URUGUAY: THE PURCHASE PROCESS

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The three most important questions to get started:

  • Who can purchase property?
  • How can property be purchased?
  • What can you purchase?

    • 3 A's

  • Anyone: There is no differential treatment, nor restrictions or impediments for foreign buyers of property.
  • Any way: individual(s), corporate vehicle (local or foreign). IRA.
  • Anything: No limitations (such as restrictions on borderline property, beachfront, etc.).

    • Structuring the Property Purchase

  • The purchase process requires the assistance by a Notary Public ("Escribano"), appointed by the Buyer.

    • The Notary Public's role:
    - Analyzes the ownership history and other details to ensure you buy a clean title
    - Drafts the purchase document
    - Escrow agent for the deposit on the property
    - Records the purchase at the Property Registry

  • Proof of Ownership: Public Property Registry recording

    • The Purchase Process: Steps

  • 1) The buyer selects a property, and agrees on the price
  • 2) The buyer’s Notary Public contacts the seller, and drafts the first document, the “Boleto de Reserva”
  • 3) After signing the “Boleto de Reserva”, the buyer´s Notary verifies the good standing of the property and its title/deed
  • 4) The Notary drafts the purchase document (“Escritura de Compraventa”)
  • 5) The purchase document is signed, the property is tranferred, and the price is paid
  • 6) The Notary records the purchase in the Public Registry