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A Comprehensive Guide to Buying Real Estate in Chile

Posted by wjeop on June 16, 2023

Purchasing real estate in Chile, whether you are a citizen or not, can be a straightforward process with the right preparation and professional assistance. To ensure a hassle-free experience, consider the following steps and requirements:

  1. Formalized Contract: The buying process typically involves an Escritura Pública, a formalized contract that is notarized. This document outlines the terms and conditions of the property transaction.
  2. Title Report: Before finalizing the purchase, it is essential to obtain an Estudio de Títulos, a title report that confirms the ownership and legal status of the property. This helps ensure a clear and unencumbered transfer of ownership.
  3. Unique Tax Identification Numbers: Non-citizen non-residents will need to obtain a RUT (Rol Único Tributario), while Chilean citizens or residents should have a RUN (Rol Único Nacional). These identification numbers are essential for tax purposes and provide a record of transactions.

Buying Restrictions: In general, Chile’s constitution grants foreigners the same rights as Chilean citizens when it comes to real estate transactions. However, there may be restrictions in certain areas related to national security. Consulting a real estate attorney will provide detailed information on any specific limitations.

Navigating the legalities and procedures of buying real estate in Chile can be simplified by seeking guidance from a bilingual attorney, especially if you are not fluent in Spanish. Their expertise ensures that you comply with all regulations and safeguards your interests throughout the process.

Remember, every property transaction is unique, so it is vital to engage the services of a reliable attorney who can guide you through the specific requirements and provide personalized assistance tailored to your situation.

Disclaimer: The information provided here is a general overview and should not substitute professional legal advice. Consulting with a real estate attorney is highly recommended for accurate and up-to-date information regarding your specific circumstances.

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