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FAQ

Selling or renting a property raises many questions: authorizations, deposits, purchase agreements, deeds, timelines. We've gathered the most common questions so you can approach each step with clear information.

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It's the first step in the formal relationship between the real estate agency and the client. It sets the price of the unit to be sold, the validity period, and the terms of the sale.

The authorization must be given in writing and must necessarily include acknowledgment of the commission owed to the real estate professional, which consists of a percentage plus VAT on the final sale price.

It's advisable for the authorization to be exclusive and irrevocable. This means no other real estate agents can take part in the same transaction during the established period. The period can be renewed automatically or extended by mutual agreement between the parties.

The reservation agreement is not regulated by law. A reservation can be defined as a sum of money given by an interested party, under which the real estate agency commits to giving them purchase priority and to taking the property off the market for a short period.

A deposit (seña) is similar to a reservation. It differs in that, with a deposit, if the deal falls through due to one party's fault, that party must return double the deposit or, if applicable, forfeit it. With a reservation, if it falls through, it must be returned in full, without duplication.

The purchase agreement is not a title deed, since it does not create or give rise to an obligation to transfer ownership. It is, however, an obligation to complete the deal as agreed by the parties.

The agreement must state: the terms of sale, the price, the timeline, the delivery of possession, the taxes, the penalties for non-compliance, the date of the deed signing, and the notary involved.

The real estate agency is responsible for drafting the purchase agreement. Even so, it's advisable for the parties involved to review it with their trusted lawyers or notaries.

It is the formal, solemn act by which the Notary, in the presence of the seller and the buyer or their representatives, formalizes the sale of a property. Once the "Deed" is signed, the sale is finalized.

The deed is signed by the seller, the buyer, and the Notary, who authorizes it.

As a general rule, the notary is usually appointed by the buyer when the purchase agreement is signed.

There are exceptions:
1. If the purchase involves a remaining balance financed by the seller, in those cases the notary is usually appointed by the seller.
2. The same applies to a "first sale", meaning a brand-new building or a new subdivision.

Yes. There is usually one notary for the purchase (the buyer's) and another for the mortgage (the bank's).

1. Providing assistance and advice to the parties.

2. Verifying the title's background through review, protecting the buyer by ensuring the records are genuine and free of defects.

3. Requesting the property's debt status regarding any taxes owed (provincial, municipal, etc.) and utilities (water, gas, electricity, phone and common expenses). If there is a debt, the notary must withhold the corresponding amount at the time of signing.

4. Once the deed is signed, they are responsible for registering the corresponding record with the Property Registry.

It's the first step in the formal relationship between the real estate agency and the client. It sets the price of the unit to be rented, the validity period, and the terms of the rental.

The authorization must be given in writing and must necessarily include acknowledgment of the commission owed to the real estate professional, equivalent to one month's rent plus VAT.

It's advisable for the authorization to be exclusive and irrevocable. This means no other real estate agents can take part in the same transaction during the established period. The period can be renewed automatically or extended by mutual agreement between the parties.

The reservation agreement is not regulated by law. A reservation can be defined as a sum of money given by an interested party, under which the real estate agency commits to giving them purchase priority and to taking the property off the market for a short period.

A lease is a private contract between parties:

1. Landlord (Locador): the person who leases out the property.

2. Tenant (Locatario/Inquilino): the person who receives the property for rent and agrees to pay a price for the lease.

3. Guarantor: the person who is liable if the tenant fails to make rent payments. Landlords generally require a guarantor who owns a property in their name.

Urban leases must be made in writing, and the real estate agency is responsible for drafting the rental contract. Even so, it's recommended that the parties contact a trusted professional to review the contract.

For residential leases, the minimum rental term is 2 years and the maximum is 10 years.

For commercial leases, the minimum term is 3 years and the maximum is 10 years.

Still have questions about your transaction?

Our team advises you at every step, from the authorization to the deed signing or rental contract signature.

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