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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 19 INTERNATIONAL LAWYERS NETWORK BUYING AND SELLING REAL ESTATE: AN INTERNATIONAL GUIDE I L N 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 6 BUYING AND SELLING REAL ESTATE IN THE BAHAMAS 12 BUYING AND SELLING REAL ESTATE IN BRAZIL 19 BUYING AND SELLING REAL ESTATE IN CHILE 27 BUYING AND SELLING REAL ESTATE IN COLOMBIA 34 BUYING AND SELLING REAL ESTATE IN COSTA RICA 41 BUYING AND SELLING REAL ESTATE IN CZECH REPUBLIC 48 BUYING AND SELLING REAL ESTATE IN ECUADOR 56 BUYING AND SELLING REAL ESTATE IN GREECE 60 BUYING AND SELLING REAL ESTATE IN HONG KONG 66 BUYING AND SELLING REAL ESTATE IN HUNGARY 72 BUYING AND SELLING REAL ESTATE IN LATVIA 78 BUYING AND SELLING REAL ESTATE IN THE NETHERLANDS 89 BUYING AND SELLING REAL ESTATE IN NORWAY 97 BUYING AND SELLING REAL ESTATE IN PANAMA 100 BUYING AND SELLING REAL ESTATE IN PORTUGAL 104 BUYING AND SELLING REAL ESTATE IN ROMANIA 115 BUYING AND SELLING REAL ESTATE IN RUSSIA 122 BUYING AND SELLING REAL ESTATE IN SCOTLAND 130 BUYING AND SELLING REAL ESTATE IN SINGAPORE 135 BUYING AND SELLING REAL ESTATE IN SLOVAKIA 141 BUYING AND SELLING REAL ESTATE IN TURKEY 149 BUYING AND SELLING REAL ESTATE IN ENGLAND, WALES, AND NORTHERN IRELAND 154 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - FLORIDA 165 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MASSACHUSETTS 171 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MICHIGAN 179 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 the Bahamas” Ecuador” Lawyers at Lawyers at Halsbury Chambers – Nassau 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 Chile” Hong Kong” Lawyers at Lawyers at Aninat Schwencke & Cia – Santiago Sit, Fung, Kwong & Shum – Hong Kong “Buying and Selling Real Estate in “Buying and Selling Real Estate in Colombia” Hungary” Lawyers at Lawyers at Jalsovszky Law Firm – Budapest Gamboa, García & Cardona 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 “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 & Associate – Panama City Özcan & Natan Attorney Partnership – 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 & Cleaver Fulton Rankin - Belfast “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 “Buying and Selling Real Estate in “Buying and Selling Real Estate in Scotland” the United States - Michigan” Lawyers at Lawyers at Howard & Howard – Detroit, Miller Samuel Hill Brown – Glasgow Michigan, USA ILN Real Estate Group – Buying and Selling Real Estate Series Fall 18 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] 7 KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW I. INTRODUCTION. co-owners. Each co-owner is responsible Below you will find a brief outline of the legal for paying the expenses corresponding to his/her share, as well as of refunding regulation of the acquisition of real estate property in Argentina, which is mainly governed other co-owners the expenses in which by the Argentine Civil and Commercial Code they may have exceedingly incurred in (“CCC”). relation to their shares. Unless otherwise agreed, every co-owner may require the II. FORMS OF REAL ESTATE OWNERSHIP. legal partition of the ownership and the Argentine law regulates different forms of real division of the property. estate ownership. A brief summary is provided c) Condominiums. below: Condominium (propiedad horizontal) a) Sole Ownership. confers rights of use and disposal of an Sole Ownership confers all the powers to independent and undivided share of a legally use and materially and legally building (called a functional unit) and the dispose of a real estate property. All of proportional part of said building’s the existing constructions belong to the common areas. The building’s different owner, which are presumed to be built by parts, as well as the rights arising from said owner, except evidence to the them, are interdependent. This type of contrary. This kind of ownership extends property exercised over the functional to the subsoil and airspace, with the unit, which may consist in a flat, a exception of specific cases determined by commercial property or other space with law. The owner is also legally entitled to functional independence and direct or exclude third parties from said real estate indirect access to a street. The property. condominium is governed by internal regulations which are incorporated to the b) Joint Ownership. title deed. Joint Ownership is the right over a real d) Residential Developments. estate property that belongs to more than one person, where each person owns an This category comprises country clubs, undivided share of said property. Each co- gated communities, industrial, owner can, solely or jointly, use the commercial or nautical parks or any other common property without altering its type of residential developments destiny, and also, they can agree either regardless of their destiny (temporal or the use of the common property at permanent homestead or commercial), alternate times or the exclusive use over also including those with mixed uses, in determined parts of the property. accordance with local administrative regulations. The residential developments Additionally, each co-owner can sell or are considered a type of condominium. encumber his or her undivided share without the assent of the other co- The main characteristics of this owners, while the sale of the whole developments are: enclosure of the property requires the consent of all the development, existence of common and ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE IN ARGENTINA] 8 individual areas and the existence of an share of said property. This right can only internal regulations. All of the common be granted by the owner of the property. and exclusive parts and areas are Usufruct can be granted for life if the interdependent, as well as the rights over holder of the right is an individual or for a them, conforming a non-divisible whole. maximum of 50 years if the holder is a Aspects in connection with authorized corporation. areas, dimensions, uses and other III. LEGAL FORMALITIES IN RELATION
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