A GUIDE TO BUY REAL ESTATE IN BUENOS AIRES
DOWN PAYMENT, TITLE DEEDS, AND PROPERTY TRANSFER
Signing a purchase agreement is not an obligatory legal requirement to make the property purchase effective. In fact, the parties can directly sign the escritura (title deeds, hereinafter referred to as title deeds). However, before signing the title deeds, the buyer must generally make a seña (down payment, hereinafter referred to as down payment) of approximately US$10,000 to the property owner. After the down payment is made, the parties are subject to the same terms established in a purchase agreement. The difference between a purchase agreement and a down payment lies on the amount of money the buyer is required to pay the property owner: 30% of the total property price vs. US$10,000.
The property transfer is completed on the day in which the title deeds are signed. Said day, the buyer pays the due amount of money, and the escribano transfers the property title to the new owner. By signing the title deeds, the escribano certifies that all the documents regarding the property do not present any problem and that there is no legal restriction preventing the owner to sell the property. After both parties and the escribano sign the title deeds, the escribano gives the new property owner a certified copy of the new title.
Generally, the escribanos fees are paid according to laws in force: 70% is paid by the buyer and 30% is paid by the seller. However, the parties may agree on other percentages.
In the same Section:
Real Estate Buying Process
Real estate transactions in Argentina are made in cash and in dollars. So, potential foreign buyers should consider this fact, since they will need cash to complete the transaction [Read more]
After finding the property, the buyer should ask the seller to show him the following documents regarding the property:
* A photocopy of the Property Title.
* Proof of Pay [Read more]
Once the buyer verifies all the documents regarding the property he wants to buy do not present any problem, he must make an offer and pay a reservation sum to the real estate ag [Read more]
If the parties reach an agreement, they may sign a purchase agreement, in which the property transfer date and the intervening escribano
are indicated -see 3.2.4 Escrib [Read more]
Signing a purchase agreement is not an obligatory legal requirement to make the property purchase effective. In fact, the parties can directly sign the escritura (title
is a public officer vested by the State with public faith, thus every act notarized by an escribano
is authentic. Even though his functions are simi [Read more]
* The following information concerns the requirements and legal process to buy and sell real estate in Buenos Aires. You may find some differences in the real estate buying or selling process used in other Argentine cities.