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Steps to follow: Purchase and sale process

Each transaction has specific details but in general the steps to follow are the next:

  • The buyer selects a property and agrees on a purchase price.
  • A Notary, appointed by the buyer, drafts a reservation document called in Spanish ”Boleto de Reserva” which contains the following information and conditions:
    • Identifies the buyer and the seller which are committed to secure the purchase/sale.
    • Identifies the property with its number, area, demarcation, plans, etc.
    • Sets the price and the payment terms and conditions.
    • The buyer hands to their Notary the advance payment previously agreed to be deposited (usually 10% of the price). The seller hands to the buyer´s Notary the title of the property.
    • Sets a closing date in order to draft the purchase document. The Notary has to verify and review information such as conditions of the property, ownership, title, taxes and duties, etc. If the conditions are not met, the contract is rescinded and the advance payment paid by the buyer is returned to them and the title of the property is returned to the seller (unless the conditions are intended to meet later and both parties agree on that). In addition, a fine can be issued if either party does not comply with the contract.
    • Sets a penalty if either party breaches the commitment.
  • After the “Boleto de Reserva” is signed, the Notary appointed by the buyer has to check and review the title and request the Certificates, permits and other required documents in order to ensure that the title is clean (conditions of the property, free of all encumbrances such liens, pending judgements, etc.).
  • The purchase document is drafted and signed by both parties, the price is paid and the property is transferred (unless other agreement was reached: e.g. financing the price of the property).
  • This final purchase document should be register at the “Public Registry for Properties” and after that, the buyer is legally the new official owner of the property.