| Property Purchase and Cadastral Register Inscription |
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The proceedings to acquire a property in Uruguay are like in most other countries. First the involved parties sign a pre-sales contract ("boleto de reserva"), which estipulates mutual obligations and the exact conditions, like the sales price, the form of payment, the amount of the initial deposit, commissions, the modalities of the handover of the property and penalties in the case of non-fulfilment. (If desired, we can send you a sample contract.) Already this pre-sales contract makes you to the legal owner of the property, if you accomplish your obligations.
Thereafter the notary verifies whether the property is free of debts,
mortgages and other obligations and whether there are third party
rights registered on the property (e.g. a right of way). After this
check and the fulfilment of the agreed conditions, including the
payment, the final sales contract is signed ("contrato de compraventa")
and the new owner will be inscribed in the cadastral register. Private
property of all kind is very well protected in Uruguay by laws, the
constitution and the political and social reality.
If you cannot be present in person, a person of your trust can sign the
contracts for you. No notarized power is required for this. (Only in
the case of sales.)
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