[BUYING AND SELLING REAL ESTATE IN CHILE]
73
IX.
ANNUAL
COSTS
FOR
PROPERTY
OWNERSHIP 1.
Property Insurance: it is not mandatory, but very common. For condominiums, insurance is contracted for the condominium's common property. When property is purchased through loans by banks or other financial institutions, the lender requires the Buyer to hire fire and earthquake insurance. Unemployment insurance for the Buyer, a natural person, is also usually demanded by financial institutions, which may be enforced contractually but is not legally mandatory. 2. Real Estate Tax: This tax is levied on a property’s assessed value. It is an annual tax but can be paid in four installments in April, June, September, and November.
ILN Real Estate Group – Buying and Selling Real Estate Series
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