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Real Estate Patagonia Argentina
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[mailto:alphaprojectpatagonia@hotmail.com]
Real Estate Patagonia Argentina
1. Do I need to use a Realtor or Broker? If you are buying property in Argentina, you should always solicit the services of a reliable and well-respected real estate company. There are many "Street Realtors" who are more than willing to show properties seeking a sales commission yet lack the resources and knowledge necessary to provide you with information that is critical to complete a legal and successful operation. Do not think that you will get it cheaper by using anybody else who is helping you with the purchase. There is like an unwritten law in Argentina, as in many other countries, that everybody has the right to ask for a commission by just bringing buyer and seller together. 2. Is there any legal obstacle to buy property in Argentina being a foreigner? There are no legal impediments for you to buy property or land in Argentina, whether you are an artificial person or an individual. But if you want to sell it afterwards you will also want our advice since it is necessary to meet some fiscal requirements with the "Administracion de Ingresos Publicos" (AFIP) (ARGENTINE IRS) before carrying out such transaction. If you are represented by a third party, whether you are an artificial person or an individual, he shall have to register before the AFIP and obtain an identification number. Said number will link you with your representative, for legal and fiscal matters. The Notary Public shall give notice of this to the AFIP upon the execution of the deed of sale. If you have not appointed a representative to act for you and you do not speak the Spanish language you will need to sign a document translated by a Sworn Translator upon the execution of the deed. 3. Which documents do I need? You will need the personal identification documents which are valid in your own country and your passport. If you are an artificial person, bring all the documents related to it (incorporation agreement, by-laws, contracts) translated and with apostille (if your corporation was created in a country adhering to the Convention du Hague). If a power of attorney has been issued to any third party, this power must be translated by a Sworn Translator and legalized. If issued in a country adhering to the Convention du Hague then it must also have the corresponding apostille. 4. What do I have to do if I found the property I would like to buy? Having selected your ideal property in Argentina, you will want to be absolutely certain of the legalities of the purchasing process and particularly your rights in a foreign country. This is where ALPHA PROJECT PATAGONIA will ensure that you have expert assistance and will guide you through each step of the buying process. 5. Which is the first step of the buying process? The reservation When you have decided on a certain property the first step is to deposit a small amount in order to take the property off the market and reserve it until the remaining steps have been completed. The most common procedure is to make a money deposit agreement together with a down payment. This is usually 10% of the purchase price. Under this agreement you make an offer, which will be accepted or rejected by the seller. If your offer is accepted, then, within the term of ten days, you sign an agreement accepting all the terms and conditions to purchase the property ( Boleto de compra/venta ). If your offer is rejected, then you may choose either to improve your offer or to ask for reimbursement within the next 24 hours of the money deposited. 6. How is title transferred? The DEED When buying property in Argentina, after the reservation of the property through a down payment, the property is transferred from seller to buyer by executing a transfer deed before a Notary Public at the date agreed by the parties. Unlike Common Law countries, such as The United States or Canada where the role of the Notary Public is limited to authenticating signatures, in Argentina the Notary Public must be an attorney and he or she may draft and interpret legal documents, as well as authenticate and certify the authenticity of documents. The Notary Public shall draft the Deed according to the laws in force in Argentina and he will guarantee the transaction, checking that the property is free and clear from any obligation or debt (taxes, liens, encumbrances, etc.). Once the transfer deed is accepted for registration in the Public Registry of Real Estates, the original document will be returned with all the documentary stamps affixed to it and properly sealed. Assuming no defects in the transfer deed, it should be registered by the Public Registry within 30 to 60 days after presentation. 7. How do I pay for the property? Most of the deals in Real Estates are cash deals payable in American Dollars. If you are a foreigner you may want to transfer your money through an official Foreign Exchange Agency or a Bank. This transaction involves a 1 or 1.5% charge, one- week- time and a fee that varies according to the entity taking part in the transaction. The bank must declare the funds to the Banco Central de la Republica Argentina (BCRA) that is the National Bank in accordance with the laws. Part of the purchase price can also be deposited in a foreign account, which amount shall not appear in the deed. 8. What if I found a property by myself and I need assistance to purchase? ALPHA PROJECT PATAGONIA has served as a buyer's agent many times and will be glad to assist you. We can offer you our professional service during the whole purchase process. We have also worked as intermediary where seller and purchaser contracted us in order to help with the negotiation and purchase. 9. Can I get financing in Argentina? Financing through a bank in Argentina is possible. You can take out a mortgage on your new property from a bank. But most of these transactions are either cash deals or financed by the seller / owner or a third party , generally with short term repayments and at previously fixed interest rates. Sometimes the buyer can obtain better rates and faster and easier approval using a first or second mortgage in their home country on property they own there, then the cash can be used to buy property in Argentina. 10. Which are the closing costs? A Fiscal tax or seal tax should be paid or not on the property transaction according to the region. The tax rate can vary from 2.5 to 4% depending on the province where the property is located or this tax can be based on the declared value of the deed of sale if this is lower than the corresponding fiscal tax. Notary fees shall be calculated in each particular case since they vary according to the value of the property concerned. In general these are 2 or 3% based on the real sales price upon the execution of the deed. You should also pay tax depending on the number of real estates you own in the country. 11. Which are the property taxes? Municipal Taxes throughout Argentina are very low when compared to the United States, Canada or Europe. This tax is administered at municipal level and varies depending on the property location. It is paid bimonthly or quarterly also depending on its location within the country. The other land tax is based on the property value and it is fixed by law. Concerning real estates, land taxes do not depend on the purchase or sale price. It is determined by the local rules and regulations of the province where the property is located. 12. What do I need to know about taxation if I decide to sell the property I am buying? If you want to sell your property in Argentina, you should know there is a Land Transfer Tax (ITI) which is about 1.5% of the declared value of the property upon sale (Deed) but it is necessary to "inquire" the AFIP so that it determines if instead of ITI you should pay Income Tax and in that case which is the percentage to be paid of the property price (this is always the declared value of the property upon execution of the deed of sale). You can have several allowable expenses against tax (Tax Return required by AFIP) and if you buy another property you can deduct the purchase price. This is also applicable if you are an artificial person but for the Land Transfer Tax (ITI). Instead you will have to pay a tax equivalent to an Income Tax but it is necessary always to "inquire" the AFIP so that it determines the amount of this tax in each case. Lowering the gross amount paid by declaring a much lower sum than the actual sales price is a common practice to decrease the transfer land tax paid on the declared value of the property when you wish to sell it. 13. What are the "Security Border Zones" (ZONAS DE SEGURIDAD DE FRONTERAS)? The "Security Border Zones" (ZONAS DE SEGURIDAD DE FRONTERAS) are zones which the government considers a priority and which are subject to special requisites. To obtain the authorization needed to purchase land here you should meet specific requirements depending on the location of this zone. 14. Can I buy land on the "Security Border Zones" (ZONAS DE SEGURIDAD DE FRONTERAS)? If these lands are located in a tourist zone and you choose to invest for tourist purposes it might be easier to get the authorization required to buy property here. It is also easier to get said permission, if you can prove that you have been living here for a long time or that you are related to Argentine people living in that zone (parents, husband, wife, children). The purchase of these lands cannot be executed in any case unless you have the corresponding authorization. Owing to the great increase in the number of property purchases by foreigners in the last two decades, the rules and regulations have hardened considerably. 15. Who pays the sales commission? The most common practice is that the vendor, seller or owner pays part of the commission to the Realtor or Broker at closing. The buyer or purchaser have to pay a commission when signing the agreement (boleto de compra /venta), except previous trade talks. 16. Can I have the title of the property in my own name? The decision to have the property that you are buying in Argentina in your own personal name or in the name of a corporation is strictly up to you. 17. Who is considered foreign artificial person in Argentina? A Foreign Artificial Person is considered as such if: a) It is organized abroad and where the foreign individual or artificial person organized abroad owns, either direct or indirectly, the majority block of shares or has the required voting shares to prevail in shareholders' meetings. b) It is organized in Argentina and where the foreign individual or artificial person organized abroad owns, either direct or indirectly, the majority block of shares or has the required voting shares to prevail in shareholders' meetings. c) It has its corporate head office in a foreign country or when its Controlling or Managing body is formed by foreigners. The regulatory body in charge of all the legal aspects related to artificial persons in Buenos Aires City is the "Inspeccion General de Justicia." 18. How can I ensure that I have clear title to the property? Before closing the purchase the Notary Public shall have seen the title deed registered in the corresponding Real Estates Registry and shall have obtained a certificate, issued to that effect by this Office, evidencing the legal condition of the recorded property and the persons concerned. These documents shall be numbered, dated and certified by the Registry according to the rules and regulations of the place where the property has been registered. After the execution of the deed of the property you have chosen, this deed shall also be entered in the corresponding Registry. 19. Can I as a foreigner buy and own property in Argentina? Ownership of real estate in Argentina by foreigners is fully guaranteed by the Constitution. In addition, foreigners enjoy the same ownership rights as Argentine citizens, regardless of whether the property is placed in the name of a corporation or in the name of an individual. 20. Do I need to be resident to purchase a property in Argentina? No, it is not necessary to be resident in Argentina to be able to buy property. Nevertheless if you are planning to live here year round, then you will find it easier if you take up the Argentine residence. ALPHA PROJECT PATAGONIA can also help you with our skilled team, if you choose this option. 21. Building vs. buying an existing home? Building is never easy, no matter where you are in the world. It is much easier to buy an already built -up property; you can see what you are buying. Argentina has changed a lot in the last years in terms of pricing of good quality construction materials and availability of reliable contractors and construction companies especially in remote areas. Nevertheless, if you cannot find what you are looking for out of the existing possibilities or if you have to make too many compromises, giving up comfort, taste, etc. we recommend that you think about building. Fortunately, in Argentina there is a defined process through which an intelligent buyer and builder should proceed. In addition, there is a Licensing Body for architects and engineers, which also sets standards for fees if you decide to build your own house in the property selected. 22. How much are building costs for a private home? The building costs are estimated per square meter and range between US$500 to US$1000 (and up) for a good quality construction. This will include the walls, floors, windows, doors, roof, wiring and plumbing. Excluding furniture, appliances and landscaping. These costs depend on the type and price of material you use, construction style, the contractor you are hiring and the soil, the location and the area. 23. How do I find a reliable builder or construction company? ALPHA PROJECT PATAGONIA can assist you in finding a reputable architect, engineer or contractor. Based on our experience you will easily find the right company or professional. You will make the final decision on the examples we have shown you, depending on the materials used, the construction style chosen and the builder you selected. 24. Who takes care of my property while I am away? This is a good question and it is often asked after buying property in Argentina. If you have not bought a property within a complex like a condominium, gated development or country club with administration and security services on site we recommend you to hire a caretaker, especially if it is a larger piece of vacant land and in more remote areas. ALPHA PROJECT PATAGONIA can recommend you reliable people or services. We can also give you tips or hints depending on your particular situation and the type of property you have bought. All these are basic steps, but the process of buying property in Argentina requires further due diligence before you can close. ALPHA PROJECT PATAGONIA will work closely with the Notary Public and will do the follow up in order to have a smooth and secure purchase that will be completed to everybody's satisfaction. We hope this information was helpful, if you still have any doubts or questions on buying or selling property in ARGENTINA, please do not hesitate to contact us.
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Alpha Project Patagonia - Cerrito 484 2B - Buenos Aires - Capital federal - Argentina Telefono : (00 54 11) 43 83 14 04 - Fax : (00 54 11) 43 81 55 23 .
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