the developmental procedures to be taken place in that area. This could hamper the intentions of the owner. To avoid such a situation, it is always better to know beforehand if any such covenants exist.  Before buying a property, ensure that you are in possession of the ‘certificado de parametros urbanisticos’ (building parameters certificate) as well as the ‘certificado de zonificacion’ (usage verification certificate), and make a double check on the property rules with the concerned people. You will also need to ensure that all the required municipal and property tax has been paid by the previous owner to date.
The purchase agreement giving the description of the sale follows these procedures and it is mandatory that it is certified by the Notary public and subsequently filed with the SUNARP. If all the documents are in proper order, and after remitting the due taxes, the payment exchanges hands and you are legally certified as the owner of the property in Peru.

Buying Property in Paraguay

Paraguay, which is known as the ‘heart of America’, is basically known for its healthy environment and warm tropical weather. Although politically instable to a large extent, the immense scope for profitable returns is attracting many foreign investors who are keen on acquiring property in this country.

It is seen that most of the foreign investors who are interested in Paraguay, invest in farmland since these are available at real bargains when compared to other countries. The same applies to residential properties too with prices being much lesser and hence more attractive to foreign buyers. In fact, Asuncion (Paraguay’s capital) is ranked as one of the cheapest cities to live in the world.

When it comes to buying property in Paraguay, the positive side is that the government does not restrict foreign buyers in any way. The law of the land applies to all buyers alike whether they are nationals or foreigners. In fact, foreigners hold a status similar to that of nationals and can engage in any business or trade without any problem. The one positive aspect of this country is that it has the lowest rate of tax with just 10% income tax as well as VAT.
In Paraguay too, the prospective buyer needs to look up various properties to decide on the one he likes. Thereby, he can contact the seller and fix up the terms. Paraguay is notorious for a corrupt system and hence it is imperative that the purchaser look up the various title deeds of the property and ascertain it’s genuineness before committing.

Registration of the title deed is done through the public escribanos or Notary public who inspects the title of the property and points out any misrepresentation to the purchaser. One of the biggest disadvantages of this country is that the legal system happens to be quite corrupt and hence unreliable. Moreover, the lack of proper national property survey or land register makes the whole process very unclear. Therefore, it is really necessary to exercise the utmost caution while buying property in Paraguay.

If the title verification and registration process goes as per schedule without any untoward bureaucratic delay, you can be a proud owner of a Property in about 48 days.

Buying Property in Brazil

Brazil is usually viewed as a great vacation destination, and it certainly is that! But it is a wonderful place to live, too. It is a country rich in history and tradition that meshes comfortably with modern technology. You can live in a bustling, vibrant metropolis or settle in a smaller, cozy town or village. There is no shortage of desirable properties in Brazil, no matter what your requirements or budget. Plus, the cost of living is about 20% below that of the UK or the United States.

There are no restrictions to foreigners buying land or property in Brazil. In fact, it is encouraged!  With the 13th largest economy in the world, Brazil strives to attract a global population to its beautiful shores. All you need is a passport and a CPF, which is the equivalent of the United States’ Social Security number. You need a CPF (Cadastro das Pessoas Fisicas) for everyday transactions such as banking, getting a cell phone, buying a car or applying for a job.

When looking for property in Brazil you should retain an attorney and use a real estate agent or broker. You can avoid unscrupulous agents/brokers by checking to make sure they are members of CRECI (Regional Council of Property Managers), the organization that regulates that profession. Only registered members are permitted to legally sell property.

Once you find a property you are interested in your agent or attorney can help you check the Matricula, a record of everything that is directly related to the property since its construction. It lists property values, transfers and other pertinent facts. It will cost you ten Reales, or about $5.86 U.S. dollars and takes an average of three days. It will help you determine if the property is debt and lien free.

Down payments range from 5-20% depending on what you and the seller negotiate. You will have to make the transaction in local currency. Your agent will be expecting about 6-7% of the purchase price as a commission.

Brazil might be just the right place for you to make your home. With an average year-round temperature of 81°, miles of beautiful beaches and a year full of festivals and cultural celebrations, Brazil may be your personal paradise.

Buying Property in Colombia

Colombia, South America, is a beautiful place to live if you choose wisely and follow a few common sense rules. Foreigners can own as much property as they wish as long as they have an appropriate visa.

The first and foremost step to take in buying property in Colombia is to engage both a real estate professional and a reputable attorney. While Colombia has wonderful weather, superb beaches and breathtaking scenery, there are also several ways that you can be scammed when trying to buy property.

When you are looking at property it’s a good idea to be sure that there isn’t someone other than the seller occupying it. This is because the tenant may not want to leave and law enforcement is rarely helpful in evicting them. You must also make certain that the owner actually has the right to sell the property; real estate is often owned by several members of the same family and if one does not want the property sold, your contract will be void and your down payment or deposit will probably be lost.

Your attorney can help you avoid these pitfalls and also help you register your property with the local Notary and the Property Registry. Unless you do this immediately after the sale is completed, the former owner may just sell the property again to someone else!

If you decide to choose a piece of land and build your own house, be sure that you pay for work as it is completed. Builders have been known to vanish after accepting advance payments.

Although you may have heard negative things about Colombia—the drug trade, political corruption and the like—there are wonderful areas ideal to settle down in. For example, Cartagena is a beautiful area with prices ranging from $90,000 for a one bedroom apartment in the city to $500,000 for a three bedroom home in an upscale part of the city. Or you may be interested in a one bedroom condo on the beach for just $150,000. A real estate agent can guide you to properties that suit your needs.

Buying Property in Argentina

If you, as a non-resident, want to buy property in Argentina you are in luck as long as you don’t want to own commercially.  Foreigners can own property with a few restrictions:

1. It cannot be intended for commercial purposes
2. You cannot own property closer than 63 miles of the Chilean border.
3. You may only own residential property in suburban or urban areas.
4. Your property must be less than 16,404 square feet.

Don’t be put off by the price of a property that you like, for Argentine real estate is typically overpriced so that the parties can negotiate.  You will need a realtor to deal with the owner and you will be expected to make a security deposit once you make an offer.  It’s inadvisable to use cash so it would be easier if you already have a checking account set up.  Agree with the seller on a timeline for acceptance or rejection of your offer.

Most real estate transactions in Argentina are not financed.  Since most are done on a cash basis, the country has avoided the havoc caused by interest rate changes.  Thus, the country did not experience a housing bust like so many other countries.  Cash transactions have kept housing prices stable and although sales have been down the prices have remained pretty much the same.

Once your offer is accepted you will make a 30% down payment to secure the property but that can also be negotiated.  If you back out of the deal you will lose your down payment but if the seller backs out, they will pay that amount plus an equal amount as a fine.

Once the sale is final and notarized you will get the title.  All costs incurred before the final signing is paid by the seller, all that occur after the sale (like the notary’s commission) are the responsibility of the buyer.

As you can see, buying property in Argentina afford you and your family a stable home that will probably not fluctuate much in value.  Because the country finances very few residential properties their economy has remained fairly stable.  For that reason, most people don’t buy Argentine property for investment purposes but they are assured of consistent value and a solid economy.