Buying property can be a complicated process. Buying property abroad, where you may not speak the language, be familiar with the culture or understand the legal system may seem even more complex. In fact the system is very straightforward as long as you have access to the right legal advice and reliable local representation
Obviously one of the main criteria in selecting a lawyer to act for you will be the sharing of a common language and experience of working with non-resident real estate transactions. The OAB, Brazilian Bar Association, has a register of accredited lawyers and they have a published scale of fees for the legal work they carry out.
The lawyer will be responsible for advising you on the reservation contract, purchase contract and the legal implications of these documents. With its consumer laws very much in favour of the purchaser, Brazil is a very safe environment in which to purchase property. Your purchase can be very swift if all of the correct documents are in place. With older properties or land your lawyer will have to collect all of the correct documents, which my take a little more time.
Obviously the legal service that you will require will be entirely dependent upon the type of property that you are purchasing. Land and older properties are more complicated in that the required documentation may be missing or out of date, this will involve your lawyer requesting and confirming the documents. In comparison off-plan properties will have their documentation in order for their recent planning applications.
When purchasing land lots it is essential that you have a report carried out which will include a topographical study, which will state the exact size of the land and the location of its borders. The report will also investigate the planning status of the land, showing you what can be built, and will also provide a detailed plan, for inclusion in your title deed.
When your lawyers have confirmed that the property is legally ready for sale, with all documentation in place, you will then sign the purchase contract known as, contrato de compra e venda. The contract details all of the information with regard to the purchase such as the seller, the buyer, description of property, price and so on. Importantly it also sets out the date that you can take possession of the property.
With the contrato de compra e venda signed by both parties and with the deposit paid, the contract becomes a legally binding document. The amount payable as deposit at this stage and the structure of payments until completion varies, particularly in the case of off plan property purchase as different developers offer different payment schedules and incentives.
In order to receive your title deeds, which ensure the property is legally yours, the property needs to be paid in full and the transfer taxes paid.
About the Author:
This article was written by Ginny Naish the Marketing Director of Property Dreams Brazil, a Brazilian real estate consultancy based in Joao Pessoa, Paraiba. Property Dreams Brazil can provide consultancy services with regard to property investment, land, re-location and property marketing. Please visit Property Dreams Brazil for more information on North East Brazil.
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