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Buying a property in Punta de Este is very simple, and with the correct advise you can do a successful business. Below you can see in 3 simple steps how the process of buying – selling works in Punta del Este. You can also read our Frequently asked questions that will probably answer many of your doubts. Our else please contact us regarding any question:
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BUYING A PROPERTY IN PUNTA DEL ESTE |
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Once you have decided which property you like the company will communicate your offer to the owner. If he accepts it then you will sign a “reservation contract” between the buying party and the real estate company representing the selling party.
The Seller has to sign a document that permits the Real Estate company to represent him during a period of time (this is done since most of the sellers are absent owners, they do not live in Punta del Este, so they give their approval by phone)
Before signing the “reservation contract” the buyer has to hire a public notary so that he can analyze the documentation of the property. In this moment the buyer has to give a deposit to reserve the property (usually 10% of the total amount) This deposit can be kept by the real estate company or the notary and can be used as a fine in the case any of the parties don’t fulfill the contract. If the notary considers that the documentation is not correct the operation is cancelled and the deposit is given back.
In aproximatly 30 days, the notary will have all the documentation ready to sign the title deed. That is when the buyer and seller pay the real estate company their commission and the corresponding taxes.
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COMISSIONS |
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SELLING: The percentage of real estate commission established for selling a property is 4% of the operation value including tax.
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TAXES |
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VAT: The tax percentage stipulated by Uruguay is 22% applicable on the real estate commission.
ITP: The percentage of tax on the patrimonial transmission fixed by Uruguay is 2% of the fiscal value (which is usually lower than the selling value) This amount must be paid to the notary in order for him to do the title deed.
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Punta
del Este Real Estate
