Article
Brazil Real Estate Investment: The Initial Planning
Exotic Brazil---with its rich, mysterious past and soccer heritage has a special place in the hearts of millions---not the lovers of the football alone. It is a country with amazing natural diversities! Deserts, rainforests, beaches, mountains---you will find everything in this country whose history hints about legends and folklores.
No wonder, this Latin American country is creeping up the chart in the tourists’ must-see lists. And this is where lies the chance of a smart investor---tourism linked Brazil real estate is not just doing well, it is thriving. And if you are considering some overseas real estate investment, this is high time to hit the Brazil market.
However, ‘hit’ the market armed with information about the rules and regulations for foreign investors. The guide below prepares you for the initial planning for the purchase of the property in the country.
Although there are no major restrictions for the foreign buyers in Brazil, there are a few areas such as lands near Brazil's international borders, marine land, islands or rural lands where the foreign buyers are charged with extra fees.
Finding a real estate agent
The first step in the property buying process in Brazil is contacting the right real estate agent. The real estate agent does not only help you find the suitable property, also helps you through the other related professional requirements relating to a safe real estate purchase.
Acquiring Brazilian CPF
First, you have to acquire a Brazilian ID called a CPF prior to the purchase of property. To get a CPF you have to produce a copy of your birth certificate translated into Portuguese by a certified translator and attested by the Brazilian Consulate in your home country. In exchange of a small fee you will get your CPF number just the following day. It will however take a couple of months to get the CPF card.
Finalizing the price
After you zero in on a certain Brazil property, you have to make a negotiation and it is your real estate agent that set off the process with a verbal offer. But during the stage of serious negotiations, it is taken over by the lawyer who officially seals your final price agreement. He also supervises the entire purchase proceedings, advising you on such issues as deposit money.
It is advisable that you take help from a lawyer, who can speak your language, so that you will not be in dark when the purchase process is on.
Appointing a Lawyer
Your lawyer will carry out all necessary checks on your investment real estate and will make sure that all legal formalities are maintained during the purchase. Depending on the type of property, in Brazil, a reputed lawyer will charge you anything between £ 500 and £ 1,000 for his consultation.
As far as the mortgages are concerned, foreign buyers are advised to arrange financing from their home countries. The small number of the mortgages that had been so far offered to the overseas buyers, called for high interest rate. However, the mortgage scenario for the foreign buyers is expected to improve in the near future.
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