What does it mean to buy a real estate in green?
Buy a home that is being built or planned to be built.
What are the commercial benefits of buying green?
- Discounts for the final value of the home.
- Choosing the best homes in terms of location.
- Choice of housing with more footage.
- Possibility of redistribution of space.
Is a promise of sale made when buying green?
Yes. The promise of sale must be authorized before a notary. In addition, the insurance policy or bank slip must be incorporated that guarantees the recovery of the money paid and that the buyer must accept.
What should the promise of sale have?
- An insurance policy or bank slip, which guarantees the recovery of the money paid or,
- A savings account or time deposit in favor of the seller and that is delivered to him once the property is registered with the Real Estate Registrar in the name of the buyer.
Can I lose my savings when buying green?
No. Current legislation requires to guarantee the recovery of the money paid for standing if the real estate or construction companies do not comply with the commitments.
Who contracts the insurance?
The insurance policy or the bank slip must be contracted by the real estate or construction company that sells the real estate.
Does the insurance policy only cover the money given as foot or does it also cover the savings?
The policy covers those monies delivered by standing to the construction or real estate company.
The savings found in a savings account or term deposit do not need to be insured, since they will be delivered once the purchase agreement is signed.
As an example:
I have a savings account with $ 5,000,000
I give a foot of $ 2,000,000
The insurance policy will be for $ 2,000,000
How much is the value of the insurance policy or bank slip?
It is equal to the amount given in cash to the construction or real estate company.
What happens if the construction or real estate company does not comply with the delivery of the house?
The buyer can collect the insurance of the policy or make the bank statement effective, recovering the money delivered to the construction or real estate company.
What happens if I cancel the purchase?
In the contract of promise of sale, sanctions are generally established that can mean a part, the total or a percentage of the money delivered.
How does the new law protect me?
The Law No. 20.007 protects the buyer forcing real estate or construction companies to ensure the recovery of monies paid if does not meet the commitment made at the signing of the contract of promise of sale.
When can the construction or real estate company make use of the money from the foot?
Immediately, while he must deliver to the buyer a guarantee policy or bank slip for the same amount of the money received.
Does the real estate or construction company have a deadline to register the domain title in the Real Estate Registrar?
Yes. The term is the one set in the promise of sale contract. If no deadline has been set, it will be 1 year from when the promise was signed.