How to get money from a real estate sale out the country

[Roscofer]

Hello. Thank God I left Argentina 25 years ago. Someone is interested in buying a piece of property I inherited from my father, and, so far, it seems like either my broker is a total idiot, or for real the operation faces many challenges until I get the money transferred to New York. Is anyone familiar with the process? I have double citizenship and am not aware of all the craziness and stupidity going on with Argentina’s economy. Thank you in advance.

 

[rickulivi]

I am not an escribano or real estate agent, but my first question is: who has title to the property?. Title is critical everywhere but a far bigger headache in Argentina. If you own the property, that is, title is in your name and with the same name you use wherever you find yourself, things should be relatively easy but expensive. And your post suggests that patience is not a virtue you posses, so that will make your efforts that more difficult. Good luck.

 

[Roscofer]

Hi. I have the title to the property with the same name I use everywhere, but, I don’t have a CUIT number. First I have to either get one or give power of attorney to someone for this specific transaction. When you say things should be relatively easy but expensive, do you have a specific idea about the costs? Thank you very much for your response.

 

[Pianosteve]

Could I ask if there would be a problem bequeathing property to a relative who lived outside the country? Could I also tag on the question why do realtors' expenses seem so high? I've seen a fee of USD $16,600 tagged on to a USD $198000 asking price for a Recoleta apartment.

 

[Pianosteve]

Could I ask if there would be a problem bequeathing property to a relative who lived outside the country? Could I also tag on the question why do realtors' expenses seem so high? I've seen a fee of USD $24,000 tagged on to a USD $185000 asking price for a Recoleta apartment.

 

[steveinbsas]

Could I ask if there would be a problem bequeathing property to a relative who lived outside the country?

I asked an atorney this question several years ago. He told me it could be done and suggested the will be registered and that a legalized copy of the relative's passsport attached to the will would be a good idea.

...why do realtors' expenses seem so high? I've seen a fee of USD $24,000 tagged on to a USD $185000 asking price for a Recoleta apartment.

Based on my own ecperience (buying three properties) in Argentina, the buyers' fee was always four percent, nowhere near the almost 13 percent "tagged on" in the listing you are referring to.

It would be interesting to hear the realtor's "explaination" for such an exhorbitant fee.

 

[Pianosteve]

I asked an atorney this question several years ago. He told me it could be done and suggested the will be registered and that a legalized copy of the relative's passsport attached to the will would be a good idea.



Based on my own ecperience (buying three properties) in Argentina, the buyers' fee was always four percent, nowhere near the almost 13 percent "tagged on" in the listing you are referring to.

It would be interesting to hear the realtor's "explaination" for such an exhorbitant fee.

That's a good idea about the passport. As far as estate agents' fees are concerned this was the advertisement in question: https://www.zonaprop.com.ar/propiedades/retasado!-dpto-3-amb-c-dependencia-en-recoleta-45374156.html

 

[steveinbsas]

That's a good idea about the passport. As far as estate agents' fees are concerned this was the advertisement in question: https://www.zonaprop.com.ar/propiedades/retasado!-dpto-3-amb-c-dependencia-en-recoleta-45374156.html

The $24.000 realtor's fees might be payable in pesos, but that seems low for a $185,000 USD sale.

PS: At an exchange rate of 100 to one, a four percent commission on a $185,000 USD sale would be $740.000 pesos.

The buyer also pays the escribano's fee of 2%, among other, smaller costs that are never paid to the realtor.

The realtors always take their commission at the boleto, so even if the sale fails for some reason, they have already been paid and probably not obligated to give a refund.

PS2: The listing figure of $185,000USD may be a "low ball" price to draw attention to the listing.

 

[Pianosteve]

The $24.000 realtor's fees might be payable in pesos, but that seems low for a $185,000 USD sale.

PS: At an exchange rate of 100 to one, a four percent commission on a $185,000 USD sale would be $740.000 pesos.

The buyer also pays the escribano's fee of 2%, among other, smaller costs that are never paid to the realtor.

The realtors always take their commission at the boleto, so even if the sale fails for some reason, they have already been paid and probably not obligated to give a refund.

PS2: The listing figure of $185,000USD may be a "low ball" price to draw attention to the listing.

Does the purchaser receive an escritura as in Spain to confirm ownership of the property? Any other pitfalls I need to know about buying property or making offers? Is Recoleta a uniform area or are there still streets to avoid there?

 

[steveinbsas]

Does the purchaser receive an escritura as in Spain to confirm ownership of the property?

Yes, and that's what it's called here. too.

Any other pitfalls I need to know about buying property or making offers?

The escribano will order the "informes" (aka: title report) to be sure the title is free from any leins, ecombrances, or unpaid taxes, utilities, espensas, etc.

If there is any delay in the escritura (aka closing), the escribano should renew the informes as necessary to avoid a last minute "embargo" (which happened just before the scheduled escritura for the property where I now live).

The closing was delayed by almost ten months, though I was able to move in the day after the origninal closing date (after an 18 hour ride in the moving van with my two dogs...Frida and Diego) , thanks to some incredible negotiating by my real estate agent.