Real Estate New Building

[Sam Bartolo]

I have been looking at apartments in new buildings. Last night I saw the one I like. The Agent said because it is a new building It would take longer to get the deed. Instead I would receive a Ticket of Possession .
Its the construction company that owns the building maybe several owners.
Does any one know anything about this.

I know I sold my house in Miami I received the cash they received the keys. Thats Miami and here is here.


Thank you in Advance


Life is too Short

 

[jbeas176]

i purchased directly from the owner. we met the ecribano, signed the deed and the money was transferred. its been a while. get another agent and talk with the owner directly is my advice.

 

[nikad]

I would not buy anything without direct deed. Lots of scams.

 

[Sam Bartolo]

Ive been doing without an Agent. Now that I understand the process more.

I just had one agent ask if I have the Money! Sure do you have the deed!

Iam hoping theres a work around. ill post what I learn.

I would not buy anything without direct deed. Lots of scams.

Exactly! I wont give anyone my money for the purchase of a house!

Ill offer to rwent until they have the deed, and they can take it as down payment...

Clever they are!

Life is like a box of Chocolates!

 

[nikad]

Just remember right now it is a buyers market. Have a reputable trustworthy escribano and run everything through him. Also buy from a reputable real estate agency ( there is a history of construction company scams in the country ).

 

[FrankPintor]

If the building is new, it may not yet have been "escriturado", which would mean it's administered as a whole and not yet subdivided legally into independent units. In this case, I believe you would have a contract with the owner of your unit ("contrato de compraventa"), the building would be administered in the meantime by some legal entity, perhaps a "fideicomiso", which would charge "expensas" and deal with ongoing expenses such as concierge, lifts, cleaning, municipal taxes, etc.

I don't know about CABA, but certainly in PBA there is a backlog for the process of getting property "escriturado", which can have negative implications for expenses and taxes. You should at least get an estimate of when this process will occur, and definitely get ongoing legal advice about where things are going. It's not necessarily a scam, but since the real estate market has tanked, you should be in a position to drive a hard bargain.

 

[Sam Bartolo]

If the building is new, it may not yet have been "escriturado", which would mean it's administered as a whole and not yet subdivided legally into independent units. In this case, I believe you would have a contract with the owner of your unit ("contrato de compraventa"), the building would be administered in the meantime by some legal entity, perhaps a "fideicomiso", which would charge "expensas" and deal with ongoing expenses such as concierge, lifts, cleaning, municipal taxes, etc.

I don't know about CABA, but certainly in PBA there is a backlog for the process of getting property "escriturado", which can have negative implications for expenses and taxes. You should at least get an estimate of when this process will occur, and definitely get ongoing legal advice about where things are going. It's not necessarily a scam, but since the real estate market has tanked, you should be in a position to drive a hard bargain.

Great information for everyone! Thank you.

I thought about offering Ill pay rent, that would go towards purchase until the Escriturado is complete, then you get the balance. Possibly the cash goes into and account. I will present that to and agent to hear their response.

Just a thought

Aren't all Agents honorable!

Thank you for the inofrmation

 

[El_fuego]

It’s legit. You can’t get the real deed on a new build for a few years because the government is slow and doesn’t have enough employees apparently /s . I also own a new build dpto

 

[Quilombo]

I'm going through something similar, but with a lot we're buying to build a house on in PBA. Basically you get different forms/certificates
as the process progresses, resulting finally in a deed.

Until the project is complete and the municipality (or city in the case of CABA) does the horizontal division thing and assess your taxes, your
proof of ownership goes (I believe, but I'm not a lawyer) something like proof of reservation/deposit (for pre-construction/en pozo) ---> boleto de compra venta ---> constancia de posesión ---> escritura if I remember correctly.

As Nikad said, while it's a buyer's market, be careful of scams, especially with people who target what are perceived to be dumb/rich foreigners. That being said, you can't legally get a deed until all the municipal requirements are met, and the legal trust formed to manage and construct the project is dissolved.

If you want the deed ya, you have to buy a previously constructed apartment/house/etc. and even then, I can only imagine the city/municipalities are still going through a backlog of anything post-COVID, so maybe look pre-2019.

 

[FrankPintor]

We're "nearly finished" building our house (we've been "nearly finished" for the past 6 months), about an hour north of CABA. It's a gated community or 'barrio cerrado" managed by a legal entity set up for the purpose of selling the plots of ground and managing the administrative expenses, called a "fideicomiso al costo", which would imply it's not for profit, but that's certainly not true, the real estate agency and people behind it are making out like bandits.

One of the problems with this legal construction is that the entire community is treated for tax purposes as a single commercial property, and pays the corresponding ARBA property tax. This is reflected in the monthly "expensas" we pay, which are currently 130k Pesos per month (and we can't even live there yet) paid by each of the approx. 250 plots for a community with very few amenities (a pool and a party house).

The architect who's advising us says that "escrituracion" may take 2 years more, due to delays at the municipality (as well as foot dragging by the people benefiting from the current situation).

There are other solutions which don't attract the huge ARBA tax, but we took our decision before we knew about them.

Our architect says that currently it's better to buy than to build, apart from the problem of finding reliable building contractors, the prices for materials are all over the place. Luckily, we're "almost finished" so materials costs aren't a big factor for us.