We work with serious clients who have a long-term perspective on relationships and investments. Nancy Landi International works selectively with clients who fit this model.
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Buying Property in Argentina / by one of our clients in REAL ESTATE.
Having bought my 3 apartments in August 2004 at Palermo Botanic Garden, I can tell from my experience that for those foreigners interested in buying a property there will be no complications or restrictions, not even with the currency at the moment of withdrawing your profits. The purchase process is made of simple steps you have to follow.
First the buyer makes an offer which consist of a small deposit (no more than a 10% of the cost of the property). When the offer is accepted, a closing date is set 30 to 60 days later for the payment of the balance of the offer and delivery of the deed. If the offer is not accepted, they return the money.
You do not have to be present. I gave my solicitor the power of attorney who will perform the service for you.Your cost will be a 3% to 4% Real Estate commission plus the 21% VAT (valved added tax) on the commission. There is no VAT on the purchase price of the property unless is a new construction. You also pay the Notary to produce a clean title. His fee and cost will run about 2.5 percent of the purchase price, including the 21% VAT on his fee.If you are a foreigner and are purchasing within the city of Buenos Aires, there is a 2.5% stamp tax paid to the city, but your first property is exempt from this tax.
If you are buying a second property the 2.5% cost is share in half with the vendor. It is much more easy to buy a property from an Argentine vendor. In case you choose an apartment from foreign landlord, it is necessary to make a 2-4 months errand at the public tax office.In some cases (usually when the vendor lives in the property for sale) it is necessary to make a “Boleto de Compra-Venta”. This “Boleto” is like a selling contract that states the price, the time scheduled for the operation, etc. By signing it, you will have to pay 30% of the total value of the apartment.