Each country has regulations regarding the purchase of real estate. In Chile it tends to be relatively simple for both nationals and foreigners.
So that you know the essential procedures a little better, we will give some details and that you should consider.
The essentials for the purchase of real estate in Chile:
Once you have chosen the property you are interested in, carry out the technical inspection and establish your budget; then, you can proceed to the acquisition. As it should be a consensual transaction between the parties, the purchase of real estate in Chile has 2 key requirements. These are to comply with the operation. This includes the contract of sale and registration of the property before the competent authorities.
This mutually agreed document must be written by a lawyer to comply with the legal requirements and the promised term of sale. This initial procedure must be signed before a notary public. They attests to the act and issues the official copies; these are necessary for registration with the Real Estate Conservator (CBR). To obtain the domain or to own the property, you or a representative must register the agreement in the CBR. With the official copy and proof of sale, you have the power to become an owner once the deadlines established by law and the entities attached to the process are met.Â
Other recommendations related to the sale of real estate:
It is important that the conclusion of the contract is not only subject to the term, but also that the property titles are duly legalized. This means that the seller is obliged to prove who the property owners are. They must also prove the domain limitations such as mortgages, easements or if it represents a family asset. On the other hand, it is crucial that apart from the bank’s actions, you investigate the respective securities on your own. It is a process that takes between 60 and 90 days. Then, you can specify the sale, pay for the house, premises or apartment and register the property in the Real Estate Conservator.
After registration, the person who retracts will be creditor of a large fine for non-compliance. As for the payment methods, you can opt for a term deposit with notarial instructions. You can also request a mortgage loan, a bank voucher or pay in cash if you have the negotiated amount. The purchase of real estate in Chile is quite standard, so nationals and foreigners must meet very similar requirements. The only exception for a foreigner is that he must own the RUT; this is an identification number before the Internal Revenue Service (SII). For the rest, it is advisable that you seek adequate advice to study your particular case, find the ideal property, write the documents and resolve any other legal process.
Disclaimer:
Translated from ‘Proceso de compra de un inmueble en Chile‘