Argentina is a beautiful destination, not in vain its capital is known as the South American’s Paris, but since 2001, Argentines have lost their confidence on government and especially in the banking system after the run to the banks, better known as “el corralito” which imposed cash withdrawal limitations onto citizen’s own money and prohibited foreign transactions. That’s why still today many people keep their savings in dollars cash in order to retain its value for large acquisitions such as cars and houses which entails another set of risks and inconveniences, like having to take with all the money in cash through the city to finally pay the transaction.
That’s only the tip of the iceberg when it comes to acquiring a property because a normal person will waste too much time and money due to all the bureaucracy involved, which they have to deal with until the transaction is complete.
Just to have an idea when you find a property that you like and you get in touch with the owner to tell him your interested to buy his property, then he or the broker will send you the following documents:
• Property ownership certificate, this document verifies the name of the owner and his free status of attachments, inhibitions and precautionary measures.
• Copy of invoice paid from the real estate tax, this tax is paid annually and is another voucher that the house is free of obligations to the state.
• Certification of debts for common expenses, this certifies that the owner has up-to-date maintenance costs for common areas, administration, and public services.
In this stage, the lawyer must verify that all the documentation is in order, the next steps will be:
-Request valuation an impartial technician determines the value of the good according to its state, area, meters, tables, and other physical characteristics, reflected in monetary figures.
Also, this evaluation helps you to check the characteristics of the property ownership certificate coincide with what the expert says.
-Signature of the contract promise of the trade: This document contains all the conditions, details of the property, value of the property, payment method, and distribution of notary fees, taxes and other expenses involved in the process.
-Transfer the money and sign the contract. As we mentioned before this transaction is made in dollars cash, the methods to bring that money may be: Some people use an exchange (the cost is between 1.5 and 2.5%), bank (which charges 1.5% to change to Argentine pesos, and an additional 1.5% to change them back to dollars, adding about 3% of the amount transferred.) or by plane.
-Registration of the deed. Finally, in this document is verified the transfer of the property from the seller to the buyer.
Through the whole process, you´ll waste at least 3% to 4% of the sale price for the real estate, attorney’s fees that can be approximate of 1.5 to 2%, taxes of the seal of 3.6% in the capital on the amount of the deed.
This complicated panorama in Argentina and the tiresome experience in real estate can be changed with Leax Coin.
Leax Coin is a cryptocurrency oriented to real estate transactions and registry, based on blockchain which is a decentralized technology that cannot be tampered with or corrupted; this makes all its processes transparent and clear.
Namely, your money and transaction history will be secure for all the real estate transactions with Leax Coin either buying, selling, renting or leasing, and the main reason for that is because the registry and the ledger won’t be in the hands of any particulars, instead, all the transactions and data will be stored through advanced cryptographic techniques to verify the credibility of the source.
Another attractive characteristic that has Leaxcoin is that it counts with the support of a global community composed of developers, engineers, executives, designers, academics, economists, and blockchain enthusiasts.
Imagine the impact it will have on the local and foreign investors, when time barriers, bureaucracy, paperwork, even currency exchange, and borders are displaced.
This would come with a rise of real estate market as people won’t have to deal with a tedious process I explained, but instead, in a single platform you are able to verify the property owner, who has all payments up to date, in addition to having a strict security that will reflect the contract, your transaction and registration of the new title in the name of the buyer.
The recent presidential change, the liberation of the dollar and other governmental measures have stimulated the growth of the real estate sector, in fact, Argentina became the third Latin-American country more reliable to invest behind Mexico and Brazil, according to JLL analysis.
One of the main motivations that foreigners can find when buying real estate is to either make them profitable or to spend vacations in Buenos Aires, or Tigre fields.
The conditions are definitely given for foreigners to invest with more foresight and planning.