|Real Estate Transfer Tax||2.00%
|Estate Agent's Fees||3.00%
|Costs paid by buyer||9.00%|
|Costs paid by seller||5.00%|
|ROUNDTRIP TRANSACTION COSTS||14.00%|
| See Footnotes
Source: Global Property Guide
How high are realtors´ and lawyers´ fees in Uruguay? What about other property purchase costs?
Except for areas considered part of the national security domain, there are no restrictions on the ownership of private property or the establishment of any business. Corruption is not a serious problem in Uruguay.
Before the sale, four different non-encumbrance certificates must be presented as guarantee to the buyer. The first one from the "Banco de Provision Social" ascertains that the owner is free of any social security debt. The others are acquired at the Real Estate Office, the "Registro de Actos Personales", and the Municipality. There must be no transaction without these certificates. This process ensures that there is no pending mortgage, lien, or any other encumbrance on the property.
Transfer of title is executed before a public notary. In order for the transfer of property to occur, it must be registered in the appropriate area where the property is located. A notary is very important in the transaction as the deed will be rendered invalid without it.
Value Added Tax (VAT) does not apply to the transfer of real property
Loans are generally 30 years, and the government establishes maximum interest rates. The Mortgage Bank of Uruguay (Banco Hipotecario del Uruguay) is the only mortgage bank in Uruguay and the principal intermediary of medium and long-term funds for housing in the country.
The whole process of registering a property can be completed in around 66 days.
#1 CLOVIS PRUDENT | April 14, 2010
Answering #3 PAUL ABRAHAMI
If you are interested in Uruguay = small farm acrage at very reasonable prices + 65% lower cost of living of Montevideo, try looking up email@example.com
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