BUYING PROPERTY IN URUGUAY

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The procedure for purchasing real estate in Uruguay consists of the following steps:

1). Boleto de Reserva - a preliminary agreement, a document officially unreported, contains information about the seller, Buyers - real estate agency, as well as important details about the future of the contract: the price, the date of conclusion of the contract, the state of the property, commissions, etc. Is the most important legal document, as contains rights and obligations of the parties.

2). After the signing of the preliminary agreement is the turn of a notary. From the seller, he receives the following documents: a fresh copy of the certificate of title, plans, proof of payment of property tax, school tax, and so on, with the understanding that the seller is bound to hand over all documents relating to real estate for sale. Appointed notary examines the history of real estate for sale in the last 30 years, including the purchase and sale transaction, taxes, compliance with building and housing laws, charges, etc.

3). Notary asks all the necessary information related to the above in all state bodies, private persons and owners of the building, which houses the property.

4). 2-3 days prior to signing the contract notary communicates with all stakeholders and agree on the exact time and date of the transaction. At the same time, the documents are registered in the Registry of Property. Thus starts a mechanism priority reservation, enabling "block" property of any legal action on the 30-day period. During this period, the notary is a certificate of ownership, shall pay the taxes owed from the transaction logs and the first original certificate of title in the registration desk.

5). The certificate is registered and shall come into force.

6). The notary acts as a fiscal agent, will cover the State fee for real estate transactions (2% of the cadastral value of the property, which is far below the market value, and 2% pays the seller and the buyer).

7). The first original certificate is registered in the Registry of Property.

8). Finally, the first original and registered copy of the certificate of title, as well as all other documents (plans, receipt for payment of taxes, etc.) over the past 30 years, the results of a notary, transferred to the buyer.

Can be drawn between the interim document predvaritelnym Agreement and proof of ownership, which is called a certificate of obligation. This contract zaveryamy notary and having the force of the certificate of title, is used when there is no legal basis to enter a certificate of ownership in force. In case such a certificate of obligation signed and registered, and there is an event such as the death of the seller's bankruptcy, garnishment, or simply failure seller sign a certificate of ownership, the judge may take into account evidence of obligation and to authorize the entry sviditelstva ownership effect.

Rental agreement is between the owner or his agent (real estate agency) and the future tenant, does not require the presence of a notary. Basically, these agreements are concluded with the participation of real estate agencies. They can not register and not reassuring.

Uruguayan citizen can become a foreigner who has lived in the country 3 years (with a family) or 5 years (Single / unmarried), during this time not to violate the law, who lived on the territory of Uruguay and pay taxes and social security contributions.