Buying process
In most cases, a deposit is required by the broker to present the offer to the seller. If the transaction is being conducted directly with the seller, it is highly recommended that a real estate broker or lawyer be consulted before signing any papers or handing over any money. In some areas it is common practice to deliver to the seller, as an advance payment, the equivalent of 10-30% (including the initial deposit) of the total price upon signing the purchase-sale agreement, which should contain a penalty clause applicable in case there is a breach of contract by any of the parties. Normally, when signing the “escritura” or official deed, which needs to be certified by a Public Notary, the balance is paid and the property is delivered. This should not take more than 60 days.
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Capital Gains Tax
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Closing costs
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