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Mortgages
Real Estate Financing in Mexico,
Latin America and the Caribbean
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Buying Real Estate in Peru
Legalities and OwnershipNon-citizens of Peru can buy real estate with
no formal approval from the Peruvian government needed as long as such property
is not situated near Peru’s borders.
The buying and registering of real
estate involves several steps.
Once a buyer has decided upon a property,
the first step is to get a copy of the notarized deed (escritua) of the
property from the Public Registry. It is imperative to check the
Declaratoria de Fabrica to ensure that both the land and building
constructed on it are registered.
The next step is to obtain a Property
Register Certificate (CRI, Certificado Registral Inmobiliario) from the
Property Register. This certificate verifies the existence and description of
the property, the identity of the present owner and information about the title
of the property. It is equally important to get a ‘cartado’ from the
municipality, which provides information about the payment of municipal and
property taxes (impuesto peredial).
The next step is to get the
Sale-Purchase Agreement (minuta) executed by the Notary Public
(Notario Público) and then to register the property. The Notary prints
the public deed and liquidates the transfer tax with instructions for payment.
As a precautionary measure, the buyer may opt for a "pre-emptive reservation" of
the property register which means the “blocking" of the property register. This
measure is a safeguard for the buyer from any third party filings before the
Public Deed of the SPA is officially filed for registration.
The next
step is to pay the Transfer Tax (Impuesto de Alcabala) at the Tax
Service Administration (Servicio de Administración Tributaria).
The Notary then prepares the official Sale-Purchase Agreement after
receiving receipt of the payment of transfer tax and municipal taxes. The Notary
also verifies the identity of both the parties and ensures that all the
mandatory formalities are completed. After the verification process is complete,
the Notary prepares the Public Deed, which is then signed by the two parties,
and gives his or her authorization by signing it.
The final procedure is
to file the Public Deed for registration with the Property Register. Normally,
it is customary that the Notary Public carries out this task though the law does
not mandate it. In the event that the Notary is not in the same jurisdiction as
that of the Property Register, he may engage the services of a Notary with the
same notarial jurisdiction as that of the Property Register.
Financial MattersThe buyer has to pay a variety of fees in order to get
a property duly transferred into his or her name.
The cost of obtaining
the Certificado Registral Inmobiliario from the Property Register is
PES 25.
Notary fees are not fixed. These fees depend upon a number of
factors such as the market value and condition of the property, the complexity
of the transaction, promptness and availability of parties to comply with all
the formalities and signing of the public deed. Notary fees normally range
between 0.1 to 0.25 percent of the transaction if the value is more that $30,000
USD and from 0.4 to 0.5 percent if the value is less than $30,000 USD.
Transfer tax (alcabala) is levied on any sale, exchange or
other transfer of real estate at a rate of 3% of the municipal value of the
property in excess of PES 33,000.
Fees for filing the public deed for
registration are comprised of two parts: 1) the filling and presentation fees of
PES 30 and 2) the registration fee of 0.15%, if the value of the property is
less than PES 35,000 and 0.3 % of the purchase price up to a maximum of PES
3,300 if the value of the property is greater than 35,000.
Capital gains
taxes on the sale of real estate property may or may not be charged depending on
the rules applicable. If in case the capital gains are taxed then the rate is
30% for non-residents and 27% for residents.
Value added tax (VAT)
(Impuesto General a las Ventas - IGV) is charged at the rate of 18% on
the transfer of real estate property excluding the value of land that is
considered to be 50% of the total amount, which is liable to tax.
Other Important IssuesThough the procedures for buying real estate in
the last decade have become more transparent and much faster, it is still
recommended engaging the services of an experienced lawyer or real estate broker
to assist you in the process of buying and registering the property.
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