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Article by: Joaquin Cristobal firstname.lastname@example.org Published: 21/05/2008
Reserving the apartment and doing an offer.
After have decided to buy a specific property, you should reserve it. When you pay the "reserva", you basically block the apartment, the cannot show it anymore.
You have to pay in this moment from 1000 to 2000 argentine pesos as reservation deposit (Reserva).
When you pay the "reserva" you will make an price offer. There is a margin to negotiate about the price in most cases.
In Argentina people would usually overprice some thousands dollars the property they are selling in order to get what they really want after the bargaining process.
They realtor takes the "reserva" and transmits it to the seller. The seller may accept, reject or counter-offer.The buyer has a specified number of days (usually 5) to decide on your offer.
In most cases he/she will counter-offer. When both parties agree on the price, you will proceed to sign the property purchase contract or directly of the escritura depending in what you agreed in the reserva(we will continue this contract in Sections 9 and 10)d.
If the offer is too low the realtor may refuse to transmit it to the seller.
Usually realtors charge 3% of commission + VAT Tax (21%) over the sale price in Buenos Aires. They charge 3% to the seller and 3% to the buyer. Some realtors may charge 4%.
The commission is not negotiable, the realtors would prefer not selling to you the property before loosing a cent in commission. Greediness is part human nature, but real state exacerbates it to high levels sometimes.
Anyhow we are not making friends with the realtors, but investing if the property price and expected return on investment (ROI) is enough high you will accept to pay the 1% plus in some cases.
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