Tuesday, June 29, 2010

Brazil property- a guide for overseas buyer

Enough has already been extolled about the beaches of Brazil, its natural beauty and friendly natives. You may already have been primed into buying property in Brazil and all that remains is probably, just your signature on the dotted line. But, wait a minute! Don’t let the sun-kissed beaches of Brazil make you forgo the nitty-gritty in property dealings. We will show you some hard facts which will act as a guide for overseas buyer, which is you!

In Brazil, the land is registered via private notary publics which are under judicial control. The entire information of a property is public and can be accessed by all. Many Brazilians, therefore, do not use the services of a lawyer while dealing in land transactions. But, getting top-notch legal assistance will save you a lot of bother later on.

Though every second lawyer you meet may be more than willing to help you purchase property in Brazil, the credentials of the lawyer handling the transaction are of utmost importance. A reliable client lawyer who will look after your interests is most desirable and you should preferably go for a Brazilian lawyer who is registered with the OAB (Ordem Dos Advogados Do Brasil). You should also check whether the lawyer is registerd with the law society in your own country.

A good lawyer will check whether the present owners have the right entitlement to the land and debts. He will make the obligations of both parties clear and guide you properly through the payment course and any legal matter. At the end of the procedure, he will ensure that the land is registered in your name correctly.

Since the Brazilian government welcomes foreign investment, foreigners face no major restrictions in buying or selling residential or commercial property in Brazil. Legally, they have the same rights as Brazilians.  Marine land, agricultural land, islands and areas near the international borders however, may be the exceptions and there may be certain fees or limitations in such places.

Taxes on the land will vary marginally depending on the state where the property has been purchased. Taxes like that of Stamp Duty, Property Transfer Tax and Navy Marine Tax (where applicable) are approximately the taxes which the overseas buyer will be required to pay.

The process of money transfer is very crucial and it is very important that the money is transferred directly from your own bank account to the seller’s bank account in Brazil, through the Central Bank of Brazil, during property transactions. This is so that the government of Brazil can record your investment in the country.

Following these guidelines should help the overseas buyer make a properly-recorded, legal and official transaction of property.
(ArticlesBase SC #1014447)

John Henry - About the Author:
RealEst International is a global network of Real Estate Investment Specialists in Brazil. We specialise in Land in Brazil, Coconut Grove Resort Brazil, Beach Property in Brazil, Villas in Brazil Brazil Property Investments and apartments in Brazil and Coconut Grove Brazil
Source:  http://www.articlesbase.com/real-estate-articles/brazil-property-a-guide-for-overseas-buyer-1014447.html