At the time of expanding the family, starting a relationship or leaving our parents’ house, we decide that it is time to buy a house or apartment, but we need advice to be able to do so. That is why we bring you this guide with the Requirements to buy a house in Chile.
Buying a property has always been one of the safest investments that exist since they are assets that do not devalue but rather increase your assets day by day.
Buying a new home from a realtor is one of the safest and fastest ways to carry out a real estate sale transaction.
Interested? Here we go!
Requirements to buy a house in Chile
- Have financing. That is, find a way to pay.
- Find our ideal property. Real estate agencies help a lot for this.
- Have all the necessary documents in order.
- Make the reservation agreement.
- Acquire credit if you need it or have the economic solvency in case you want to buy in cash.
- Sign the promise to buy and sell.
- Transaction. Carry out the deed of sale to register the house as ours.
Documents to buy a house in Chile
When deciding to buy a new home, it is necessary to have certain documents, which will be necessary for the title study process. And fundamental among the Requirements to buy a house in Chile. These are:
- Mortgage and Liens Certificate: This document is requested at the Real Estate Custodian corresponding to the location of the house, and must be 30 days after being issued.
- (…) Final reception: This certificate is issued by the Works Directorate of the Municipality where the house is located, it is generally provided by the real estate company that developed the project.
- (…) Real Estate Co-ownership: This certificate declares that condominiums of houses or apartments from 2 housing units are covered by the real estate co-ownership regime. The document is mostly delivered by the seller.
- (…) Of current domain of the property, granted by the Real Estate Curator.
- (…) Of no expropriation issued by SERVIU and by the corresponding Municipality.
- Municipal certificate of Urbanization executed or guaranteed.
- (…) That indicates name of the architects, Calculation Engineers and Construction Company.
- Municipal certificate of domiciliary number.
- (…) Debt for contributions granted by the General Treasury of the Republic.
- Assignment Certificate of Valuation Roles in Process issued by SII
- (…) Of marriage of the Buyer with an antiquity not exceeding 30 days.
- Domain registrations: It is necessary to present copies of all the predecessors in the domain, until completing 10 years, of the property (s) in which the lot or condominium was built.
- If the buyer is a woman and married in a Conjugal Society, they must include a Certificate of Income (Salary Settlements, last month’s bills, Tax returns, etc).
- Company background: If the current owner of the house is a company, it must deliver the background of the company, that is, Deed of Constitution, registered and published extract and current powers of attorney.
- The last payment of property contributions.
- Building Permit reduced to Public Deed: It is required in the case that a DFL2 property is being purchased.
- Co-ownership Regulation if the house is in a condominium.
Lot Plan with proof of your Registration in the CBR.
- It is necessary to be clear that more documents or antecedents can be requested according to the criteria of the lawyer or company that is in charge of carrying out the Study of the Titles.
Steps to buy a house in Chile
- Financing. It is important to clarify that the usefulness of this step is to have a reference of the amount that the bank can lend us and under what conditions it will do so, but in no case does it mean to award a loan definitively.
- Find our ideal property. Real estate companies have home projects for all kinds of people and needs, so the call is to do an exhaustive search.
- Reserve. We must approach the sales office of the project in question and request the reservation of the house. This will ensure that the real estate company does not sell to another interested party or display that property as available.
- Apply for the Mortgage Credit. As a result of the financing options quote process, we already know which bank offers us the best conditions for our credit, and this is the time to get closer to making it effective.
- Promise of sale. This document establishes the commitment to carry out the transaction, imposing fines on the responsible parties in case it is not carried out.
- Sell script. After a brief process, the writing of the Deed of Sale will be carried out. Once this document is signed, the bank sends it to the Real Estate Registrar for registration. And once this process is ready, the property will already be ours.
First of all, it is important to consider that, by law, all expenses of the sale of a home are at the buyer’s expense. But it does not hurt that a professional, such as a manager or a lawyer, guide the buyer during the process of sale of the property, to do all the procedures correctly.
If the house is mortgaged, the owner must be required to cancel the mortgage before buying it or do it before a notary in the same act of sale and before signing. Thus, the seller receives as a price the result of deducting the amount of the outstanding loan.
When it is intended buy a house with cash, an amount of money is given to the seller as a signal. It is the deposit contract to reserve the house. If the contract comes to fruition, that amount will be part of the price to be paid.
Likewise, it is necessary to include the object of the contract with the amount of the sale and the form of payment and pay the taxes that may arise from the purchase and sale operation.
While we are looking at houses and apartments, the ideal is that we approach banks to request a loan that allows us to buy the house. This can be our bank of choice as well as others that offer better options.
“I invite you to quote in the banks that offer the best alternatives and rates,” explains Schmidlin, President of the FINCO commission.
Once attended by an executive, he will ask you a series of data to analyze your case. And so decide how much is the amount that they can lend you for your home purchase. In some cases, the executive will also ask you for the official quotation of the department you want to buy.
Before buying a house
First of all you must select the house or apartment that you like the most. When selecting a house or apartment we must take into account the following:
- Before choosing your house or apartment, check well the presence of faults in the finishes, windows, doors, furniture, toilets, etc.
- Check that the water and electricity are working properly.
- Check the measurements: it is important to require the real estate company to sign a document where it takes responsibility that the useful meters offered are those that our house or apartment will actually have.
- Also check the manual of rights and obligations of the real estate, to know the steps to follow in case of failures.
- Connectivity: it is important to know the location of the house and the transport possibilities.
- Green areas and parks for children: it is good to opt for a sector near green areas or parks, especially if we have children or pets.
After buying a house
The last of the steps or requirements to buy a house in Chile is the completion of the Deed of Sale. This document will be signed by the parties, who undertake. There is a property right transaction, so this document must be duly registered.
Recommended real estate in Chile
This is the list of companies that have the quality certification of Best Place to Live. Saccording to the satisfaction of your own customers with the service and product they received. Some recommended real estate:
- Cousiño Macul Park it is a consolidated real estate development. In 15 years of construction, we have built neighborhoods and condominiums that in their different stages have become benchmarks of the commune. Always taking into account an urban development and green areas that protect the nature of the place.
- At the beginning of 2011, Inmobiliaria IMSA merged with the prominent and recognized company ADPORTAS, creating real estate IMSA-ADPORTAS. Adportas Real Estate Projects, is a company with more than 20 years of experience in the real estate industry.
- Real Estate Security has an outstanding track record in the real estate market. Through his 20 years of participation in the investment and development of both housing and office projects. It is part of one of the largest financial conglomerates in the country. With participation in banks, insurance companies, mutual funds, factoring and other services, which gives all the support and seriousness that you need.
Approximate budget to buy a house
The first thing we are going to tell you is that, before starting with the dream of your own home, it is essential to check the status of your finances, if you are single it will be an easy task, but if you are with your family you should carefully review the status of your finance.
- The terms of the debt. All lawyers recommend not requesting the mortgage loan over 20 years, and, although the initial footing will be a challenge.
- Know your resources well. The first thing you should know is that a good part of buying a house depends on the savings you have, and also on the income you receive. A good way to calculate the budget is breaking down the salary in fixed expenses, personal, entertainment, and some futures that could appear in some case.
- The importance of the notary. It is common to find homes that despite seeming to have everything in order, when it comes to verifying it is not like that. The verification of these facts generates procedural expenses that generate a cost.
- Extra expenses. There is something that nobody tells you when you have the idea of buying a home. And this point has to do with the extra expenses that this means. Although one thinks that they are few, they all have a high price, so we suggest adding this item to your financial liquidity.
Estimated extra expenses
The first expense that you will find is the foot for the purchase, for this you must consider between 5 and 10% of the total amount of the house. Then, you will find the formalization of the promise of sale, the signatures of the draft deed and later the signing of the final deed of the property. What has a price that goes from 52 thousand to 78 thousand pesos.
But that’s not all, because once this process is finished, the house must be registered in the buyer’s name with the Real Estate Registrar. This procedure starts at 13,000 with a ceiling of 384,000 pesos.
As if that wasn’t enough, you should consider 10% of the property broker you bought the home from.
These are all the requirements to buy a house in Chile that you need to know when considering this idea. We hope it has been helpful to you. If you have any questions, leave us a comment.
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