Property purchase - seeking advice

[Panda23]

Hi - I'm looking for a little bit of advice about a property purchase in BA.
The owners of the apartment want to be paid in cash.
I've transferred the money to my bank in Argentina without issue.
I've paid the 'reserva' and 'refuerzo' and just need to close.
However, my bank is saying that it is currently not reserving / renting rooms for transactions. (I'd assumed that it was such a common procedure in Argentina and that I would definitely be able to do this). I've checked at three different branches.
The escribania is located in microcentro. Under no circumstances do I want to be walking the streets with a large amount of money.
So I'm not sure what to do now? If anyone has any advice, it would be greatly appreciated.
Thanks.

 

[nikad]

Hi - I'm looking for a little bit of advice about a property purchase in BA.
The owners of the apartment want to be paid in cash.
I've transferred the money to my bank in Argentina without issue.
I've paid the 'reserva' and 'refuerzo' and just need to close.
However, my bank is saying that it is currently not reserving / renting rooms for transactions. (I'd assumed that it was such a common procedure in Argentina and that I would definitely be able to do this). I've checked at three different branches.
The escribania is located in microcentro. Under no circumstances do I want to be walking the streets with a large amount of money.
So I'm not sure what to do now? If anyone has any advice, it would be greatly appreciated.
Thanks.

Not sure which bank you use, but you can reserve a room at a different branch office. Actually, ask your escribano, they usually know. Do not post about cash, moving cash, etc. Just talk to your escribano first and the bank manager should tell you which branch has rooms available.

 

[Panda23]

Hi Nikad. I've been to my branch, the main central branch and another one (just for luck). All have said the same thing - they are not reserving rooms in any of the bank's branches, anywhere. You can only do this if you have taken out a mortgage with them.

 

[nikad]

Hi Nikad. I've been to my branch, the main central branch and another one (just for luck). All have said the same thing - they are not reserving rooms in any of the bank's branches, anywhere. You can only do this if you have taken out a mortgage with them.

Talk to your escribano, usually they can assist or recommend a certain branch, etc.

 

[Ries]

Its an extreme solution, but, back in the day, 15 or 20 years ago, it was not uncommon to hire an armored car to transport your cash to the closing.
But I agree with nikad- a good escribano should be able to come up with a safe solution.

 

[LuckyLuke]

Welcome to the wonderful country of Argentina my fellow compatriot!

I too had this pleasant conundrum and I walked out the bank with a backpack full of my life savings. It was a wonderful walk down centro to reflect on my life choices and all the modern marvels that Argentina has to offer (sarcasm intended).

You have two options...say yes to the seller, or say no. It's as simple as that. Personally, I find this "standard practice" of cash-only a disgusting habit worthy of the lowliest mafia bookie. You can definitely request a transfer only and tell the seller to shove it but be prepared for the deal to fall apart or for the additional fees to be added to the purchase price. Evading taxes in this country is a national sport.

That being said, understand that it's considered "mutually beneficial" to pay at least some portion in cash. A wire would imply 100% en blanco. The full purchase price is rarely declared on the compra/venta which allows you to "save" on your closing costs and for them to reduce taxes. It's all a "wink wink" lie and you don't have to be complicit if you don't wish to. It's not however always avoidable.

If you have to get cash... have a trusted car waiting for you right outside the bank so you go straight from the bank door to the car door (10 feet). The car will take you directly to the front of the escribano's office where you will go straight from the car door to the office door (10 feet). I would also recommend having an extra friend to accompany you to the cashier and to the car. It is a stressful moment to see that much cash and it helps to have someone there to ensure everybody is paying attention to the withdrawal (you included). Let the bank know a few days in advance you will withdraw all your dollars and ask if they have the proper bills on hand. New issue blue bills, no cara chica/grande. It's a lot of bills and you will definitely not have a chance to review every single one of them for scratches, tears or stains. Do not tell the bank exactly what time you will be there to withdraw the cash. Some cashier's may tip off an unsavory friend.

God speed and congratulations.

 

[Ceviche]

Since your money is already in a bank in Argentina.

You could consider opening another bank account and where they offer you such priveleges. eg HSBC bank does

 

[Panda23]

Welcome to the wonderful country of Argentina my fellow compatriot!

I too had this pleasant conundrum and I walked out the bank with a backpack full of my life savings. It was a wonderful walk down centro to reflect on my life choices and all the modern marvels that Argentina has to offer (sarcasm intended).

You have two options...say yes to the seller, or say no. It's as simple as that. Personally, I find this "standard practice" of cash-only a disgusting habit worthy of the lowliest mafia bookie. You can definitely request a transfer only and tell the seller to shove it but be prepared for the deal to fall apart or for the additional fees to be added to the purchase price. Evading taxes in this country is a national sport.

That being said, understand that it's considered "mutually beneficial" to pay at least some portion in cash. A wire would imply 100% en blanco. The full purchase price is rarely declared on the compra/venta which allows you to "save" on your closing costs and for them to reduce taxes. It's all a "wink wink" lie and you don't have to be complicit if you don't wish to. It's not however always avoidable.

If you have to get cash... have a trusted car waiting for you right outside the bank so you go straight from the bank door to the car door (10 feet). The car will take you directly to the front of the escribano's office where you will go straight from the car door to the office door (10 feet). I would also recommend having an extra friend to accompany you to the cashier and to the car. It is a stressful moment to see that much cash and it helps to have someone there to ensure everybody is paying attention to the withdrawal (you included). Let the bank know a few days in advance you will withdraw all your dollars and ask if they have the proper bills on hand. New issue blue bills, no cara chica/grande. It's a lot of bills and you will definitely not have a chance to review every single one of them for scratches, tears or stains. Do not tell the bank exactly what time you will be there to withdraw the cash. Some cashier's may tip off an unsavory friend.

God speed and congratulations.

Thanks, Luke. Stressed me out a bit reading what you had to do. Glad it all went well for you. Hopefully my bank will relent.

 

[Panda23]

Since your money is already in a bank in Argentina.

You could consider opening another bank account and where they offer you such priveleges. eg HSBC bank does

Thanks, Ceviche - I think I'm going to go down this route if my bank does not give me a room.

 

[D.B. Cooper]

FWIW,...I would contact Casa Puente. When I bought my apt. here I was able to transferred the money from my US bank account to their office here in BA. They're over 100 years old, very reputable. Not a cueva or anything shady. We even did the closing right in their office here in downtown BA. Everything went very smoothly. Very happy with the service. I had to pay a small commission for their service but don't remember the details. The company is based in the UK.