Buenos Aires Real Estate Guide - Buying process

Signing a purchase agreement is not an obligatory legal requirement to make the property purchase effective. In fact, the parties can directly sign the escritura (title deeds, hereinafter referred to as “title deeds”). However, before signing the title deeds, the buyer must generally make a seña (down payment, hereinafter referred to as “down payment”) of approximately US$10,000 to the property owner. After the down payment is made, the parties are subject to the same terms established in a purchase agreement. The difference between a purchase agreement and a down payment lies on the amount of money the buyer is required to pay the property owner: 30% of the total property price vs. US$10,000.

The property transfer is completed on the day in which the title deeds are signed. Said day, the buyer pays the due amount of money, and the escribano transfers the property title to the new owner. By signing the title deeds, the escribano certifies that all the documents regarding the property do not present any problem and that there is no legal restriction preventing the owner to sell the property. After both parties and the escribano sign the title deeds, the escribano gives the new property owner a certified copy of the new title.

Generally, the escribano’s fees are paid according to laws in force: 70% is paid by the buyer and 30% is paid by the seller. However, the parties may agree on other percentages.

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Real Estate Buying Process

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