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Buying process

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund transfer

The transfer of funds for the purchase of the property must be made within the rules of the Central Bank of Brazil. A bank account must be opened in the name of the person making the transfer. This person must be approved by the Central Bank to transfer the funds to your overseas account. No tax is due for transfer, neither from the United States nor from Brazil.

 

There are companies that process this transfer. In addition to the commercial banks in your relationship, we will indicate a company, MONEYCORP, which performs this type of transfer with great professionalism and with a very competitive exchange rate, and all assistance in Portuguese by Juliana Scolari.

 

 

 

Buying process

When choosing the property, we execute a formal offer (contract) with the conditions of purchase, such as closing date (in the case of cash purchase from 15 to 30 days, in the case of financing from 30 to 60 days), total purchase price , deposit amount (usually 5 to 10% of the purchase price), type of financing (for financed purchases), inspection and inspection deadlines, property conditions and other conditions (which vary in each case). This contract must be signed and forwarded along with the deposit amount, proof of funds (cash purchase) or pre-approval of financing.

 

When the offer is accepted, we inspect the property to ensure that it is in the desired conditions. The cost of this inspection varies depending on the size of the property and the difficulty of the work (generally from $300 to $750) and must be paid by the buyer. And the transfer of currency must be carried out during this period, so that the closing is carried out on the scheduled date.

 

If there is any problem with the inspection or with the study of the deed, the purchase will not be made and we will either rectify and renew the costs or the deposit will be refunded. If the buyer does not meet the dates, or withdraws without contractual reason, the deposit remains with the seller.

 

 

 

Buyer's Costs

The cost of a real estate transaction varies depending on several factors. This cost is the sum of fees charged by the title company, taxes, condominium fees, fees charged by the financial institution (in the case of financing) and other small fees for document processing. These costs add up to an average of 2% of the purchase price in the case of cash purchases, and around 7% in the case of financing.

 

 

 

Financing

Financing for foreigners is currently available from some financial institutions under the following conditions:

 

• The down payment is 30 to 40% and the remainder financed over up to 30 years with interest between 4.5 and 5.5% per year, depending on the approved package.

 

• The applicant must be approved by the bank and the conditions may vary depending on the financial institution, the buyer's credit history and income, as well as the type and condition of the property. Not all properties qualify for financing.

 

 

 

Types of Sale

There are 3 types of sale, found in the listings in the upper right corner of the options I will send you and called “SPECIAL SALE”.

 

• SHORT SALE - It is a sale where the owner owes the bank more than the value of the property and decides to find a buyer. This type of sale can take up to 6 months to complete, as the bank must approve the purchase and forgive the difference due. There will always be some fees and taxes that the owner has failed to pay and must be paid by the buyer. In this type of sales we will find the best prices.

 

• REO - BANK OWNED - The property has already been taken over by the bank, which puts it up for sale, usually a little below the market. It always needs some repair and often there is a kind of auction, due to the low market price.

 

• NONE - Normal sale direct from the owner, any type of negotiation and offer is valid. 

 

 

 

 

MY RESPONSIBILITY

My job is to advise during the purchase process, looking for and choosing the property, clarifying doubts, providing real estate advice in the physical scope of construction, equipment and financial investment, assisting in all stages such as opening bank accounts and, if necessary, indication of lawyers, accountants and maintenance and cleaning professionals, defending their interests in every way. And after the purchase, if this is the purpose of your investment, we manage the rent and keep your property in perfect condition.