Finalizing the Deal
If, after the research has been conducted, you are satisfied with its terms and burdens of the property, negotiations can be made with your lawyer to finalize the deal. During the negotiation period, both buyer and seller must go before a Public Notary who will draft the contract. The Notary then registers the contract in the Book of Deeds, both parties sign it, and your lawyer registers it nationally. At this time, all taxes, stamps and fees are due. The actual processing of the contract will take an additional 30 to 45 days.
There are three ways of defining your ownership of property. You can register it in your personal name, in the name of a corporation of which you are the legal representative, or in the name of a corporation of which you aren't the legal representative. Buying and registering property with a corporation has several advantages. Probably the most important is asset protection. In the case of a lawsuit or divorce, the property would be protected. In addition, because the sale or purchase of the property can be negotiated, property transfer taxes and stamp fees can be totally avoided.
