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Buying and Selling Real Estate: an International Guide

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Buying and Selling Real Estate: an International Guide Fall 20 INTERNATIONAL LAWYERS NETWORK BUYING AND SELLING REAL ESTATE: AN INTERNATIONAL GUIDE ILN REAL ESTATE GROUP [BUYING AND SELLING REAL ESTATE] 2 This guide offers an overview of legal aspects of buying and selling real estate in the requisite jurisdictions. It is meant as an introduction to these marketplaces and does not offer specific legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney- client relationship, or its equivalent in the requisite jurisdiction. Neither the International Lawyers Network or its employees, nor any of the contributing law firms or their partners or employees accepts any liability for anything contained in this guide or to any reader who relies on its content. Before concrete actions or decisions are taken, the reader should seek specific legal advice. The contributing member firms of the International Lawyers Network can advise in relation to questions regarding this guide in their respective jurisdictions and look forward to assisting. Please do not, however, share any confidential information with a member firm without first contacting that firm. This guide describes the law in force in the requisite jurisdictions at the dates of preparation. This may be some time ago and the reader should bear in mind that statutes, regulations, and rules are subject to change. No duty to update information is assumed by the ILN, its member firms, or the authors of this guide. The information in this guide may be considered legal advertising. Each contributing law firm is the owner of the copyright in its contribution. All rights reserved. ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 3 Table of Contents CHAPTER CONTRIBUTORS & FIRMS 4 BUYING AND SELLING REAL ESTATE IN ARGENTINA 7 BUYING AND SELLING REAL ESTATE IN AUSTRALIA 13 BUYING AND SELLING REAL ESTATE IN BRAZIL 33 BUYING AND SELLING REAL ESTATE IN CANADA - QUÉBEC 41 BUYING AND SELLING REAL ESTATE IN CHILE 50 BUYING AND SELLING REAL ESTATE IN COLOMBIA 57 BUYING AND SELLING REAL ESTATE IN COSTA RICA 63 BUYING AND SELLING REAL ESTATE IN CZECH REPUBLIC 70 BUYING AND SELLING REAL ESTATE IN ECUADOR 78 BUYING AND SELLING REAL ESTATE IN GREECE 82 BUYING AND SELLING REAL ESTATE IN HONG KONG 87 BUYING AND SELLING REAL ESTATE IN HUNGARY 94 BUYING AND SELLING REAL ESTATE IN INDIA 100 BUYING AND SELLING REAL ESTATE IN LATVIA 109 BUYING AND SELLING REAL ESTATE IN MEXICO 120 BUYING AND SELLING REAL ESTATE IN THE NETHERLANDS 129 BUYING AND SELLING REAL ESTATE IN NORWAY 137 BUYING AND SELLING REAL ESTATE IN PANAMA 140 BUYING AND SELLING REAL ESTATE IN PORTUGAL 144 BUYING AND SELLING REAL ESTATE IN ROMANIA 155 BUYING AND SELLING REAL ESTATE IN RUSSIA 162 BUYING AND SELLING REAL ESTATE IN SCOTLAND 170 BUYING AND SELLING REAL ESTATE IN SINGAPORE 175 BUYING AND SELLING REAL ESTATE IN SLOVAKIA 181 BUYING AND SELLING REAL ESTATE IN TURKEY 189 BUYING AND SELLING REAL ESTATE IN ENGLAND AND WALES 194 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - FLORIDA 205 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MASSACHUSETTS 211 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MICHIGAN 219 ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 4 CHAPTER CONTRIBUTORS & FIRMS “Buying and Selling Real Estate in “Buying and Selling Real Estate in Argentina” Czech Republic” Lawyers at Lawyers at Salaberren & López-Sansón Abogados PETERKA & PARTNERS – Prague – Buenos Aires “Buying and Selling Real Estate in “Buying and Selling Real Estate in Australia” Ecuador” Lawyers at Lawyers at Kalus Kenny Intelex – Melbourne ConsorcioLegal– Guayaquil “Buying and Selling Real Estate in “Buying and Selling Real Estate in Brazil” Greece” Lawyers at Lawyers at KLA - Koury Lopes Advogados – São A&K Metaxopoulos and Partners – Paulo Athens “Buying and Selling Real Estate in “Buying and Selling Real Estate in Canada - Quebec” Hong Kong” Lawyers at Lawyers at Robinson Sheppard Shapiro – Canada - Sit, Fung, Kwong & Shum – Hong Kong Quebec “Buying and Selling Real Estate in “Buying and Selling Real Estate in Chile” Hungary” Lawyers at Lawyers at PAGBAM |Schwencke – Santiago Jalsovszky Law Firm – Budapest “Buying and Selling Real Estate in “Buying and Selling Real Estate in Colombia” India” Lawyers at Lawyers at Gamboa, García & Cardona Ahlawat & Associates – New Delhi Abogados– Bogotá “Buying and Selling Real Estate in “Buying and Selling Real Estate in Costa Rica” Latvia” Lawyers at Lawyers at Cordero & Cordero – San José TGS Baltic – Riga ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 5 “Buying and Selling Real Estate in Mexico” “Buying and Selling Real Estate in Lawyers at Scotland” Martinez Algaba de Haro y Curiel and Lawyers at Martinez Berlanga Abogados – Miller Samuel Hill Brown – Glasgow Mexico City “Buying and Selling Real Estate in “Buying and Selling Real Estate in the Netherlands” Singapore” Lawyers at Lawyers at PlasBossinade Advocaten N.V. – Goodwins Law Corporation – Groningen Singapore “Buying and Selling Real Estate in Norway” “Buying and Selling Real Estate in Lawyers at Slovakia” Økland & Co DA – Oslo Lawyers at Slovakia – Bratislava “Buying and Selling Real Estate in “Buying and Selling Real Estate in Panama” Turkey” Lawyers at Lawyers at Quijano & Associates – Republic of Özcan & Natan Attorney Partnership – Panama Istanbul “Buying and Selling Real Estate in “Buying and Selling Real Estate in England, Wales & Northern Portugal” Ireland” Lawyers at Lawyers at MGRA & Associados – Lisbon Fladgate LLP – London “Buying and Selling Real Estate in “Buying and Selling Real Estate in Romania” the United States – Florida” Lawyers at Lawyers at PETERKA & PARTNERS – Bucharest Shutts & Bowen - Miami, Florida, USA “Buying and Selling Real Estate in “Buying and Selling Real Estate in Russia” the United States - Lawyers at Massachusetts” Lidings Law Firm – Moscow Lawyers at Davis Malm & D’Agostine – Boston, Massachusetts, USA ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 6 “Buying and Selling Real Estate in the United States - Michigan” Lawyers at Howard & Howard – Detroit, Michigan, USA ILN Real Estate Group – Buying and Selling Real Estate Series Fall 20 INTERNATIONAL LAWYERS NETWORK SALABERREN Y LÓPEZ SANSON ABOGADOS Buying and Selling Real Estate in Argentina ILN REAL ESTATE GROUP [BUYING AND SELLING REAL ESTATE IN ARGENTINA] 8 KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW I. INTRODUCTION. expenses corresponding to his/her share, as Below you will find a brief outline of the legal well as of refunding other co-owners the regulation of the acquisition of real estate expenses in which they may have property in Argentina, which is mainly governed exceedingly incurred in relation to their by the Argentine Civil and Commercial Code shares. Unless otherwise agreed, every co- (“CCC”). owner may require the legal partition of the ownership and the division of the property. II. FORMS OF REAL ESTATE OWNERSHIP. c) Condominiums. Argentine law regulates different forms of real estate ownership. A brief summary is provided Condominium (propiedad horizontal) below: confers rights of use and disposal of an independent and undivided share of a a) Sole Ownership. building (called a functional unit) and the Sole Ownership confers all the powers to proportional part of said building’s common legally use and materially and legally areas. The building’s different parts, as well dispose of a real estate property. All of the as the rights arising from them, are existing constructions belong to the owner, interdependent. This type of property which are presumed to be built by said exercised over the functional unit, which owner, except evidence to the contrary. may consist in a flat, a commercial property This kind of ownership extends to the or other space with functional subsoil and airspace, with the exception of independence and direct or indirect access specific cases determined by law. The to a street. The condominium is governed owner is also legally entitled to exclude by internal regulations which are third parties from said real estate property. incorporated to the title deed. b) Joint Ownership. d) Residential Developments. Joint Ownership is the right over a real This category comprises country clubs, estate property that belongs to more than gated communities, industrial, one person, where each person owns an commercial, or nautical parks or any other undivided share of said property. Each co- type of residential developments regardless owner can, solely or jointly, use the of their destiny (temporal or permanent common property without altering its homestead or commercial), also including destiny, and also, they can agree either the those with mixed uses, in accordance with use of the common property at alternate local administrative regulations. The times or the exclusive use over determined residential developments are considered a parts of the property. type of condominium. Additionally, each co-owner can sell or The main characteristics of this encumber his or her undivided share developments are enclosure of the without the assent of the other co- owners, development, existence of common and while the sale of the whole property individual areas and the existence of an requires the consent of all the co-owners. internal regulations. All of the common and Each co-owner is responsible for paying the exclusive parts and areas are ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE IN ARGENTINA] 9 interdependent, as well as the rights over Usufruct can be granted for life if the holder them, conforming a non-divisible whole. of the right is an individual or for a Aspects in connection with authorized areas, maximum of 50 years if the holder is a corporation. dimensions, uses and other urbanistic elements of residential developments are III. LEGAL FORMALITIES IN RELATION TO REAL governed by local administrative ESTATE OWNERSHIP ACQUISITION.
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