Hi,
I am planning to buy a PH in Buenos Aires, not in Recoleta or Palermo, somewhere a bit cheaper but still near a subte station.
An escribano told me the following on purchase costs:
2.5% - shared between the buyer and seller
0.2% for the inscription (registration?) of the sale
2 % fees to the escribano - paid by the buyer.
IF these figures are correct, the % costs are more or less like buying in Paris or I suppose Holland.
There is also the martillero (real estate agent). If I understand well, he/she can charge 4% but this varies/is negotiable. It seems that the buyer and the seller may each have a martillero. I don´t plan to use one - I am doing the research on internet sites, but most properties on the sites (except for solo_duenos) are advertised by RE agencies, so I suppose that most sellers work through an agency and pay the 4% or whatever they can negotiate. I don´t think you have to employ a martillero but I admit to being rather ignorant as to what they do - I think the escribano does the legal stuff
Aside from the fees, an important issue relates to the FIP (taxation etc). I am told that you have to be able to justify the source of money in excess of 500000 pesos (less than that can be presented as personal savings). If your work is informally reimbursed, or if you have cash USD that you don´t keep in a bank, this could be difficult.
I am told that w.e.f. November, a new law will come into effect absolutely requiring sales to be transacted in pesos. At the moment, the prices are mostly in USD and in some cases 50:50 USD and pesos. After this law comes into effect, I am told, you will have to be able to prove where you got all your pesos, which could be difficult, especially for those who change USD in the unofficial channels. What really sucks is that the peso price (´they say´) will reflect the blue exchange rate (one thing to ask, another thing to find a buyer...)
I haven´t found much on this new law since about June this year and I would be interested to hear if anyone more authoritative information on this.
As to location, beware of barrios where the streets flood every 6-7 years!
Best of luck, Sarah
I am planning to buy a PH in Buenos Aires, not in Recoleta or Palermo, somewhere a bit cheaper but still near a subte station.
An escribano told me the following on purchase costs:
2.5% - shared between the buyer and seller
0.2% for the inscription (registration?) of the sale
2 % fees to the escribano - paid by the buyer.
IF these figures are correct, the % costs are more or less like buying in Paris or I suppose Holland.
There is also the martillero (real estate agent). If I understand well, he/she can charge 4% but this varies/is negotiable. It seems that the buyer and the seller may each have a martillero. I don´t plan to use one - I am doing the research on internet sites, but most properties on the sites (except for solo_duenos) are advertised by RE agencies, so I suppose that most sellers work through an agency and pay the 4% or whatever they can negotiate. I don´t think you have to employ a martillero but I admit to being rather ignorant as to what they do - I think the escribano does the legal stuff
Aside from the fees, an important issue relates to the FIP (taxation etc). I am told that you have to be able to justify the source of money in excess of 500000 pesos (less than that can be presented as personal savings). If your work is informally reimbursed, or if you have cash USD that you don´t keep in a bank, this could be difficult.
I am told that w.e.f. November, a new law will come into effect absolutely requiring sales to be transacted in pesos. At the moment, the prices are mostly in USD and in some cases 50:50 USD and pesos. After this law comes into effect, I am told, you will have to be able to prove where you got all your pesos, which could be difficult, especially for those who change USD in the unofficial channels. What really sucks is that the peso price (´they say´) will reflect the blue exchange rate (one thing to ask, another thing to find a buyer...)
I haven´t found much on this new law since about June this year and I would be interested to hear if anyone more authoritative information on this.
As to location, beware of barrios where the streets flood every 6-7 years!
Best of luck, Sarah
