Earlier this week the representatives of the real estate sector met with officials of the Ministry of Finance to define alternatives for those who want to acquire dollars to dump the brick despite exchange control. The project that the BCRA still evaluates is for properties of up to 220 thousand Grapes, which is equivalent to US $ 146,000 and for the first home. "Between Tuesday and Thursday we believe there will be progress with these regulations," held from the College of Notaries of the City of Buenos Aires.
For the sector, the approval of the regulations brings some relief to a market that accumulates months of retraction. According to the latest report of the College of Notaries, in July 3,208 deeds were signed, which represents a 27.6% drop from the same month last year.
Now the Central will have to study the “digital certificate” system that they believe could be approved between Tuesday and Thursday of next week. "It will frame the real estate operation under management within objective requirements – housing, money laundering control, etc. – in order to enable the acquirer access to the exchange market and, in this way, to be able to specify the real estate operations" they detailed from The College of Notaries.
“The steps to be approved would be the following: a client reserves a property, the owner accepts that proposal, a notary is called to begin the deed process that takes between 4 and 5 days in Capital. At that time the Central Bank is informed that a deed and the total amount will be signed and it is detailed how many dollars the buyer needs, ”Pepe explained. It is the financial entity that allows you to dump those pesos to dollars to acquire the property, which must be your first home. This mechanism would work through a scribe who will perform the "digital certificate".
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