[BUYING AND SELLING REAL ESTATE IN ARGENTINA]
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companies which own real estate assets which qualify as rural land. As noted, before, the PRLO bans the acquisition of rural exceeding 1,000 hectares in the core area, or adjacent to bodies of water of certain importance, or in excess of the 15% maximum of the rural land allotted to Foreign Owners at national, provincial, and municipal level. Before the granting of the deed of acquisition of the rural real estate asset the intervening notary must procure with the National Registry of Rural Land a certificate of clearance, confirming that the above limits are not breached by the intended transaction. If the certificate of clearance is not obtained the transaction cannot be implemented.
c) “UVA” mortgage loans. UVA mortgage loans are a new form of mortgage loans aimed at the purchase, repair, or expansion of real estate property. They are granted by both public and private banks and represent a comparative advantage over other forms of mortgage loans, since they offer a more convenient interest rate. These loans are expressed in Purchasing Value Units (“UVAs”), which reflect the average construction cost of one square meter and are updated based on the Consumer Price Index. This is an exception to the general prohibition of making adjustments based on inflation.
ILN Real Estate Group – Buying and Selling Real Estate Series
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