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Buying a property in Peru

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Looking forward to buy a property in Peru? Find out how to proceed in this article.

Once you have settled in Peru, you will probably want to have your own home. In general, foreign nationals are allowed to buy a property in Peru. Nevertheless, you have to be very patient as related procedures can be long and complicated along with strict conditions. It is best to inquire on these first before deciding whether you wish to become an owner. In all cases, it is best to be surrounded by real estate professionals.

Conditions

Procedures will vary according to your status as a foreigner. For instance, if you intend to buy a property by proxy, you must be represented by a lawyer who is present in Peru or any other legal representative who has to be notified to Peru's diplomatic representations in your home country.

If you are looking forward to invest in a property during your tourist stay in Peru, you must request for the authorization of Lima's Immigration Department. You will then be allowed to sign the sales deed.

If you are already living in Peru through a resident permit (carné de extranjeria), you are required to hire a solicitor so as to make sure that you are investing legally and that procedures can be completed smoothly.

Primary inspection

First of all, you have to contact the seller to notify him of your in his property. Thereafter, you are required to gather all information pertaining to the title deed at the SUNARP which is the Public Registry. You also have to request for the property's Certificado Registral Inmobilario (CRI).

These documents will then have to be verified by your lawyer who will also search for further information on the property, past and actual owners and any debt or mortgage on the said property.

Limitations

In some cases, the use of some properties (house, space, land) can be limited. These can either be intended for commercial use or for residential purposes only. These conditions are generally defined by the nearest municipality to the property. You are also advised to request an architect to verify the property's Certificado de parametros urbanisticos and certificado de zonificación so as to determine whether your project can be realized if it is specific.

Deed transfer

Once all documents have been cleared, you can proceed with the deed transfer under a public deed. Formalities should be filled in before a notary who will then notify the local tax authorities. The sale contract will then be established by the lawyer or the public notary. This document has to be authenticated registered by the Public Registry, then converted into a public deed so as to formalize the new deed. The sale is then concluded.

 Useful links:

SUNARP www.sunarp.gob.pe
Mercado Libre inmuebles.mercadolibre.com.pe
Urbania urbania.pe
Craiglist lima.en.craigslist.org

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