Find Your Ways

http://www.apartmentsba.com

http://www.bytargentina.com/

http://www.argentina-rent.com/

http://www.internationalnest.com/

http://www.buenosaireshabitat.com

http://www.luxuryinternationalliving.com/

www.myplacerealestate.com

http://www.stayinbuenosaires.com.ar/

Helpful article  for expats buying property in Bariloche: http://gharpariwar.blogspot.com/2008/09/real-estate-in-bariloche-argentina.html

Having recently completed the purchase of an apartment in Buenos Aires, I thought it would be helpful to share with our readers the general process for doing so:

1. Hiring a Lawyer

You’ll pay around 3% of the property value but if this is your first time buying in Buenos Aires, it’s well worth the money.  There are numerous issues to consider when validating an existing property’s title.  These issues may hamper your ability to legally buy or legally sell the property.   With a trusted lawyer on your side, you’ll have the knowledge required to avoid problem titles and properties.

2. Property Selection

The best selections come from spanish language media.  Clarin online, or La Nacion, for example, offer a wide selection with advanced search criteria.  For english-only speakers you can find some nice properties on Craigslist but beware they tend to be priced higher for foreign buyers.

3. Down Payment #1

This payment applies to those cases where the property you’re buying is through real-estate agent.  In these cases, once you’ve selected the property, the real-estate agent will expect a down payment of $500-$1000 USD to mark the property as reserved.  It’s in your best interest to make this down payment as minimal as possible.   Typically agents in Buenos Aires will ask for $1000 USD but will allow you to deposit $500 USD.

The important point is that before you make this payment, the people assisting you in the buying process (e.g. title attorney), should have carefully reviewed the property’s title, looking for discrepancies that may put your investment at risk.   It is safer to make this first down payment once they approve the title.

Down Payment #2

The second down payment usually requires 3% of the property’s value.   In between the first and second down payment the buyer, title lawyer and any other member assisting in the buying process should carefully review all relevant documentation regarding the property.  Buyers can have professional contractors and architects come view the property to answer any questions about the quality of its condition or the feasibility of future modifications.   Once the buyer is satisfied with the available information, the second down payment can be made with the real-estate agent.   During this process, the buyer and seller will usually meet for the first time, providing another opportunity for the buyer to have their questions answered.

Once this payment is made and accepted, the contract for the property purchase is formalized with strict dates specified for the closing date.   From the buyer’s standpoint, failure to respect these dates could result in a loss of the down payments.   From the seller’s standpoint, if they change their minds an wish to pull out of the transaction, they will legally responsible to reimburse buyer and real estate for a significant percentage of the property’s value.

5. Money Transfer

There’s a lot of information circulating the internet regarding the difficulties in transferring large sums of money from the USA to Argentina.  Let me start out by saying we successfully transferred the money required to purchase our property from a bank in the United States to the seller’s bank account in Argentina in two days.  We paid around 1.5% of the transferred amount in conversion fees.   The transfer was done legally through the Argentine Central Bank.  Prior to this transfer, the lawyer assisting our purchase set up an escrow account for the seller ensuring that no withdrawals could be made on the account until the closing had been completed.   This represents the legal and safest way to transfer the money between buyer and seller.

6. Closing

7. Title Transfer

A sign that demand for travel between New York and Buenos Aires is escalating higher and higher, American Airlines, already flying direct between New York JFK airport and Buenos Aires Ezieza airport will add 5 more flights beginning in December. Read more…

Good news for travelers flying to and from Buenos Aires Ezeiza and New York’s JFK airport. Delta will begin 5 weekly flights between December and April, joining American Airlines existing nonstop flight between JFK and Buenos Aires…more

Alto Palermo shopping is hosting Startbucks’ first opening in Buenos Aires Argentina:

New York Times has yet another story about the new realities facing foreigners traveling to the USA:

http://www.nytimes.com/2008/05/14/us/14visa.html?ref=world

Travel writer Robert Wright has created a wonderful map and guide book for the popular Recoleta Cemetery.   The book includes text, photographs and walking routes around the cemetery and is available on his website for $10.00 USD or $20.00 peso for local delivery in Buenos Aires.

By now media coverage in the United Sates has caught wind of the many expats visiting, relocating and simply enjoying life in Buenos Aires, Argentina. Here are links to just some of the recent references:

• Say buy  to me, Argentina - The Chicago Tribune
• Where in the World is Matt Lauer - TODAY Show
• Argentine Nights - New York Times
• A Moveable Fiesta - New York The Magazine
• Expatriate Games - Washington Post
• Following Their Dreams - Boston Globe
• Going to Buenos Aires - New York Times

It’s good to see that Matt Lauer of NBC’s TODAY show found his way to Buenos Aires during the first leg of his week long around-the-world adventure.