simultaneous transfer / escritura

[DomoDomo]

We live in the US but are buying a property in BA, the plan is to transfer the money to the real estate agents bank account in the US and he is going to pay
the sellers dollars from a home he just sold. We will not be in Argentina to close the purchase. I am told that banks no longer allow the exchange of funds at their locations so I believe it will take place at an office of a financial company. Does anyone know the steps to expect in a simultaneous transfer? If the seller is arriving at 2 pm to sign paperwork and collect the funds, can I do the transfer in the US at noon and just scan and email the receipt? Any specifics would be greatly appreciated.

 

[nikad]

Who is taking care of the end of the deal in Arg? You do need a public notary here to get the property deed transferred into your name. Is there a reputable realtor involved in Arg? Be careful.

 

[jantango]

The plan is ... he is going to ... I am told that banks... I believe it will ...

What do you know about the RE agent and what do you have in writing? This seems simple, but you could lose the money without any recourse.

I transferred money for the purchase of my apartment on the day we were in my Escribana's office to sign the paperwork. The seller needed to check her New Jersey bank account online for the wire transfer before she would close the deal. It went through as planned.

 

[DomoDomo]

Who is taking care of the end of the deal in Arg? You do need a public notary here to get the property deed transferred into your name. Is there a reputable realtor involved in Arg? Be careful.

My escribano and my realtor will be there. And my sister in law who has power of attorney.

 

[DomoDomo]

I transferred money for the purchase of my apartment on the day we were in my Escribana's office to sign the paperwork. The seller needed to check her New Jersey bank account online for the wire transfer before she would close the deal. It went through as planned.

So it appears the transfer occurred pretty much straight away in the your case. I read that the transfer could take 1-2 days within the US, bank to bank.

 

[nikad]

My escribano and my realtor will be there. And my sister in law who has power of attorney.

Do you have a notary in place? He has to write the deed, make sure there are no debts, etc

 

[dilmah]

I read that the transfer could take 1-2 days within the US, bank to bank.

ACH transfer and wire transfer are different. The former is 1-2 days and free. The latter is minutes but requires a fee.

 

[DomoDomo]

Do these steps seem reasonable for a simultaneous transfer?

1. Power of Attorney holder, escribano, my realtor and seller realtor and sellers meet at the finance office in Buenos Aires on January xx, 2021 at 10 AM. Paperwork is reviewed,

2. Seller realtor who has the account in USA presents USD cash and sisters count USD in above office. (Seller realtor is the one who wants the cash in his USA bank account.)

3. Once satisfied that paperwork is good and money is accurate, paperwork is signed by POA, Seller and escribano.

4. Buyer has 11 AM appointment at Chase bank, Buyer initiates transfer and sends picture of Chase transfer document via What's app to realtor.

4. Transfer should land in Bank of America account within one hour. Seller realtor checks his Bank of America account

 

[baraka]

Are you doing bank wire or ACH transfer? Or it doesn't matter - just proof of having sent the wire is enough for the real estate agent, not receiving the funds?

Is the escribano OK with signing the deed before the bank wire takes place? He/she probably will be, since both the buyer and seller are protected in that series of events (buyer gets the deed, seller gets the $$).

What will the escritura say about how the funds are paid. Usually a wire transfer will be mentioned on the escritura, with bank name, account number, amount etc. But in your case, it's going to a third party so hmmm

Sounds like you need something clear in writing what is happening - either within the escritura, or maybe in this case, a side document. But in general to me it sounds like it's the real estate agent at risk, not you (assuming the descritura is signed before the wire).

If the escritura is not signed before the wire and is held up to wait for the funds to clear in the agents bank, then you can do two escrituras, where the first is conditional on the particular financial events taking place, and the second escritura is the final one. But as the buyers you are better off having the escritura signed when the cash is paid prior to the wire.

Have your sister do a final walk through the night before (or better, morning of) the escritura. And get a proforma from the escribano ahead of time with all the costs to avoid any surprises. And if anyone is charging you IVA tell them either no IVA or you will need at the time of payment an actual Factura (to avoid the common practice of pocketing the IVA).

 

[DomoDomo]

Wire Transfer. Really helpful. Thank you!!!