How to buy a property in Punta del Este from abroad
The stages of a purchase in Uruguay, from the first viewing to the deed, and what to keep in mind if you live outside the country.
Every season, buyers from Argentina, Brazil, the United States and Europe choose Punta del Este for a second home or as an investment. Uruguay offers a predictable framework to do so: foreigners can buy property on the same terms as residents.
1. Define what you are looking for
Before viewing properties, it helps to define the use (holiday home, permanent residence or rental income), the area and the total budget, including transaction costs. With that information we can shortlist properties and arrange viewings, in person or virtually.
2. The offer and the reservation
Once you find the property, a written offer is made. If the seller accepts, a reservation agreement is signed with a deposit, which takes the property off the market while the paperwork is checked.
3. The title search
In Uruguay, the sale is executed by a public notary (escribano). One of their key tasks is the title search: reviewing the property's history, making sure it has no debts or liens and that the seller is entitled to sell.
4. Promissory agreement and deed
Depending on the case, the parties may sign a promissory sale agreement before the final deed. At the signing of the deed, the balance is paid and the property is transferred to your name. If you cannot travel, you can sign through a power of attorney granted abroad.
5. Costs and currency
Properties in this area are priced and paid in US dollars. On top of the price come the agency's and the notary's fees and the transfer taxes: it is worth budgeting for them from the start.
This article is for information only and does not replace professional legal and tax advice. At BARNES we guide you through every stage and put you in touch with trusted notaries and advisors.
