I feel like a real estate purchase is pretty much a gamble here...

[mmoon]

DO NOT DO THIS!!!!



DO NOT DO THIS!!!!

SKIP THE BOLETO AND MAKE THE SELLER COME TO YOU!!!

HAVE THE ESCRITURA IN WHATEVER FINANCIAL INSTITUTION (BANK OR CASA DE CAMBIO) WHERE YOUR FUNDS ALREADY ARE (OR WILL BE).

THIS WAY YOU WILL NOT BE IN THE STREET WITH THE CASH!!!!

YOUR FEARS ARE WELL FOUNDED!!!!

PS: I APOLOGIZE FOR YELLING (IN CAPS) BUT YOUR FINANCIAL FUTURE AND YOUR LIVES COULD BE AT RISK IF YOU DO WHAT THE SELLER PREFERS!!!!

I could not agree more with Steve on this issue. We had a situation five years ago where we were selling and our escribano had the buyers come to his office with the briefcase of cash even though we were supposed to do that part downtown in a secure office. We stopped the transaction right then and there and threatened to back out of the whole thing if they didn’t agree to bring the cash back to our chosen location the next day. The whole thing smelled so fishy. We were in a not great neighborhood and figured everyone else in the office knew what was going on and could easily alert someone to rob us on the street. Our escribano was totally offended but we didn’t care. Luckily, everyone did what we wanted and the buyers returned to downtown the next day with the cash and we closed the deal but hell no should you do what the sellers want or have any of that cash outside of a secure and legal location. BA is littered with tales of people being robbed or worse for much less money. This whole situation sounds bad. Find another place. And yes, we never used that escribano again.

 

[expat0tree]

we were supposed to do that part downtown in a secure office

can you please refer to such secure office? that's useful information for us. thanks

 

[sergio]

Don't go through with this deal. It smells rotten.

 

[Somewhereinba]

If it smells like... you know the rest... It's extremely rare for a property purchase to tick all the boxes. I don't know anyone who bought a place at the perfect time with the perfect house in the perfect location for a bargain. You will never have everything - BUT this deal smells stinky - walk away and save yourself possible headaches. Keep looking and learning about the market, whats out there, prices etc - eventually you will find what you want a reasonable price.

 

[Ries]

a "secure office" usually means a room in a bank. Most closing occur in banks, where the cash is wheeled in, run thru counting machines in front of all participants, divided up to pay the various fees (usually incuding big chunks for past due taxes and sometimes even utilities and consorcio fees), then run thru counting machines again, and wheeled off to be redeposited in bank accounts.
Sometimes, if there are two different banks involved, the seller will hire an armored car and armed guards, to escort the huge pile of cash to their own bank. In times past, this was all in US hundred dollar bills.

 

[expat0tree]

In times past, this was all in US hundred dollar bills

our savings are not deposited in the bank, so how do we do it then?

 

[steveinbsas]

can you please refer to such secure office? that's useful information for us. thanks

As I wrote yesterday:

You can have an escritura or a boleto at the same bank where the safe deposit box is located. This is a common practice in Argentina. The bank will charge non account holders a small fee to rent a private room.

It shouldn't matter if you have an account or safe deposit box at the bank, but if one bank tells you they only offer this service to account holders (even after you offer to pay), just try another bank.

 

[steveinbsas]

our savings are not deposited in the bank, so how do we do it then?

Same answer as my previous post.

Taking money to a bank for an escritura isn't nearly as dangerous as leaving the bank (and going somewhere else) with money after an escritura.

 

[Bajo_cero2]

I agree that nobody is paying nothing and the country is slipping into a worse place since many months ago but where is the guarantee that the prices would be cheaper towards the end of the year or in 2020? can you see a better buyer's market coming? please provide details.

After a default prices always go down.

 

[steveinbsas]

In response to this:

As far as i know there is an additional paperwork to file in case of an existing structure on the property even if it is no longer habitable or even if it's falling apart.

I wrote this:

Are you saying that no papers have to be filed with AFIP if you buy land with no construction? That may be the case, but I´ve never heard of it.

As I was going through some papers about an hour ago I came across plans for my house and I remembered that someone recently posted that prior to the sale of a property in Buenos Aires, the additional paperwork that is now required is a plan that shows any construction and that it must be certified by an agromensor (surveyor)