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Real Estate Investment in Brazil To Do List of the Buyer
It is not the incredibly low property prices alone that make Brazil an attractive destination for the hundreds of foreign buyers. The stunning locales, stable economy, infrastructures comparable to any developed nation and direct flights to the North American and European countries are some of the factors that make Brazil real estate market lucrative for the overseas buyers.
In Brazil, the foreign buyers are entitled to own freehold title to the land and properties and this makes real estate transaction process in Brazil easy and simple. But, it becomes even easier if you take up a planned step-by-step approach.
The first step into the Brazil property buying process involves the obtaining of CPF number. CPF number is a compulsory legal requirement in the Brazil property buying process. This number has much in common with the social security number of US citizens. It is meant for the unique identification of the investor for the title requirement and tax purposes. To obtain this number you can apply online. The application form can be downloaded from http://www.receita.fazenda.gov.br/Aplicacoes/ATCTA/CpfEstrangeiro/defaulting.html
You can apply for a CPF number only when you are staying in the country at a stretch. You will get the number within a couple of days.
The real estate success largely depends on finding the property that perfectly matches your investment needs. Villas, vacation homes, apartments or condos---whatever type of property you are looking for in Brazil, a real estate agent can best guide you through your searching process. However, before dealing with any real estate agent make sure, the person is affiliated to the Federal body, called Conselho Federal de Corretores de Imoveis or COFECI.
In Brazilian real estate tradition, real estate agents are basically sales persons who often try to push sell wrong properties to the foreign clients. However, recommendation or referral is a smart way to reach to the right agent.
Once you come across the suitable investment property with the help of your agent, now is the time for price negotiation and Brazil real estate offers a very good bargain especially for the North American and European buyers. However, the buyer should keep in mind, that in Brazil, the seller is paid a non-refundable deposit which is just a small amount.
Then the actual sales contract is drawn up and this can be used as a receipt for the deposit money you have already paid. If you want to leave the country before the contract has been signed, you have to give power of attorney to your lawyer for signing the contract on behalf of you. It may take couple of weeks for the title transfer to get recorded. In case the property is located on the beach front, it may take longer time.
With the transfer of the title and money being changed the hands, your purchase process is complete. From now on your investment real estate will be managed by the local Brazilian authority.
The elaborate real estate law of the country protects the investors’ interests---no matter they are Brazilian or non-Brazilian. The foreigners can seek legal help to ensure that the buying process is taking place without any discrepancies whatsoever.
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