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Paying for a house in UruguayThis forum post has messages dated from 11/18/10 through 11/27/10, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Paying for a house in Uruguay I know that mortgages are uncommon here in Uruguay, but when you buy a house or apartment do you actually show up at the closing with a pile of cash? I've heard that it's fairly common in Argentina to show up with a sack of cash, but how is it done here? |
Comment #111/18/10 18:05Rural east Colonia departmento | "Cash, check or transfer"
Here in east Colonia its usually done with cash, a bank check or a bank transfer. |
| "Mortgages"
You state that mortgages are uncommon. Are they possible at all? |
Comment #311/19/10 12:44Rural east Colonia departmento | "Mortgages"
It is possible for a resident with a well-certified ROU sourced income to get a US dollar or a UI (indexed) peso mortgage but both are expensive, run over fairly short terms (12 - 15 years typically) and unlike US mortgages, the liability remains with the borrower rather than the property so its not possible to just hand in the keys and walk away. Both currency options offer risks... either from currency movements or high domestic inflation.From what I read they seem slightly easier to get if the borrower is a favoured government employee. Having said that, most local people I know down here would search for funding from every other imaginable source (family, friends, in-laws, local wealthy farmers, developers etc) before taking one on. |
| "Mortgages"
There is a state run mortgage bank (they are advertising that you can get a mortgage in 70 days) and the private banks advertise mortgages all the time.The private banks seem to list the requirements as: 1) Proof of income, 2) a copy of your ID, and 3) a copy of your phone or electric bill. I think they are understating things a bit, at least for foreigners. I also think it is quite difficult if your source of income is not from WITHIN Uruguay. There are conflicting stories on that point. Some banks claim that one's income to qualify for a mortgage must be from within Uruguay. Other banks claim that any income is suitable if a document from the source is suitable legalized and that is a basically "impossible" task because they want the document to original from the Government. One bank offered as a solution that a 100% guarantee be provided in cash (in a CD in a bank in the USA). As I understood the situation the 100% cash guarantee was to be in addition to the usual lien against the property. There are many properties listed with + or +F on the price which means the price is the down payment and the unspecified balance is financed. Most of these appear to be some kind of assumption of a mortgage from the State run Mortgage Bank. I have no idea the qualifications for that. Many of the new construction seems to offer financing that basically results in the entire balance being paid upon completion of the project. Expert Page: Quick Tips for Getting Settled in Uruguay |
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