Property In Brazil
Procedures for buying a property in Brazil
Although there is a standard procedure for buying a Brazilian property, this may vary slightly depending on the type of real estate you are going to buy.
For example, if you are buying an offplan apartment in Brazil which is still in the process of being built, there will be a marginal difference
in the procedure compared to buying a resale property. In addition, different developers will have different expectations or slightly varying procedures even for offplan apartments so it is always best to check with the developer for their specific requirements.
Once you have a good independent lawyer to represent you and
you have obtained your CPF number, you can begin the process of buying your Brazilian property.
Procedures your lawyer will carry out
Your lawyer will carry out all the relevant Brasil property searches and you will also need to open a bank account in Brazil. A Brazilian bank account is needed for two reasons. Firstly, it
is a requirement that all monetary transactions be registered as a foreign investment with the Bank of Brazil.
Secondly, a bank account provides physical evidence of your deposited funds to purchase your Brazil property and thereafter,
proof of payment to the vendor's account upon completion. You can opt to send your funds to an escrow account, which your solicitor will arrange. However, this will incur you an additional legal cost.
If you are using an international law firm in your home country to assist you with buying your property in Brazil,
you have one of two options to proceed with the signing of the title deeds. You can either gauge your Brazil travel
northeast to coincide with the signing of Brasil property deeds or alternatively, you can sign a Power Of Attorney to have your solicitor sign on your behalf. The latter will be an additional expense in the region of £100-£200, which will be
added to your legal bill. Your solicitor will advise you on this. In any event, you will need to visit Brasil in person to open up a bank account at some point.
Your solicitor will send you all various documentations relating
to the purchase of your property in Brazil, which you will need to sign and return. If you have not yet obtained a CPF number, you will be required to visit a public notary in your country to get your passport notarised. Upon returning the notarised copy to your solicitor, s/he will then arrange for your CPF tax identification number.
You should note that under Brazilian law, if you are married, your spouse's name must also be entered on the property register or title deed of any real estate land or property you buy in Brazil. Your spouse will therefore also need to go through the notarisation
Once you have obtained your CPF tax identification number, this enables you to open up a Brazil bank account,invest in any other properties in Brazil and allow you to engage in other financial transactions.
It is usual to pay a 10% deposit once an offer on a property in Brazil has been accepted. The full balance will be due at completion. However, this figure is not set in stone and may vary according to the developer or, may be subject to particular circumstances under which you are buying your property in Brasil.
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