Chile Forum

Hey guys,
Quick question for the group.... hoping to find out if anyone has sold a home or property in Chile ever, and how you went about securing payment? I may have a misguided view of Chileans, thinking they will attempt to buy my property without real intentions of paying in full, but my time here has served me well to be suspicious.
What steps should be taken to ensure a smooth and fast transaction?

Very possible, We have a house in limbo now because of only half payment!

Zer0nz, can you expound on this please? Back home, when you're buying a home, the money is held in trust until everything is done. Here, it seems as though this country was structured with shady dealings in mind...

Big table, my lawyer, his lawyer, documents on table prepared by my lawyer, his bank draft for the total agreed on price or bag of money (my lawyer has juniors with a bill counting machine) we agree nod smile, we sign. We leave. The property will have been vetted by his lawyer and they then change the registration which I don’t care about as I have my full payment, they could leave the property in my name if they want

Leavin Las Cruces wrote:Zer0nz, can you expound on this please? Back home, when you're buying a home, the money is held in trust until everything is done. Here, it seems as though this country was structured with shady dealings in mind...

The problem is not that they will never pay, its just that they take there time to pay...

I.e pay deposit, but dont settle on time.... thats the problem we have now Bank got there money to pay off the loans, but the balance has not been paid.... house is in "limbo"

Leavin Las Cruces wrote:Hey guys,
, and how you went about securing payment?
What steps should be taken to ensure a smooth and fast transaction?

Just make sure the buyer brings a "vale vista" with the full amount to the notaria, thats all.

We just sold our parcela a few weeks ago, we both signed, I got my vale vista and went straight to Banco Estado,
I just had to stand and wait for nearly 2 ours in the bank but once it was my turn I got my cash in minutes.

Groschi wrote:

Leavin Las Cruces wrote:Hey guys,
, and how you went about securing payment?
What steps should be taken to ensure a smooth and fast transaction?

Just make sure the buyer brings a "vale vista" with the full amount to the notaria, thats all.

We just sold our parcela a few weeks ago, we both signed, I got my vale vista and went straight to Banco Estado,
I just had to stand and wait for nearly 2 ours in the bank but once it was my turn I got my cash in minutes.

Vale Vista=Bank Draft (drawn on a Chilean Bank)

you can pay CLP 15000 extra at the notaria and they will hold the check until the property is in your name, very very simple.
Thats what we did anyway.

When the full price is available, with no payments of any sort involved, it is done by a vale vista (bank counter check) deposited at a notary with instructions for its release or return. Works like escrow.

If there is a payment schedule involved, then you need to add a private mortgage notation on the title at the registry. If they fail to pay, you can foreclose in a fairly quick court procedure that sends the property to auction. Of course, you have the right to reacquire the property for the debt at auction, or the buyer has the right to come up with the debt owed until the last moment. We have seen banks foreclose and take a property to auction in a little over a week.

If you do not have a private mortgage registered on the title, then you are in to a mess trying to get it back through the courts. Still possible, but a lot more expensive and complicated.

admin wrote:When the full price is available, with no payments of any sort involved, it is done by a vale vista (bank counter check) deposited at a notary with instructions for its release or return. Works like escrow.

If there is a payment schedule involved, then you need to add a private mortgage notation on the title at the registry. If they fail to pay, you can foreclose in a fairly quick court procedure that sends the property to auction. Of course, you have the right to reacquire the property for the debt at auction, or the buyer has the right to come up with the debt owed until the last moment. We have seen banks foreclose and take a property to auction in a little over a week.

If you do not have a private mortgage registered on the title, then you are in to a mess trying to get it back through the courts. Still possible, but a lot more expensive and complicated.

there is a small tax on that private mortgage si o no?