The Real Estate Purchase Process

Find out about the steps involved when buying a house or apartment in Argentina...

There are a number of steps to be followed in order to purchase a property in Argentina:

Offer

The offer should state the price, closing date, name of notary public selected and special conditions. It should be accompanied by a strong binder which should be returned doubled if the owner backs out of the deal before closing date. It is important to request updated floor plans that reflect actual construction. Failing to do this may lead the new buyer to pay back taxes otherwise payable by the previous owner.

Boleto

This is an intermediary step, that generally takes place within fifteen days after acceptance of an offer. It allows owners to receive between 30 and 50 percent of the purchase price and, therefore enables the seller to secure a replacement property for the one to be sold.

Escritura

This is the actual closing date where all parties get together to sign the official transfer of deed. Before the official transfer can take place, the acting notary public must be in possession of the old title deed, have performed the necessary title searches, received a surveyor's report on the property and verified debts, liens and encumbrances.

When buyer and seller go straight to the “Escritura" stage, 100 percent of the proceeds are delivered at the time or a transfer to a foreign bank account is set up and verified at a second meeting. It is important to note that the payment required for the escritura is not required to be made in pesos.

It is not necessary for the buyer to be physically present to sign the transfer of deed. A power of attorney can be granted to a third party to sign on the buyer's behalf.

Current banking legislation has been tightened up following pressure from the US government regarding money laundering. In this regard, local banks require copies of the seller's tax return for the previous year in order to receive funds.

Reynolds Propiedades - Managing Director: Cecilia Campbell At: Av. Libertador 3149, La Lucila, Buenos Aires; Open: 08:30-19:00 Tel: (011) 4794-4100 e-mail Website