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Brazilian Real Estate...Do's and Don't
Do's!
You’ve found a
condo you really like...actually you’re fallen in
love with the place.
Meanwhile...as you may
imagine, size matters!
But how big is
it...really?
Did you know there are
3 different ways real estate can be measured in brazil?
There is, of course,
the legal measurement listed in the title, or Matricula
for the property in question. These measurements however,
have a nasty habit of being incorrect.
For instance balconies
and service areas are not included. As a matter of
fact, any changes made since the original document was
produced probably have not been added.
This lack of correct
numbers protects the owner from tax increases.
Then there’s the
measurement the friendly, local real estate agent may
give you. Problem is, in many cases the agent may never even have
visited the property before starting the sale process,
nor have they seen the title documents!
After checking the
appropriate papers it may be that extraneous areas
suddenly get added to the apartment size...such as the hallway, elevator
shaft area and so on.
If we’re talking
about a house, the lot area may “increase”
because part of neighboring lots are figured in. Even
public streets
sometimes get included in the measurements.
Now, if you speak to
the owners, you have to understand they have a vested
interest in as much area as possible...legal or not.
The only REAL
measurement is one YOU, or someone you REALLY trust is
going to do for you, and it might not even come close to matching
any of the three listed above! The best advice possible is to get the best HELP possible...and by that I mean legal help, an honest lawyer with experience in real estate. Do some checking, get personal references from any friend you may have who have already been through the buying cycle. Interview potential legal help. If you don’t speak Portuguese, find a lawyer who speaks English...they are here...you just have to look, or ask us!
You can return to the
Main Page through this link...I
can refer you to several English speaking lawyers with
real estate experience and you can
do your own interviews to select who you want to assist
you. Real Estate! As I have stated previously, Fortaleza Adventure does not buy and sell real estate! That being said, many, many people have questions about the subject. I will attempt to act as a sounding board for questions about this, and questions for which I have no answer, I will refer to people who do! The item I think is most important is that, in my opinion, to even think about buying property or housing, either an apartment or house, on-line, is a mistake. Believe it or not, I have been contacted by folks who are ready to do this, and, in one case, already put money into the project...without even having been here! Due Diligence! If, after your research, you feel that Fortaleza, or the area around the city, might be a good place to invest or to live permanently, then book some time and a ticket, hop on a jet and visit. Fortaleza Adventure can make it as painless as possible. Lawyers! For one thing, you will need an attorney! Someone who is versed in real estate and knows the rules...who can do a title search for you. The reason is that in some cases, title is not easy to establish. There have been cases where people who thought they owned their land, have had someone come to their door months or even years later, present a document which states that THEY not the person living there, is the ACTUAL owner of the property. The result is a court case that can drag on for a long time, years even! In my opinion, you need to come to Fortaleza, meet lawyers and make a personal judgment, based on intuition and hopefully, personal reference, as to which one you trust and which you should use for your transaction. Fortaleza Adventure can help you on your quest by making a couple of introductions to get you started. If you don't establish a trust level with these people, you move on until you find that person. The perfect scenario would be to come here, look around, find a property that you like, without contacting the owner, and then let the Brazilian attorney do the negotiating for you. AGENTS! One thing to keep in mind about real estate agents here...THEY WORK FOR THE SELLER...NOT THE BUYER! So even if the person seems to want to find you exactly what YOU want, what they really are up to is selling you a property that they already represent! This is a situation where "Gringo" prices can really take a toll! If a Brazilian owner sees a Gringo coming, there's a good chance the price will be more...and in many cases that I know of...A LOT MORE! Don't get me wrong, there are agents here who know the areas you will want to see, however they are trying to find buyers, working for clients they already have, not you! You don't pay them, the seller pays the commission! If you go to a larger real estate office, and I have the names of a couple who are reputable, I suggest you look at the properties they have, then go away and start your own process. Not to say there are only a few that are reputable, but to some extent, it's "enemy territory"! Developers! There are a number of companies who are selling lots for building or finished houses, apartments and condos along the beach on either side of Fortaleza. The same thing applies to these companies. Look at their web sites and if you see something that looks good...think about it, and then, if it STILL seems like a good thing to investigate further, get an airline ticket, a place to stay and come here for a look...just a look...remember you are still in the due diligence part of the purchase process. As there are a number of these developments, there may be more than one that fits your needs. Then further investigation is necessary. A local, trusted lawyer can help at this point. You need to consider your own situation. Are you buying for yourself? Are you buying to live in full time? Are you buying to use occasionally and to rent the rest of the year? Does your situation require a city property or will something outside the city better suit your needs. Are you buying to develop yourself or with a partner here?Many people who come to Fortaleza interested in buying a condo in one of the many buildings being planned or developed are looking at buying "off-plan". that is if you buy before the builder starts work or during the construction stage, the price is lower than the finished product. If you are buying an apartment, condo or house that is planned, being built or you are talking with the builder, you should do some investigation of the company itself. As you drive around the better areas of Fortaleza, you will see several unfinished buildings where no work is being done. You do not want to have purchased an apartment or condo in one of these! A good way to avoid that is due diligence concerning the builder that you've chosen. These are questions to be answered, and there may be other reasons for considering the purchase of either accommodation or land in and around Fortaleza , which haven't been mentioned. If so, please email me and I'll add these to the list for others to see.
Summary I know of an informal survey that was done of all the best retirement and casual living locations in the world. Items considered included, but were not limited to, cost of living, proximity to good medical care, friendliness of the people, availability of investment opportunities, ease of banking, proximity to beaches and so on. Fortaleza came up number ONE on the list! Fortaleza is a wonderful place to live and enjoy living, but it's a significant change in both life and the way of doing business from either North America or Europe and requires thought and attention to detail before the enjoyment can be complete! And you thought homework ended with school! Come Visit Us Soon Contact Us now for more information. To read Contrasts in Fortaleza Click Here. To check out my "Brazil or Bust" Blog, Click Here. To read "Brazilian Real Estate...Buyer Beware!" Click Here. To check out the beaches of Fortaleza, Click Here. To read John Mueller's Description of Fortaleza, and Brazil, Click here. To see an example of a Fortaleza Sitio, or country house, Click here. To see an example of a Fortaleza Beach house available now, Click here. To read Tom Farrell's magical poem about Jericocoara, Click here. To check my links page, Click Here. To return to the main index page, Click here.
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