Category Archives: Real Estate

Argentina Real estate attorney

Buying and selling or even renting real estate property involves much more than finding someone who wants to sell or rent a property you like, pay the sale price or rent, shake hands and then move in. If it were that easy, we would have no need for an Argentina real estate lawyer.

What is Real Estate Law?

Real estate law comprises of the statutes and regulations that govern the rights and interests of stakeholders in real estate, and involves both commercial and residential properties. The law provides protection for these stakeholders who include sellers, buyers, landowners, realtors, estate brokers, developers, builders, contractors, surveyors and real estate agents. 

There are several legal issues that arise in real estate, they are: sale and purchase of properties, leasing and other transfers of properties; verifying of title to property; representation in settlement of property claims or exercising of property rights; tenancy agreement and landlord-tenant issues; property development and construction approvals; zoning, environmental issues, agriculture and land use; mortgages, foreclosures and auction; securitization of real estate investments; etc.

What Does an Argentina Real Estate Attorney Do?

Your Argentina real estate lawyer will be the one to handle the transactional aspect of your real estate involvement. The lawyer would draft all related legal documents, negotiate prices and close transaction deals.
One major reason people involve a lawyer in their real estate dealings is the investigations that would be carried out by the lawyer for the client before concluding transaction. This investigation called due diligence will include an inspection of the property to ensure the physical features are not contaminated thereby causing damage to the environment; and a review of all documents attached to the property to ensure they are in order and in compliance with relevant statutes.
Reviewing of the property’s documents will lay bare the title of the seller, and help the lawyer ascertain whether it is genuine or not. The property document review will also inform on whether there are any encumbrances on the property like mortgage, easements, liens and also tax liens.
To validate a real estate transaction, certain filings have to be made in some government agencies. Your Buenos Aires real estate lawyer will make sure all the appropriate documents are filled and necessary stamps and verification obtained.
Of course, when you get involved in a real estate dispute, your lawyer will represent you, whether in arbitration or in court. There are several instances where real estate disputes may arise such as a breach of contract, arrears in rent, foreclosure, disclosure or deposit issues, zoning compliance and boundary disputes among others.

What Can Happen Without an Argentina Real Estate Attorney?

While it isn’t mandatory to have an attorney represent you in an Argentina real estate transaction, benefits abound that would save you from little mistakes which could invalidate your real estate transaction.
Without an attorney, the other party could fail to fulfill certain obligations like making full disclosures, clearing the title of encumbrances, obtaining certain certifications and permits, keeping property safe, not diverting deposit for other illegal means and other obligations required by law.
Without a lawyer, you could become liable to fines where you unknowingly contravene relevant laws. The absence of a lawyer could increase your chances of being duped by dubious person claiming to act on behalf of a nonexistent company. Your lawyer would definitely have carried out an investigation on the genuineness of the company.
So, save yourself unnecessary headache and hire an Argentina real estate attorney to represent you. Contact us to schedule a consultation with one of our lawyers. Although there is no guarantee having a lawyer with you will totally exclude you from any litigation or dispute, however, the presence of a lawyer in your dealings would drastically mitigate the development of any annoying situation.

REAL ESTATE: House Hunting in Buenos Aires, Argentina

Horacio Paone for The New York Times

Molecule House, a villa in a gated community outside Buenos Aires, is on the market for $1.35 million.

http://www.nytimes.com/2013/05/16/greathomesanddestinations/real-estate-in-argentina.html
By NINA ROBERTS

A THREE-BEDROOM HOUSE WITH A POOL OUTSIDE BUENOS AIRES

This rectangular building, known as Molecule House for the system of interlocking aluminum rods and connectors that makes up its foundation, has 3,229 square feet of space over two floors. Its signature modular geometric structures also act as a decorative feature throughout the house — in ceilings, along windows, even as table legs and balusters. It is being sold furnished.

The central living room has a double-height ceiling and two glass-paneled walls; like most of the house the floor is in a reclaimed wood called Incienso, with a heating system underneath. It is flanked on one side by the dining room, on the other by the kitchen, which has two freestanding counters topped with thick slabs of reclaimed pine. Appliances, among them an Ariston oven and stove, are stainless steel.

Upstairs, the master suite has an air-conditioned bedroom, a white-tiled bath with a skylight and a walk-in closet. On the other side of the house, at the far end of an open walkway, are two bedrooms and a shared bath.

The property of almost 11,000 square feet is landscaped with palm and silk floss trees, flowering shrubs and a collection of cacti. A wooden deck leads back to the pool; a small geodesic dome provides a sculptural element.

Molecule House is in La Celina, a gated community of 70 homes on large lots. Polo fields are within 15 minutes’ drive; Buenos Aires is about 45 minutes away.

MARKET OVERVIEW

The market in Buenos Aires, which traditionally uses American dollars, is stagnant, in part because the government recently restricted real estate transactions in foreign currencies. Wary of the Argentine peso with its history of high inflation and depreciation, many sellers are holding back.

Emiliano Pagnotta, an Argentine economist who teaches at New York University, described the market as “essentially collapsing.”

“The number of sales in the main market, Buenos Aires, are down 40 to 50 percent compared to the previous year, which was not a great year to start with,” he said.

But according to Martin Bricca, a managing partner of Buenos Aires Habitat, it’s a good time to buy. Those who are selling, he said, are not averse to negotiation. “Three years ago, if you offered 30 percent less than the asking price, the owners would say no,” he said. Sellers today often accept offers 15 to 20 percent under asking price.

WHO BUYS IN THE BUENOS AIRES AREA

Most foreign buyers in the Buenos Aires area are from North America and Western Europe, typically Britain, Italy and France.

BUYING BASICS

There are no restrictions on foreign buyers, but financing must be obtained at home, as Argentine banks generally don’t provide mortgages. Elias Kier Joffe, the managing partner of the Buenos Aires Law Firm Kier Joffe, described real estate transactions as straightforward, explaining that Argentines typically rely on notaries public and don’t hire lawyers.

But given the recent restrictions on foreign currency, Mr. Joffe strongly suggested that foreign buyers hire a lawyer, even before contacting an agent for a property search. The lawyer, notary and closing costs together make up about 3 percent of the sale price, he said.

Foreign buyers usually wire their payments into the bank accounts that many sellers maintain abroad. The payment method must be stated in the purchase agreement and the account declared to Argentina’s Federal Administration of Public Revenue.

WEB SITES

City of Buenos Aires tourism: bue.gov.ar

Buenos Aires Province tourism: buenosaires.tur.ar

Buenos Aires Province portal: gba.gov.ar

LANGUAGES AND CURRENCY

Spanish; Argentine peso (1 peso = $0.19)

TAXES AND FEES

The broker fee is 4 percent of the sale price; additionally, a transfer tax of 3.6 percent is typically split between buyer and seller. Property tax is $1,200 a year, maintenance $400 a month.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

 

KIER JOFFE is opening a new Office in Nordelta, Buenos Aires, Argentina

Buenos Aires, Argentina. December 2, 2013. The law firm of KIER JOFFE announced today that it has opened a new office in Nordelta, Buenos Aires, Argentina. The fast-growing, full-service Real Estate law firm adds its third location to current offices in Buenos Aires, Argentina.

KIER JOFFE (www.KierJoffe.com) brings to the Nordelta Area its deep experience representing celebrity, high net-worth and other individuals in luxury, personal residential, specialty and commercial real-estate transactions. Examples include purchases of luxury houses, villas, vineyards, polo ranches, apartments in Buenos Aires and estates in Patagonia.

Founded in 1940, the firm have assisted international clients in locating and selecting their ideal properties, represented their interests to achieve highly favorable terms in negotiations, and efficiently paved the way for a smooth transfer of ownership and a trouble-free management of tax and regulatory issues. In the past few years alone, Kier Joffe has represented internationally known clients with multimillion-dollar transactions

“Over the past two years we have seen a significant proliferation in inquiries and international clients particularly to Nordelta Real Estate investments, purchases and sales and also we were  appointed by Absolutely Real Estate Argentina, one of the Top Real Estate companies in Argentina as its legal advisors to help overseas buyers and investors:” says Managing Partner Elias Kier Joffe, who was recently featured in the New York Times. “The time is right for us to have a more formal presence in this critical Argentina real estate hub.”

Also Kier Joffe recently was appointed by one of the Top Real Estate companies in Argentina: Absolutely Real Estate Argentina

Kier Joffe also represents:

Individual Clients: Whether real-estate, family law, Probate, Wills & Inheritance, immigration or other business issues, we provide efficient, cost-effective service.

Business Clients: We handle a range of matters in technology-related industries including IT, digital media, various types of hardware and software, energy, transportation, retail, travel & leisure, professional sports, media, non-profit and real-estate.

Kier Joffe has assisted many start-ups and joint ventures to move ahead smoothly, on schedule and with the best structure and legal strategies, while also representing the interests of established companies in intellectual property and regulatory matters, acquisitions, labor and employment law, and more.

Foreign Law, Audit and Accounting Firms: Kier Joffe efficiently represent your clients’ interests in Argentina according to your instructions. Kier Joffe covers all 23 provinces.

The Nordela practice will be led by Mr. Elias Kier Joffe, who is a member of the CPACF – Buenos Aires Capital Federal Bar, member of the The International Bar Association (IBA), American Bar Association (ABA) and The International Association of Jewish Lawyers and Jurists (IAJLJ) and was awarded the 2014 Best Lawyers in Argentina list; he will divide his time among the firm’s offices.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Nordelta Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

For more information about the firm, visit www.KierJoffe.com or contact Elias Kier Joffe here.

Argentina Real Estate News: Argentine Housing Bust Has Government Dialing for Dollars

Argentina Real Estate News

In an area where booming real property markets have federal governments from Chile to Brazil to Colombia warning of prospective property bubbles, Argentina stands out as a breast.

Two years after President Cristina Fernandez de Kirchner clamped down on Argentines’ investment of bucks, the currency of option for real-estate purchases, the apartment sector is grinding to a stop. While costs soared to documents in Manhattan, a high-end strip in Santiago, Rio de Janeiro and Medellin, Colombia, in Buenos Aires they fell a typical 1.2 percent in the second quarter from the previous 3 months, the very first decrease in information that returns to 2005.

“The primary concern in Argentina is that the property market has traditionally been transacted in bucks so when you make it impossible for individuals to source dollars liquidity obtains interfered with,” claimed Bret Rosen, managing supervisor of research at Jamestown Properties LLC in Nyc.

Fernandez’s foreign-currency curbs properly put home acquisitions unreachable for several Argentines due to the fact that they would certainly be required to purchase dollars on the black market for 60 percent above the formal rate. Sales in Buenos Aires dove 34 percent in the first five months, the biggest decrease since the 2001 economic dilemma that finished in the government’s $95 billion connection default, baseding on the Buenos Aires Notary College.
Tax Mercy

Now Fernandez is attempting to revive the market by supplying to forgive taxes owed on undeclared dollars if they’re purchased property. Argentines can trade funds held abroad for central-bank given out certificates that can be utilized in property transactions and retrieved for dollars by the vendor of a residential property.

The plan has only attracted $8.5 million given that it started on July 1 since financiers beware the dollar-starved federal government will attempt to continue the greenbacks, according to Florencia Cecchini, realty agent at Matty Pell & Asociados in Buenos Aires.

“My customers obtain an ulcer whenever I raise the subject,” she stated. “They do not wish to become aware of it because they don’t trust they’ll have the ability to get real bucks.”.

The Argentine government iced up savings account and turned dollar savings in to pesos at 30 percent of the worth after the default.
Lender Dispute.

The nation has actually been secured out of global credit rating markets since then, while decade-long cases in U.S. courts with holdout financial institutions from the country’s 2005 and 2010 financial obligation restructurings requiring to be paid completely are adding to making Argentine securities the riskiest in the world.

Reliant on regional funding, the government has diminished worldwide reserves and published money at a fee of concerning 30 percent a year, fueling the fastest inflation in the Western Hemisphere. Rate rises, tightening up money controls and unforeseeable legislation– consisting of the nationalization of oil company YPF SA in April 2012– triggered financial growth to fall to 2 percent in 2012, the slowest since 2009, as financial investment and production dropped.

Real property is typically paid for upfront as the double-digit rising cost of living fee undermines banks’ capability to supply long-term payday loans. A five-year home mortgage has typical borrowing expenses of 18 percent, baseding on the central bank, compared with the 24 percent inflation rate determined by personal financial experts. Official information, which have actually been tested by the International Monetary Fund, shares customer costs are rising at half the fee.
Sales Tumble.

Just 14.9 percent of all home acquisitions in the district of Buenos Aires utilized home loans in 2012, down from 15.3 percent in 2011, baseding on Buenos Aires real property research company Reporte Inmobiliario. The share hasn’t exceeded 21 percent in the previous 10 years.

Property sales in Buenos Aires toppled 27 percent last year from 2011, the greatest drop in Reporte Inmobiliario data that goes back to 1998, and the just the fourth annual decrease after 2001, 2004 and 2009.

“The market was virtually paralyzed with the currency controls since the wonderful bulk isn’t really going to accept pesos for their property,” German Gomez Picasso, a supervisor at Reporte Inmobiliario, stated in a telephone meeting from Buenos Aires. “They would rather simply hold on to their residential property instead.”.

Some real estate companies are beginning to price their tasks in the regional currency. Designer Alan Faena accepted pesos to complete marketing concerning 25 percent of his house structure in the Buenos Aires area of Puerto Madero, which he helped build in to the most pricey in Argentina’s resources from old abandoned factories by the riverside in the 1990s.
Money Controls.

Money controls make buying Argentina “difficult,” he stated, “You do whatever you can to adapt.”.

Faena, developer of the Faena Hotels and resort and Faena Aleph Residences, has no plans to invest a lot more in Argentina.

As an alternative he is finishing 6 jobs in Miami– a household structure, a resort, a fine arts center, a shopping gallery a playground and a marina– with a $600 million financial investment from his companion, Ukrainian-born American billionaire Len Blavatnik. He stated he’s sold HALF of his condo building set to be finished in September.

Argentines finding to get away from money controls, slow-moving financial growth and rising inflation surpassed Brazilians in 2012 and became the largest Latin American customers of property in the UNITED STATE by investing $2 billion, baseding on a June 24 record by the National Association of Realtors.
Chilean Market.

In Chile, home prices shot up as much as 20 percent in December and were at record highs in April, baseding on the Chilean Construction Chamber. Colombia’s home costs expanded a yearly 5.1 percent in real terms in the third quarter, prompting Yale University’s Robert Shiller to say the boom appears like the arising bubble in U.S. real estate a years back.

The federal government’s plan to switch out dollars with main bank-backed certificates might aid increase the market, according to Juan Martin Olivera, a real property broker and public notary at Escribania Olivera.

“We’re all hanging around to see just what occurs with that initial person who goes to the financial institution,” Olivera stated in a telephone meeting from Buenos Aires. “If all works out, after that it needs to bring some alleviation to the market.”.

Sales in Buenos Aires rose an ordinary 5.6 percent in the 10 years with 2011 as Argentines sought to keep the worth of their cost savings in real property. The peso weakened every year since 2003 and is forecast to move 14 percent versus the buck this year, the most in emerging markets, according to data put together by Bloomberg.

Fernandez’s currency controls and the tax amnesty strategy are readied to fail as they offer temporary relief as opposed to concentrating on slowing rising cost of living and instilling assurance in the federal government’s policies, said Juan Pablo Fuentes, a Moody’s Investors Solution economic expert in West Chester, Pennsylvania.

“They will not be successful in bring in capital by doing this,” he shared in a telephone interview. “No one will certainly reputable a government that continuously violates regulations and does not worth contracts.”.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

Argentina and the dollar – A fistful of financial instruments

In a speech last November, President Cristina Fernández de Kirchner regretted that she did not possess “a little machine to print dollars”. Over the past few years, Argentina’s international currency reserves have slid considerably. Since the country is virtually blocked from international capital markets, using reserves is its only way to pay off its remaining debt. To protect those reserves, Ms Fernández has effectively blocked the sale of dollars at the official rate since she was reelected in 2011.

The policy has succeeded in reducing capital flight, but expensive energy imports and limp tourism figures have continued to erode the reserves, which fell by $4.7 billion in the first five months of 2013, to their lowest level in six years. Economists do not expect that downward trend to slow. Quantum Finanzas, an economic consultancy, predicts that reserves will fall by another $3.6 billion this year and by $9.7 billion in 2014.

Ms Fernández’s “dollar clamp” has also created a hungry black market for dollars. As they watch inflation ravage their peso savings by 25% a year, Argentines are willing to pay prices far above the official rate to get their hands on greenbacks. At the beginning of May the black market rate, or “blue” dollar as it is known in Argentina, shot to 10.45 pesos to the dollar, nearly twice the official rate.

Ms Fernández is understandably anxious to reduce the size of the black market and find a new source of dollars. In May, following the blue dollar’s spike, she announced a plan that aims to accomplish both those goals.

The scheme, referred to locally as the “laundering law”, invites those with undeclared dollars to invest in property and the energy industry without facing penalties for their previous financial chicanery. The government believes that Argentines have about $160 billion tucked under their mattresses or hidden away in foreign bank accounts. That is about four times the value of Argentina’s foreign currency reserves.

Under the plan, citizens can trade their dollars for two financial instruments: a dollar-denominated bond for investments in Argentina’s energy sector, and a dollar-backed certificate valid for property transactions, known as a CEDIN. Whereas the energy bonds will not launch until July 17th, the CEDINs made their entrance on July 1st.

In exchange for their surrendered dollars, investors will be awarded a certificate of equal nominal value which must be spent on buying or renovating a house, business premises or land. The recipient of the CEDIN may then sell the certificate or cash it in for real dollars at the Central Bank. Alejandro Vanoli, head of the financial services regulator, declared that the certificates will have a “revitalising” effect and “bring an interesting level of liquidity to the economy”.

Economists are less sure. Miguel Kiguel of EconViews, a consultancy, wrote in a note that the certificates will attract $2 billion at most, and that most holders will swap the quasi-currency for real dollars after validating them in the property market. In an interview withReporte Inmobiliario, a property journal, Daniel Muchnick, an economist, wondered“Who, how and in what way is someone, with this repressive government, going to want to take their illegal money and enter into the conventional world? And moreover, who is going to want to invest their assets in a place where foreign currency can enter, but it will not be allowed out?”

The market is equally pessimistic. Some 70% of estate agents doubt that the CEDINs will reinvigorate the property market, which has been damaged by the government’s foreign-exchange controls. Argentines used to buy and sell their houses in dollars; the crackdown has therefore resulted in 16 consecutive months of falling sales. They fell by 35% last year and by 41% in the first three months of this year. Construction also recently suffered its worst decline in 10 years.

Some estate agents are more upbeat. A banner on Tizado Property’s home-page reads: “The CEDIN is real. It is time to invest in bricks.” But Tizado is in the minority. Although the CEDIN may have a modest effect on reversing downward trends in the property market and construction industry, it is unlikely to prove a panacea. By July 3rd, two days after the CEDIN’s debut, the government had yet to sell a single certificate. In Mr Kiguel’s words, the hope that the CEDIN will stop the fall in reserves seems to be “more based on a fantasy kingdom than the reality”.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com