Transfering Monies to sellers US bank account

[floridamedellin]

For those who have purchased property and transferred funds from a U.S. bank account to a seller’s U.S. bank account—do you have any tips or recommendations for avoiding potential pitfalls?

I’m particularly curious if there are any safeguards, like an escrow service or similar, that you’ve used to make the process more secure. If you’ve been through this, I’d really appreciate it if you could share your experiences or advice.

Feel free to comment or message me directly. Your insights would mean a lot!

Thanks in advance!

 

[Ceviche]

Use a good trusted escribano. let him guide you

 

[jantango]

I initiated a transfer from my Massachusetts credit union account to the seller's New Jersey bank account a couple of days before closing at the offices of my escribano, when the seller confirmed receipt of my transfer. She was selling the apartment that I had rented from her mother for three years.

 

[lunar]

I’m particularly curious if there are any safeguards, like an escrow service or similar, that you’ve used to make the process more secure.

It's difficult to imagine a situation where you and the seller would agree on a trusted third party to hold your funds in a U.S. account until it verifies with the Argentine property registry that the property ownership has been successfully transferred. Such a company would need to be well-versed in U.S. law, Argentine law, and the complexities of real estate transactions in Argentina.

You are probably at more risk from this third party than from the seller. At least your relationship with the seller and mutual intentions should be clearly defined and well-documented before you make the transfer.

 

[Lanick]

A friend did something like a cashiers check drawn by a US bank for the large amount through an Argentine lawyer in the US. I’m not quite sure but it was like an agreement that the check would be paid to the other party once the AR property transferred to my friend. Been sometime tho. The lawyer was the escrow kind of a situation I think. I’m not quite sure how it happened but the seasoned expats can recommend better. If you transfer any money to anyone’s foreign bank account and if they tell you off, there’s nothing much you can do other than lengthy black hole kinda lawsuit. I personally would never do that but many foreigners do it this way.

 

[jbeas176]

i did it that way 20 years ago. i transferred the money, flew down to argentina and we met with the escribano. he was the owner of the new building and selling units. it was a matter of trust. just wondering if you can all meet with the escabano when he signs the deed you transfer the money in front of them. just hit send. just a thought