Once you have found a property that you want to buy, the first step must be to conduct a title search. Your attorney should carry out the title search on the property, not the real estate agent or anyone else.
A title search in Chile not only checks the ownership history, but also highlights specific problems which may arise depending on the region. For example, from region to region there are variations in water rights, colonization laws, zoning, and building permits as well as many other things.
To start the title search, you will need the registration information for the latest title on the property. The most important details are the county where it was registered; the number of the registration and the year of registration.
Once you have this information, you can request a Certificate of Valid Ownership, (Certificado de Dominio con Vigencia) at the County Registry Office. It’s with this document a qualified attorney can begin a thorough title search.
For in depth information on title searches check the Spencer Globalwebsite.
To complete the buying process, you will need to engage the services of an attorney. You can hire one as early in the process as you like, though most people wait until they have found the property they want to buy. You will need an independent property attorney. Do not accept recommendations or suggestions from the real estate agent or the property vendor.
Closing the deal
Once you (or your attorney) has made an offer on the property and the seller agrees, you will need to prepare and sign the contracts. Your attorney will draft the escritura pública (contract) for you, as it must be presented in a specific format.
Once prepared, the involved parties must sign it at the notary’s office. This document then becomes part of the public record and archives, held by the notary. At this point you hold the title to your property, but not the actual property itself.
To officially own your property you need to do/have the following things:
- Sign the formal contract in front of a notary (escritura pública otorgada ante Notario)
- Register a copy of the formal contract at the Real Estate Land Registry (Inscripción de Dominio en el Registro de Propiedad del Conservador de Bienes Raíces).
- A copy of the contract with the following:
- A stamp from the Land Registry
- The number assigned on the Index Book (Repertorio)
- The year of the Property Archive (Año del Registro de Propiedad)
- Number of that registration in the year Archive.
Once you have registered the title with the Land Registry, you will receive the Certificado de Dominio Vigente which means you are the official owner of your property.