Taxes, notary fees and other expenses are key in the process of deeding a property in Buenos Aires. Make sure you know all the details before closing the transaction.
The purchase and sale of a house or apartment goes beyond securing the necessary funds to pay the property deed. It involves considering financial and legal costs additional information that is essential to close the transaction successfully, for both the buyer and the seller.
In this process, the deed represents the final and crucial step that formalizes the transaction, but it also carries a significant economic cost. To complete this process, both parties must comply with various tax obligations and rates, in addition to following a series of steps and requirements established by the notaries.
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Courtesy: Houses for sale
What is the deed of a house
The deed of a house is the legal act by which the transfer of ownership of a property is formalized.
It’s a official document which establishes who is the rightful owner of the home and contains all the relevant details of the transaction, such as the sale price, the description of the property and the conditions agreed between the buyer and the seller.
This deed is prepared and certified by a public notary, who guarantees the legal validity of the process. It is the final and fundamental step in the process of buying and selling a property, which provides legal security and certainty over the ownership of the house or apartment.
What are the expenses that make up the deed of a house in Argentina
The expenses that make up the deed of a house in Argentina can vary depending on the location of the property and other factors, but some of the common expenses include:
- Taxes: ITI and Stamp Tax, responsibility of the seller.
- Notary fees: For the preparation and certification of writing.
- Writing Expenses: Studies of degrees, administrative certificates, etc.
- Real Estate Rate: In some jurisdictions, it taxes the transfer and is divided between buyer and seller.
There may be other costs depending on the local situation and regulations.
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What are the expenses that correspond to the seller?
In the city of Buenos Aires
The main costs that the seller must cover when deeding a property in the Autonomous City of Buenos Aires are the following:
- Property Transfer Tax (ITI): It corresponds to 1.5% of the deed value, with possible exceptions.
- Stamp Tax: It represents the 1.75% of the deed value.
- Writing Expenses: Approximately the 2% of the deed value.
- Real Estate Rate: Maximum of 3% of the transaction amount plus the corresponding VAT.
Source: Ambito
