Peru is becoming an increasingly attractive country for the foreign investment and ownership of property, but there are a few restrictions of where foreigners are allowed to purchase real estate. Property buyers will also likely have to deal with real estate agents and attorneys during this process.
Attorneys and Real Estate Agents
A real estate agent is recommended in the process of buying real estate in Peru, but is not necessary.
As some of the legal responsibilities fall on the buyer, it is recommended to hire an attorney. Attorneys will help investigate the necessary legal documents.
Rules, Regulations and Restrictions
There are a few restrictions on the locations where foreigners are allowed to own property. If the property is close to one of the national borders, foreigners are required to obtain government permission. Foreigners may not own property near military bases or government installations.
First, you must settle on a property and make an offer to the seller. Upon approval of this offer, you must gather information from the public registry regarding the legal title of the property.
You must collect a document called “Superintendencia Nacional de los Registros Publicos,” abbreviated as SUNARP. You should gather necessary details regarding the property from the seller, and then request the “Certificado Registral Inmobilario,” abbreviated as CRI. Your lawyer should inspect this document, because it gives important information on the owners of the property and if there are any hidden fees or debts that are tied to it.
Once all of this clears, the property must be transferred by public deed. This must be done through a notary, who is required to report this transaction to the tax authorities. Deeds are required to be hand-written and kept with the notary.
The notary public will then prepare a Sales Purchase Agreement, and this will be registered and converted into a public deed.