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Argentina: New Regulation For The Purchase Or Sale Of Real Estate

María Elsa Castro Moore Stephens
Argentina: New Regulation For The Purchase Or Sale Of Real Estate - Argentina - Property - Rule - Legal


With the object of having greater control and reducing tax evasion in the purchase and sale of real estate in Argentina, the tax authorities (AFIP) have created a register of real estate operations which exceed RA $300,000 (approx. USD $84,000).



Real estate operations carried out after 1 March 2008 require the intervening notary public and real estate brokers to act as information agents. The latter must make public the properties it has on sale, its asking value, the final price of the operations, as well as the identity of the seller and purchaser.

In this way the AFIP is seeking to control the sub valuation of real estate operations which reduces the asset tax which property owners must pay, as percentage of the assets declared and valued at the purchase price or declared land tax, whichever is higher.

Therefore, those persons or Companies that wish to put a property on the market for sale and its value exceeds RA $300,000 must obtain the ¨Real Estate Transaction Offer (COTI), which must be shown to the real estate broker and the notary public, the latter, once the sale has been agreed upon.

 


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