South American Real Estate News

How to buy a property in URUGUAY

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How to buy a property in URUGUAY

Buying a property in any country abroad can be a daunting thought. Especially with all the different rules and procedures each one has. We’ve set out here an easy step-by-step guide to the essentials when looking to buy in Uruguay.

Firstly you will want to consider where to live or buy a property, as the location is critical. When looking at Uruguay, you must consider the location and weather carefully. Published annual rainfall can be misleading as although the annual totals may be correct, the distribution will be very uneven.

You must consider, for example, coastal towns that are appealing to live in during the summer. Still, they can be freezing in the winter with cold temperatures, strong winds, few inhabitants and closed businesses. Many homes are built as summer residences, so installation is not required.

  1. First, elicit the assistance of an Uruguayan Escribano (public notary) and an abogado (lawyer) in the chosen area or nearest city.

  2. When looking for properties in South America, there are often very few brokers in some remote places, so don’t just use local realtors but use online services (Mercado Libre Uruguay, Zonaprop, GTSA  etc.). Also, talk to locals and other ex-pats who live in the region.

  3. Once you find a property you like, have your Escribano prepare a pre-purchase agreement (boleta de reserva)- which is a document that clearly states the rights and obligations of all parties to the sale (seller, buyer, and realtor). Each party should then sign and review the documents in the presence of the Escribano.

  4. The seller will most likely require a deposit from the buyer, usually between 5% and 10% of the agreed price. The deposit will be held in trust with the abogado or Escribano.

  5. To check there are no hidden claims or legal issues, the Escribano will research the history of the property going back 30 years whilst also gathering documents necessary for the transfer of the property, including a copy of the title, tax receipts, and property plans ( to ensure there has been no undocumented building work on the property).

  6. All parties (seller, buyer, realtor) meet with the Escribano, and the documents are registered at the property registry.

After all of that has been done, it is only the final 3 steps until all is finalised and you have your new property!

A) In the following 30 days, the Escribano writes the deed, pays any taxes and registers the deed at the registrar’s office, where it will be authorized and granted.

B) Make payment as specified.

C) Research available options and buy homeowners insurance.

Note: Brokers’ commissions are split 50/50. The buyer and seller pay between 3% and 4%.

Contact the Gateway to South America team to learn about the best investment opportunities in the region. The company is a benchmark for foreign investors wishing to invest in Argentina, Brazil, Chile, Paraguay, Peru, and Uruguay, providing expert advice on property acquisition and investment tours.

www.gatewaytosouthamerica.com

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About Gateway to South America

Gateway to South America was established in 2006 as a single office in Buenos Aires. The company has since expanded into a vibrant regional network, servicing the Southern Cone clients in Argentina, Brazil, Chile, Paraguay, Peru and Uruguay with professional real estate marketing services. If you enjoy reading our news site please share it on your social media below.

Post available in: English

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