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- FAQ Selling in Chile
13/01/2023
Can I sell an apartment or house as a foreigner / while living abroad?
Yes, the sale as such is not an issue. However, if you sell because you are about to leave Chile, we advise you to analyze whether it is better to sell as a resident or non-resident to optimize taxes on capital gains.
What are the documents to be provided to sell my property if I am a foreigner?
Being a foreigner has no impact on the list of documents to be provided. The documents are indeed related to the property and not to the owner. We have a dedicated guide on this subject available to our clients. Do not hesitate to contact us.
I have increased the size of my property. Can I still sell it?
Many owners are willing to increase the size of their property. It can be an additional room or a full floor. It is recommended that the increase of the surface be regularized with the municipality. Many owners do not regularize the increase once the work is completed, as this increases property taxes. It is still possible to sell without regularizing:
- If a buyer wants to buy your property in cash, he will probably be more interested in buying the property without regularization to avoid paying higher property taxes.
- However, if your buyer needs a bank loan to make the purchase, the bank will only loan 80-90% of the amount corresponding to regularized area. If the increase in size is substantial, it is unlikely that the buyer will manage to have sufficient funds to pay 10-20% of the regularized surface, and in addition the amount equivalent to the surface not regularized.
In both cases, you can sell. In the second case, it is worth asking the question: can regularizing my property bring me more buyers and increase the probability of selling?
What factors can influence the selling price of my property?
We advise you to look at the list of factors mentioned on our Appraisal service page. For more information or to request a property valuation, feel free to contact us for a 100% free consultation.
When is the best time to sell my property?"
It depends on the type of property you want to sell.
In Chile, many real estate transactions take place in March / April. In December, the Chileans are busy with Christmas, and in January / February, many are on vacation. There are few buyers on the market during these three months. All activity resumes in March. We therefore advise you to prepare and fix your property in advance.
Indeed, after the months of March and April, the number of buyers drops. Those who found a property have bought it, and the others often postpone their purchase.
The next interesting period to sell is early spring. The Fiestas Patrias (national holidays), which take place on September 18th and 19th, mark the end of winter. The months of October and November are interesting because the temperature and climate make your property look better.
Of course, these are general rules about market dynamics. There are many exceptions. A small apartment in a good location and at a good price can be sold easily anytime during the year. If you sell commercial real estate or if your potential buyer is an investor, the season does not matter.
Do I need to use a lawyer?
It depends on your situation:
- If you buy a property using a mortgage loan granted by a Chilean bank, the bank is always going to request a lawyer to conduct a estudio de titulos (title search) to verify that everything is in order before lending the funds. There is a limited need to hire another lawyer (as the bank is going to charge you the cost of their lawyer anyway).
- If you buy cash, we absolutely recommend to carry out a good title search before buying. Contact us if you want recommendations of good, affordable lawyers
- If you sell, it is also useful to check the terms of the contract, and make sure that the notary's instructions and the sale contract guarantee your payment.
Do you want to go more in detail?
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