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For more information: Email: Bob Frassinetti. Press here to see Google Maps for the South of South America, on subjects like Art and Antique shops, Route 40, Travel Adventure, and other Travelling Rally Tours by Bob Frassinetti:Maps on Art, Antiques, Collectibles as well as travel information for Buenos Aires, Argentina, Chile and Uruguay. An Insight of Property purchasing in Argentina We have been pioneers in Argentina and around the web in spotting the trends of the local Real Estate Market. We've highlighted its ups and downs, its turning points and new shifts for our world wide readers without ever charging anything for this insightful piece of information. Because we believe Argentina is a wonderful place in the world and because we want to share its social and cultural treasures with our net friends and readers from around the globe. Our expertise advice has helped several people to invest profitably in Argentina in business as well as private housing for long term vacations, even to retiring. Given our latest articles on the movement of the Real Estate market, we have received several inquiries regarding the purchase of properties and the steps to follow in and throughout the process. Therefore we now provide our readers with the local insight on buying properties. Every country has its own laws, legislations and traditions in commercial behavior, and Argentina is no exception. So we believe that the first key asset to closing a great deal is information. When a foreign citizen wants to buy a property in Argentina, whether it's an apartment or a condo, a house or a ranch, the first thing they have to have is a local ID, known as CDI that proves their legal entrance to the country, that the Argentine Police grants you conformity, and that AFIP -the Argentine IRS- allows you to enhance in financial activity in our country. CDI stands for Identification Code-Key. This CDI will be granted in less than a week, usually taking a couple of days. Meanwhile you can look for that perfect property for you to purchase. This can be done in a variety of ways. Real Estate agencies, known as inmobiliarias; news paper adds that cover both Real Estate shown and sold properties as well as private owners publishing their sales; and there are also foreigners working in Argentina offering their properties specially to foreigners. Our advice is that the combination of the first two choices will provide a broad range of options at reasonable prices. Once the property is found and you have your CDI number, the proper way to proceed is to make an offer on the property. If this is a deal without real estate agents, this will take place thru means of the services of an Escribano, a certified authority that will provide legal background to the transaction. If this takes place thru the Real Estate agency, they will provide the necessary paperwork and certification. This potencial purchase price offer is known as RESERVA, aka reserve. But since this is an offer, you will need to wait for owner approval. It can be disregarded or rejected and you then have to be refunded 100% your reserve payment. This down payment is symbolic; therefore it can range from anything between $500-$1000 USD, and it's done in cash. Once the offer is accepted, meaning both parties, the buyer and seller, have agreed on a purchase price, there's a first down payment known as BOLETO. This is about a 30% of the total payment. This is a document of first degree that stands for the beginning of the purchase. Since there are legal investigation and paperwork to confirm the information provided by each of the parts enhanced in the transaction this first document is useful. After everything is clear both parties will be signing the title of the property known as ESCRITURA. The whole process is overseen and taken care of by an ESCRIBANO, the equivalent of a real estate lawyer in the United States with added prestige and responsibilty in Argentina, will check the title and make sure everything related to the property is ok, and will take care of the contract. It's advisable to work out draft contracts to take care of details such as repairs, etc. It's important that every single agreement between the parts is written, so that the deal works smoothly and without complications. In order to close the purchase, buyers will have to have the 100% of the total price agreed in US Dollars in CASH. In order to bring the total amount of the price plus all expenses and fees, the buyer can either do a Bank to Bank transfer, or work with any reputable financial company known as Casa de Cambio. Funds entering in either way, as there are used with the only purpose of buying a property declared, will have no retentions by neither banks nor Casa de Cambio, both assuring the legal entrance of the money to Argentina. On the closing day of the purchase, the Bank or Casa de Cambio will release your transfer in cash. The buyer, seller, real estate agent, and the escribano, will meet in a room in the bank, Casa de Cambio where you will count the cash and verify the transaction. Once this is done, the title is transferred and the sellers have a maximum of 45 days to vacate and state it in the Argentine property title office.