Property In Brazil

Legalities of buying property in Brazil

Unlike many countries with emerging markets that often impose restrictions on foreigners buying freehold land or property in their own names, in Brazil this does not apply.

You can buy both real estate land or property in your own name and on a freehold basis without facing any of the above restrictions. This makes the whole process of buying real estate property in Brasil a relatively straightforward process.

Buying property in Brazil is not dis-similar to that of buying in most other countries. Whether you plan on buying investment properties, a resale property as a second home or even a holiday apartment in Brazil, this should not present any real problems.

Once you have identified a suitable home or Brazil investment property you want to buy, the next step is to make a verbal offer through the real estate broker or estate agent. Don't be afraid to negotiate on the seller's asking price.

You must ensure you instruct a solicitor prior to formalising any offer you make. Unless your Brazil travel northeast is for the specific purpose of acquiring an investment property or a second home in Brazil, it is always advisable that you allow yourself time before making that important decision to buy a Brazilian property. Better still, it is most certainly a good idea to make your final decision on your return home, rather than get caught up in making it in the heat of the moment.

All Brazil property and real estate transactions are conducted in Portuguese, although contracts are usually processed in both Portuguese and English. However, since very few Brazil real estate lawyers are English-speaking, you will most definately need to instruct one who is either thoroughly fluent in English or in your own tongue; alternatively, use the services of a translator so that you fully comprehend all the legalities etc.,

A further alternative is to enlist the services of an international real estate property law firm in your home country. You can get recommendations from either the real estate broker or agent but do your own checks that any legal representation you plan on using is independent. Most important of all, the real estate lawyer you use for your Brasil property transaction should not be the same one acting for the developer.

With appropriate legal representation, your lawyer will work through the process of formalising your final offer, handle all aspects of your purchase, including carrying out all necessary checks on the land or property in Brasil to fulfill the legal requirements of the sale.

All properties in Brazil built after 1973 must come with a legal documentation which is similar to title deeds and will provide an indepth description of the property, a list of all previous owners, details of the boundaries etc., Your solicitor will check the title deeds along the following lines:

  • Ensuring that there is correct, current title to the Brazilian property

  • Checking that the property in Brazil carries no encumberances, e.g. liabilities, charges owed on the property

  • Ensure your contract is in order and advise you of any restrictions or obligations

  • Register the Brasil property in your name

  • Advice on money transfers and making payments

  • You will additionally receive advice on paying over your reservation fees and deposit. The lawyer might suggest you deposit these monies into an 'escrow account' - which is designed to protect your interests and your monies. Alternatively, you can open up a Brazilian bank account. Before you can proceed any further with opening an account or buying your property in Brasil however, your solicitor will need to obtain a CPF identification number for you.

    What is a Brazilian CPF?

    A CPF - Cadastro das Pessoas Físicas is a tax identification number used for documentation, registration and identification purposes for all manner of financial transactions. One must be obtained before any foreigner can legally buy a property in Brazil. This will also include the opening of a Brazilian bank account.

    Although A CPF is something your solicitor can arrange on your behalf, expect to get charged £50 or even up to £100 for the privilege. Alternatively, you can arrange to get one yourself from the Brazilian Embassy in your own country for a fraction of the price. In the UK for instance, it will cost around £10 - £15. Another good reason why you should not rush the process of buying a property in Brasil!

    Apart from the fact that a CPF is a legal Brazilian requirement, obtaining one offer other benefits. As well as enabling you to open up a Brazilian bank account and make application for utility services, the CPF serve as a way of registering the amount of monies you deposit or invest in Brazil, while at the same time allowing you to take your funds back out of Brazil upon selling your Brazil property.

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