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General aspects in the buying and selling real estate contract. E-mail
Thursday, 27 March 2008
Aspects to take care in a Buying and Selling real estate business.

To our clients and visitors, we share this publication, that contains general aspects of the real estate market and transactions, is subedited to a series of social, legal, and procedural factors and normatives, that in many cases, the lack of attention to one of them causes obstruction, delay and interrupt the real estate transactions or Negotiations. (Esq. Pedro Aragon Muñoz.)

Of the previous appoint, we as an specialized firm in the real estate law, Aragón & Aragón presents a series of aspects, concerning to law matters, that you as buyer or a seller, of a land or real estate property, should consider before, during and after the selling transaction, since our experience on the field.

It is important that the seller or buyer, takes note of what we consider as important tips, who may you help to make simply and to facilitate the succeed transaction and to avoid future problems. Please, we warn that this article is not a professional opinion.

Always remember to seek advice from your trust Notary, who in these cases, must act as an impartial figure between both parties, his obligation as a professional, is to advice, to orient and to draft for the parts the suitable document in regards to the transaction that is desired to do, according to the circumstances for each particular case in order to fulfill your requirements.

BEFORE SELLING OR BUYING A REAL ESTATE PROPERTY. BUYER

    Request to the owner, the ownership deed or title of the real estate property; verify that he’s the legitimate owner, that this deed is registered and figure in the books of the Property Registry.

  1. Request at the Property Registry a complete certificate of the history of the real estate property or land that you are interested to buy.
  2. Analyze the sequence of land registration that appears in the property, for example, the sequence of the actual and previous owner’s, movement that the same one has, and other subjects.
  3. Corroborate that the property doesn’t have current mortgages and effective annotations.
  4. Verify who appears as the present owner of the property, and that is the same person who you are negotiating with.
  5. Validate the area that appears enrolled in the property is the same as the actual. Of being possible, request a copy of the property deed and map, of the first inscription of the property. Compare this information with the actual location, area, measures and neighbor properties.
  6. Request to the owner of the property, his personal identity documents, and if it’s possible, verify in the local dependencies the authenticity of the document.
  7. Inquire in the local dependencies in charge of Real Estate Area (Government and City Counties) a deployment of the property, with this data you can verify who is actual owner, price and area, and in the necessary case, you’ll be able to demand to the actual owner to update this data, so what it seems in the Property Registry is similar as the information that the Government and City County has.
  8. Verify that the owner is up date in the payment of the Property Taxes -IUSI- (in charge of the City Council where the property is located) and contingencys.
  9. If the case that the property count with provided services, such as electricity, phone, water, etc., ask the owner to provide you with the deeds of property of this services, in order to verify that he’s up-to-date in the payments of these services; also check if the bills are on date.
  10. Make clear the way to carry out the transaction, in reference to the price and form of payment.
  11. Calculate the amounts that each one will have to disburse respect to payment of taxes, expenses and fees. Be clear about the value of the property and the transaction itself, because that amount is calculated transfer costs, tariffs registry official, professional fees and taxes levied Notary to the contract. Regarding the Tax on the contract, we should note and explain that there were major reforms in relation to taxes levied on the transfer of property and housing. As of March 16, 2012, in taxes, if the property has been sold before, the tax impose to the contract is the 3 % tax rate of the selling Price; if the property havent been selled before, the tax impose is 12 % tax rate of the selling price.
SELLER
  1. Have ready the property deed. Also prepare the related documents, such as water deed, telephone, shares, etc.
  2. Prepare the documents related to payments receipts of services and taxes, according to the case.
  3. Make sure to identify the person that wishes to buy the property, ask for a copy of his identification. Of being possible, make a deep in investigation of its identity, managing in the several Registries the truthfulness of identification documents.
Note.

In the cases that the buyer or owner is a legal organization (such as mercantile or civil society, off shore company, or others of similar nature) or acts on behalf of somebody (power of attorney) please ascertain the following for both parts:

  1. That the identification documents still are in force and provides the legal authorization in order to perform on behalf of the entity.
  2. Make sure that the legal representative has the proper faculties to carry out the wished contract.
  3. Validate that the representation document has not been revoked or cancelled by his proxy.
DURING THE SUBSCRIPTION OF THE CONTRACT
OWNER AND BUYER
  1. Consult a Notary. The Notary must act impartial with both parts, and its function is to take the will from the parts and to put into shape in a document that fulfills all the formalities established by the law for each special case.
  2. Verify that the data briefed in the document are the correct one (data of identification, identification of the property, amounts, terms, etc.).
  3. Read carefully the contract project. Discuss all the points of the project. If you had a doubt, suggestions or comments, let it know to the Notary, so he’ll make the explanation or take note of the corrections, to carry out in the final document.
  4. Verify that both parts sign the deed or contract, and the Notary authorized it whith his signature.
  5. Corroborate the expenses that correspond to each part, such as: taxes, fees of inscription and professionals fees of the Notary.
  6. Ask for a copy of the signed contract.
AFTER THE CONTRACT SUBSCRIPTION
BUYER
  1. Ask to the Notary to extend a legitimate copy of the authorized contract.
  2. Make sure to immediately present the document for its inscription in the Property Registry (in case of having agreed that is the Notary who handle the procedure, ask for a copy of the receipt).
  3. Check the updates of your document inside the Property Registry. You can do it through the free service that the Property Registry of Guatemala offers to its users accessing their website www.rgp.org.gt, entering the data that appear in the copy of the receipt.
  4. When the document has been registered, verify that is in the inscription that corresponds, that the same one is correct (verify the number of the property, names, terms, amounts, etc.), if there is any problem, let it know to the Notary immediately.
  5. Make sure that the Notary sends the warning to the Government offices and City Council.
SELLER
  1. Make sure that the property is registered under the name of the buyer at the Property Registry.
  2. Be aware to take not in your countable registries the transaction of this good.
  3. Make sure that the Notary sends the warning of the trespass to the corresponding Government offices and City Council.

In Aragón & Aragón we know the importance and necessity of a good costumer service, we offer you the real estate services, in regards to all the stages before mentioned, for which, we can advise and take care of the process, that is taken on the best way and in benefit of the parties, if you need more information please contact us

Last Updated ( Friday, 04 April 2014 )
 
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Guatemala, Guatemala, Postal Code 01010

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