If you want to buy a house in Argentina it is best to seek legal guidance for the imposed formalities. As there are no restrictions on foreigners interested in property in this country, the whole process is one without complexities. Find out from our lawyers in Argentina how to buy a property in Argentina.
Steps involved in property purchase in Argentina
The purchase of a property in Argentina can be done both by the citizens of this country and by foreigners, as long as they comply with the formalities. Let’s review some of these:
- Apply for a CDI or tax ID number to be able to buy a property in Argentina.
- Representation is required from an Argentine agent for the payment of property tax at Notary Public.
- Properties are priced in dollars, but payment is made in Argentine pesos. Buyers may experience around 2% in exchange rate losses. Ask us about how to buy a house in Argentina.
- “Boleto” is a 30% non-refundable down payment for booking the property. This money is calculated from the price of the house and goes into the account of the real estate agency with which you collaborate.
- We inspect the respective property and check if there are any irregularities. A report will be prepared in this regard.
- If the property inspection did not reveal any problems, the sale-purchase contract or the “deed” is signed.
- The rest of the payment is made by transfer, and the buyer receives the title deed.
- One must pay taxes such as VAT, notary fee, stamp duty, transfer tax, and registration fee.
Our lawyers have experience in real estate transactions and can offer specialized advice for foreigners. We are here to tell you more about how to buy a house in Argentina. If you are interested in starting a business in another country, such as Malta, we can put you in touch with our local partners.
What happens if the buyer changes his mind during the transaction?
As mentioned above, the buyer must make a payment of 30% of the price of the chosen property. If the buyer changes his mind and no longer wants the property, the money can no longer be taken back, and he/she must also pay a fee to the agency.
Therefore, it is recommended to be sure of the chosen property and the purchase, so that you are not involved in the unpleasant situation of losing money.
Call our Argentinian lawyers with confidence if you are interested to buy a property in Argentina. We can take care of all the formalities related to the sale and purchase of a house. We can help foreigners buy a house in Argentina.
Do you want to obtain residency in Argentina? Our lawyers can offer you specialized legal advice right from the start. In this way, you will ensure that all documents are correctly drawn up. Among them, you must present health insurance that is also valid for family members, if you apply for them as well. We also mention that the temporary residence permit is for a minimum of 2 years, after which you must apply for permanent residence. We recommend that you discuss all legal aspects with one of our lawyers.
Real estate due diligence in Argentina
Verification of a property in Argentina is required prior to purchase. This is where real estate due diligence comes into play, a process that can reveal various irregularities. In principle, a house should not be registered with debts before the sale. Also, hidden litigations should not exist. But with real estate due diligence in Argentina, such problems can be discovered and prevent a failed transaction.
More about how to buy a property in Argentina can be found at our Argentinian lawyers.
Real estate facts and statistics in Argentina
A quick analysis of the real estate sector in Argentina shows that around 30,000 transactions were recorded in 2019. Data provided by the College of Notaries in Buenos Aires also show that prices remain relatively stable, despite high inflation. Here is some other interesting information:
- Housing prices in Buenos Aires fell by about 2.5% in 2019.
- Also in the same year, the price per square meter for a house was about USD 2,300.
If you would like to immigrate to Argentina, we recommend you contact our legal services. We can take care of the formalities and paperwork for obtaining the necessary visa and residence permit. We mention that you will need a passport with a validity of at least 6 months, and accommodation in Argentina for which you must present a rental or property ownership contract. The authorities can also ask for a clear criminal record, so you must also prepare this document.
Want to know more about how to buy a house in Argentina? Contact our law firm in Argentina and ask for details about the services offered.