Job Discussion Forums

[johnfex]

Any help would be very welcome!

I have found a flat in Santiago that I want to buy, it is part of a new development in the centre.

However I only have a tourist visa and I don't have a bank account here, does anyone know if this will be a problem? Plus is it possible to get a mortgage for part of the value?

Also any advice on where I register the title of the property would help also.

Thanks

[-Stu-]

I think you need some legal advice. From what I've been told the bureaucracy involved to buy a property is nightmarish (aren't most things here?!)

You'll certainly need a RUT. And to obtain a mortgage you'll need a contract, a guarantor, a bank account, and they'll probably be a few other obstacles too.

[matttheboy]

http://www.allsouthernchile.com/content/blogsection/21/65/

It's not as much of a hassle as it is in Argentina. Finding yourself a decent notary is the most important part. buying a city centre flat won't be as difficult as a property on its own plot of land (ie a house, or a country plot) as there are no issues regarding bounderies etc but you will have to be on the look out for being overcharged (on the property and on fees). If your spanish is not 100% then make sure you have someone who is, preferably a chilean who you trust, to help you.

Just think about how much a US or UK estate agent would try to scam a non-english speaking buyer and you'll understand that you need to be careful. Estate agents are thieves the world over.

[johnfex]

Thanks for your replies guys.

I have actually managed to get a RUT number, which proved surprisingly easy.

Plus I am avoiding Estate agents by working directly with the construction company and therefore there is a standard fee for each property.

However I am still concerned about purchasing on a tourist visa and how to obtain the title documents.

[tiolee]

non chilean nationals are free to buy property in chile just the same as a chilean, you are covered by exactly the same laws and have exactly the same rights as a chilean. Non chileans cannot buy in frontier areas if i rem correctly due to national security issues, ie near the passes etc, sensitive areas.

Even if you buy a property and dont even live in chile you are legally covered. Many non chileans buy and the law is that way to encourage it as it helps tourism and and the economy etc.

as in all countries they try to get as much out of you as possible so read the small print as you would back home. Dealing direct is great, and obviousl;y better than estate agent bandits.

MAKE SURE you get evrything done right paperwise, get the paperwork notarised and make sure everything that should be in your name is in your name, again do all this and get it notarised.

the main scam in chile when buying property, and this applies to non as well as chilean, is for the seller to have used the property as collateral on a loan etc then they sell it without telling you and when you have bought the property YOU are leaglly held accountable for the loan, debt.

as your dealing witht the construction ppl directly that does not apply here.

chile is a country where paperwork rules, hence the large numbers of notarios and the packed offices.

AGAIN make sure everything paperwise is done right this is your guarantee.

[tiolee]

the link below tell you everything you need to know..also has a section dealing with you buying as a non resident on tourist etc visa.

all the requirements under the law etc.




http://www.expatfocus.com/index.php?name=News&file=article&sid=516

[chuckenchile]

Think we can help sort some of this out a bit. Both the articles listed above are written by my wife Zandra Valenzuela who is a Chilean attorney ( www.allsouthernchile.com is our site, and one of her articles was republished to Expat Focus ). Together we handle real estate and relocation issues for foreigners looking to move to Chile. Please see the series of articles at All Southern Chile on the legal, construction, and real estate issues involved.

It is a nightmare, if you do not do your home work. Essentially do not even attempt to ever buy a property in Chile without an attorney, even if you speak perfect native Spanish. You will get yourself into trouble. Never ever trust real estate agents in Chile. They are considered to be one of the most corrupt and unprofessional groups in Chile. Whatever they say, verify it with official documents.

The most important step is the title search. If you make a mistake, it can come back to haunt you for up to ten years. Most importantly you need an attorney to know where to look for the hidden paperwork.

Also be aware that notaries in Chile, are not like notaries in the States. They serve a different function, and have a lot more power. A notary (in theory), should not allow you to sign a contract unless he is certain that you understand the contract. That means they can and should stop you from signing because they are not convinced that you understand sufficient Spanish for example. Thus, you need not only a translator but a legal translator. Your attorney must have more than a few night courses in English, and be able to translate the legal traditions and concepts. The concept of a Notary Public and their function is a good case in point. Just think as an ESL teacher, how many of your students would you trust to translate a contract for you on a $100,000+ property purchase?

All that said, it is fairly simple to buy property in Chile. Property rights are well defined, and well defended. Chile is not like much of the rest of Latin America where the country is larger on paper than in physical geography. When you buy something it is yours, as long as you where not careless when bought it. Spend some money on a good attorney. They are relatively affordiable in Chile. There are very few $500 an hour lawyers in Chile, and the going rates for property purchase are fairly set. Shop around for one that speaks and writes English better than your average student, and has some international legal experience. There are some around.

If you have any questions, please contact us here, through www.allsouthernchile.com, or www.allchile.net