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PROPERTY

Sellings - Buyings

Each time you buy or sell a property, there are certain steps that must be followed which cause an infinity of doubts. In this section we try to give our customers a brief answer to the most frequent questions that often arise.

¿Qué pasos se deben llevar a cabo para la venta de un inmueble?

En resumen los pasos más usuales de una compraventa consisten en:

Tasación --> Autorización de Venta * --> Reserva --> Aceptación de reserva --> Boleto de Compra-Venta --> Escritura Traslativa de Dominio

* También alta de COTI en inmuebles cuyo precio de venta sea igual o mayor a $300.000

How I can know the value of my property?

To determine the sales value of your property, you should consult a professional in the field, ie, a registered appraiser.

To establish a proper value of your property there are different factor taken into account: characteristics of the area where the property is located, meters distribution, length, brightness, details of the unit, and a number of factors that undoubtedly will result in the actual value of the property in question.

The autonomous city of Buenos Aires now has a unique school of Realtors (CUCICBA), where professional appraisers are registered you can check it out at: www.cucicba.com.ar

What is a sales authorization and what is the minimum content?

A sales authorization is a contract where the parties authorizer (owner of the unit) and approved (property intervener) are committed for a limited time to carry out the offer for sale of a property under the conditions that the parties agree freely and in agreement.

This document should be left set:

a) Location of the property.

b) The owner.

c) Selling price.

d) Payment method.

e) Expiration of the sales authorization.

f) Fees to be paid to the real estate firm.

g) Publication patterns and exhibition of the property.

Sales authorizations must be accompanied with photocopy of the deeds of the unit being sold, photocopy of the planes and a photocopy of ABL, AySA and Expenses.

What is a purchase reservation?

A purchase reservation is a "deal "made by the interested in the property (hereinafter reserving) setting on it: the sum, payment and deadlines for writing or ticket. At the same time, a pre- fixed sum of money is deposited and temporarily held by the real estate firm to support the deal.

Once accepted it acquires the value of a reservation, therefore not respecting any of the terms agreed at this instance will bring as a consequence the loss of the money deposited.

The reservation of purchase can not be considered a buying contract until it has been accepted by the Seller of the property.

If the reservation order is rejected by the seller, the real estate firm should immediately return the exact amount of money used for the reservation, without applying any kind of taxation.

Do I need to go to ticket or I can script directly?

This is a question that arises in almost 90% of operations. The first step of signing a sales contract is a point to be determined between the parties and probably already agreed when signing the “Reservation”. In case the parties agree to sign the deed omitting the sales contract then the ticket session is unnecessary.

What is a Buy-Sell Ticket?

In the first place we must make clear that the signing of a sales contract does not involve transferring the ownership but an obligation to act. For the transfer of the domain to occur the deed needs to be subscribed.

The Purchase-Sale ticket is a contract between the parties where basically, the seller is obliged to transfer the domain of the property at a specified date and the buyer agrees to pay the price. It also lists the rights of both parties.

The Purchase-Sale Ticket is not a binding instrument for the operation itself, however is useful for the negotiation that is taking place because it provides the parties a solid legal backup until the witting is carried out, and also sets up a financing tool for both sides, for the one who receives a portion of the sum and reuses it to acquire further assets and at the same time for the buyer who obtains a longer period to complete the payment of the total price.

What percentage of the price is usually paid when the ticket is signed?

The amount paid depends on what is agreed in the previous negotiation. Usually, it is paid a 30% of the total price.

When the buyer obtains the possession of the property?

Usually, possession is granted when signing the scripture, however, in some cases is given simultaneously with the sales contract for which they usually pay a sum greater than the usual 30%.

Who designates the Notary?

The notary is commonly designated by the Purchaser. It is advisable to make a reliable inform the name of the notary registration, address telephone.

We strongly recommend requesting a pre- form stating costs and fees that will be required for the scripture so as to have a budget for the entire operation.

When it comes to new buildings, the notary shall be appointed by the seller since it will be the same one who was responsible for signing all the writings of the new building.

What is the role of the Notary?

The notary will advise and assist the parties. It is the notary who will study the titles; will be in charge of getting reports of inhibition from the seller/s and finally, he will register the domain transfer in the Register of Deeds.

Which are the costs of writing?

The studies of titles are paid by the seller, as for expenses related to the registration of the title; costs are afforded by the buyer. Regarding the fees of the notary, the usual practice tells us that these are paid by the buyer.

What are the taxes to be paid to writing?

On this point we must make special reference to:


  • En el caso de vendedor persona jurídica, no tributa este impuesto, sin embargo es alcanzado por el Impuesto a las Ganancias, y el escribano efectuará una retención del 3% del precio de venta o del valor inmobiliario o vir (el que sea mayor). Más información en la página web de AFIP: www.afip.gov.ar/iti

WHAT IS THE COTI?

The COTI or Offer Code Transfer of Real Property is effective since March 2008, being regulated by the AFIP.

El Coti es una obligación de informar la oferta de venta de todo inmueble cuyo valor sea igual o mayor a $300.000.-, dicho Código de oferta deberá ser tramitado según establece la normativa: "con carácter previo a la ocurrencia de alguno de los siguientes actos, el primero que suceda: negociación, oferta o transferencia de un bien inmueble o de derechos sobre bienes inmuebles a construir".

This is how the law obliges the holder of the domain or any of the homeowners to perform this procedure, and offers easy mechanisms to accomplish this: via cell phone text message, entering the AFIP website with CUIT and Fiscal Code.

All real estate agencies need this code to publish units; otherwise both the seller and the realtor would be in breach of intervening legislation of great importance.

Materialize at the time of sale, notary public and shall request the COTP incorporated into the deed.

If you have difficulties in processing please come to our offices and our accountant will advise on the subject.


Rentals

I put my apartment on rent but I fear my property will be ruined or that the tenant will not pay me.

What can I do?

To begin with, we must make clear that these are common concerns.

As a consequence we just have to take a few precautions, first confirm the fact that the tenants can really pay the rent. To do this, we take into consideration several factor: their income, their seniority, the solvency of the place where he/she/they work; it is also prudent to confirm their background in other locations.

An important factor is also applying for a surety to guarantee the owner, this will give us more security, and if the tenant ceases to pay, we would have two people responsible for the debt.

It is also advisable to ask for a security deposit in cash, so that if the property needs to have minor repairs, the owner will have the safeguard of this money. In case repairs don’t need to be done, the tenant has the right to receive back the security deposit.

How to know if the warranty has been bought?

Real estate agencies have access to databases of different companies where we can consult the register of warranties bought, to give more security to our clients we always ask for the Frequency Certificate or No. 5 to the registration of ownership, so as to verify that the property is not being used for these purposes in repeated contracts.

Who is the Tenant and who the Landlord Tenant?

In brief: it is called the tenant to the one renting the unit and landlord tenant to the person who owns the property and puts it on rent.

What is the minimum period of time enabled to be written in the contract?

Under the current legislation, check the Civil Code for housing contracts, in the contract must figure a minimum of 2 years, whereas in the case of contracts with commercial destination (not only local but also e.g. offices) the established minimum is 3 years.

Can I make a temporary rent contract for 1 year?

The law establishes that the maximum recruitment for temporary rents, for tourism, is 6 months. Remember that law is very clear stating that for a contract to be temporary; the rental must be for tourist purposes only.


Homestead


What is a homestead?

The homestead is a statutory scheme that aims to provide protection to the family home, ensuring that no executions can be liable for any debt or auction that originated after registration of the homestead.

One single unit can be denominated family property, and must be one where the family lived, meaning the owner of the property, spouse and descendants or ascendants. If these do not exist, side to the third grade of consanguinity who live with the owner of the property (this includes then brothers, uncles and nephews).

The only exceptions to this protection are payments of: Expenses, municipal debt and property taxes. In these cases the property may be executed.

Note that once constituted the homestead, you will not be able to neither offer it as a warranty nor mortgage the property, unless the unit stops functioning as a family property.

Where do you start the process? What does it cost?

The procedure can be performed in front of a notary and it can take place simultaneously with the purchase.


  • You can do it on your own, attending personally to the Deeds Registry in which case it is a simple procedure and without charge. To start the process without any further complications remember the following documents:

  • Title Certificate (original): If the ownership of the property corresponds to various different titles, you must present all of them and if the unit was received by inheritance, it shall be accompanied by the original title and the testimony of the Heirs Declaration• Proof of ID, Cuil or CDI.

  • ID of the constituents and beneficiaries.

  • Items that prove the alleged family relationship or family book.

Can it be rescinded?

La respuesta es Sí, y también es un trámite rápido, de acuerdo a lo informado por el Registro de la Propiedad Inmueble: "el titular deberá concurrir en forma conjunta con su cónyuge para la realización del trámite, con excepción de los casos en los cuales el titular hubiera afectado siendo de estado civil soltero o viudo. Si existiera mas de un titular, los mismos deberán presentarse en forma conjunta, sin que sea necesario la presentación de sus cónyuges. En caso de realizar la desafectación con poder, el mismo deberá hacer expresa mención de dicho acto o facultar para la venta del inmueble individualizándolo con todos sus datos. Deberá abonarse un arancel de $ 19."