FAQ

Q: Who can buy property in BsAs?
A: Anyone. Any foreigner with a valid passport is eligible to buy and own property in Buenos Aires, restriction free.

Q: How long does it take from beginning to end ofthe buying process?
A: It totally depends on the buyer. I recommend taking as long as you need to find the right property for you. It took us three months to buy our first property after an offer is made and accepted it should take no more than a month to closing.

Q: Do I need a lawyer?
A: You don't need a lawyer per se, but it is advisable. The seller may very likely have a lawyer at the time of paying the boleto, and at closing. It is a good idea to have a lawyer to carefully read the wording of the escritura before you sign it.

Q: What is an escribano, and other real estate terms I have heard?
A: An escribano is kind of like a notary public. They are very important in Argentina and handle many different legal transactions. A real estate deal can generally not proceed without an escribano to register the transaction in the books. In general they may charge 1-2% of the selling price of the property you buy.

A boleto is something you pay the sellers when you have agreed to a price. Paying the boleto ensures that neither party back out of the deal without incurring substantial penalties. Typically a boleto of 30% is paid to the sellers. The buyers must then pay the remaining balance within the following thirty days. Sometimes a smaller down payment is made, and this is called a sena it functions largely the same as the Boleto.

The escritura is the legal document prepared by the escribano that indicates the transfer of the property to the new owners. It functions essentially like a title.

Q: I have heard that it doesn't make sense to buy an old place that needs renovating since Buenos Aires property values run by square meters, location and age of building? People say you are just paying for a shell and that improving a place won't add value to it. Is that true?
A: Well, this is a difficult question. It is true that sellers often strip the apartments bare before transferring them to the buyers. Often people
remove bath tubs, light fixtures, sinks, toilets and even hardwood floors! Thus you really are buying a shell that needs to be transformed. Most
properties that agents show foreigners are in impeccable condition, so it is not likely you will see a place with dangling light bulbs, and in dire need of renovations, unless you look. I think it depends on what you want as a buyer. If you find a reasonable place in a good neighborhood that needs a few thousand dollars worth of renovations, it is a very good idea for re-sell purposes. But if you buy a small and not very nice apartment in a low-end neighborhood and spend a ton of money refurbishing it, you will still have trouble finding buyers at re-sell time.

Q: I have heard you must buy all property in US dollars cash. Is that true?
A: Yes, for the most part, all real estate transactions take place in US dollars cash. It can be difficult getting money into the country. The best way is to wire money into your bank account. However, getting a bank account is not always that easy with out a DNI number.