$100K+ USD for apartment can seller legally insist on cash?

[Ries]

The custom is that buyer picks the notary and seller pick the point where payment will be handled, not the other way around ( for safety concerns ).

I have just asked the seller, and once they said Their bank, which was fine, it was Banco Piano and we wired the money.
The other time, we asked the seller if it was alright to do it at the colegio of escribanos, and they had no problem with that.
First , you need an escribano. Then, ask them this question.

 

[NeoWonk]

This cash custom when buying real estate is something that might dissuade me from ever buying an apartment here. It's too bad there isn't an escrow system here - that would be much less nerve racking. Is it possible to hire a real estate lawyer that would assume the risks (theft, title, etc.) for a fee?

Are title issues much of a problem here?

 

[jbeas176]

ries is right. you send your money to your bank account, change to dollars if necessary, hire a brinks like service to deliver it to the sellers chosen location. you should pay a contadora to make sure the title is clear. be aware they will not allow you to sign a spanish document if you are no fluent. the document has to be translated into english. thats what i experienced. between the owner and i we were able to make an acceptable translation. the only thing that got screwed up is i was born on jan 11 not nov 1. its totally normal. good luck

 

[camel]

And people think cryptocurrencies have no purpose! Totally solves this. If you don't want the volatility of BTC itself, use a stablecoin. Of course, most sellers don't understand/trust it yet.

 

[on the brink]

The buyer picks the "escribano", who researches the title to make sure it is legit. Their fee is 2%, negotiable to 1% in many cases.

As far as I know there is no title insurance here, so choose your escribano carefully - it is your only defense against fraudulent sales.

 

[Ceviche]

This cash custom when buying real estate is something that might dissuade me from ever buying an apartment here. It's too bad there isn't an escrow system here - that would be much less nerve racking. Is it possible to hire a real estate lawyer that would assume the risks (theft, title, etc.) for a fee?

Are title issues much of a problem here?

This has dissuaded so many people from investing in real estate here. A new president, etc, is acceptable. But unless they improve the banking system, the real estate market will continue to be in the doldrums despite the promotion of Argentina real estate by passport bros on Twitter.

 

[Ries]

And people think cryptocurrencies have no purpose! Totally solves this. If you don't want the volatility of BTC itself, use a stablecoin. Of course, most sellers don't understand/trust it yet.

wait- the best solution is one that most sellers wont do, and that can change in value hourly?
What happens when your "stable" coin arrives, and its worth less than when you sent it?
Pretty chart right here- and its from the guys who LIKE crypto. https://www.binance.com/bg/square/post/1309573
I have bought a couple of properties here over the years. The system here works just fine if you are careful.

 

[Ronnie Hotdogs]

I took $140k USD that I'd changed at a cueva to the realtors office counted it all out and signed the bit of paper.
But then again I've got balls of steel.
Apparently I might have problems later justifying the funds if I come to sell it.

 

[D.B. Cooper]

I used Casa Puente years ago when I bought my place here.
You might have to show the source of the $$$ you're planing to transfer. Mine came from the sale of my NYC apt.
Casa Puente has been around over 100 years. They were fantastic. I transfer the $$ from my NYC bank account.
I had to do it in two installments. When the money arrived we did the closing right in their office in downtown BA.
I showed up with my escribano, the seller arrived with members of her family. A rep from the Puente Co. was also there at the table. Before the $$$ was brought in they lowered the shades on all the windows. I think we were in a third floor office room.
I'll never forget when the money came. Two guys pushing a small coffee cart with a bill counter and the stacks of Franklyns.
After everybody counted the money. I pushed the stacks across the table to the seller and she gave me the keys to my place.
We both signed some papers and that was it. And I've been here ever since. Very happy the way everything turned out.
No regrets.

 

[toast]

And people think cryptocurrencies have no purpose! Totally solves this. If you don't want the volatility of BTC itself, use a stablecoin. Of course, most sellers don't understand/trust it yet.

I thought the topic was USD cash for real estate. But since you mention cryptocurrencies as a "solution", I recall the last time crypto was put forth as a solution. A few years ago, I got an email threat that claimed my computer was infected, and the person alleged he had lurid, incriminating video, and would share the video with my contacts and coworkers if I did not pay a thousand dollars worth of bitcoin to a destination given in his email. And claimed further that if I acceded to his demand, he would close the matter and never bother me again. My instinct was his completely implausible video was made all the more laughable by a promise to drop the matter after the bitcoin transfer, a transfer that would green light more shakedowns. Scammers are not highly regarded for their tenacity in honoring their promises. So either it was a scam, or the coworkers had such a thrill watching the video, they chose not to contact me. Crypto, the preferred medium of exchange for criminals. Like cash, preferred over bank transactions, to reduce tax exposure.