ILN: BUYING AND SELLING REAL ESTATE - AN INTERNATIONAL GUIDE

[BUYING AND SELLING REAL ESTATE IN ARGENTINA]

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KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW I. INTRODUCTION.

Each co-owner is responsible for paying the expenses corresponding to his/her share, as well as of refunding other co-owners the expenses in which they may have exceedingly incurred in relation to their shares. Unless otherwise agreed, every co- owner may require the legal partition of the ownership and the division of the property. horizontal ) confers rights of use and disposal of an independent and undivided share of a building (called a functional unit) and the proportional part of said building’s co mmon areas. The building’s different parts, as well as the rights arising from them, are interdependent. This type of property exercised over the functional unit , which may consist in a flat, a commercial property or other space with functional c) Condominiums. Condominium ( propiedad independence and direct or indirect access to a street. The condominium is governed by internal regulations which are incorporated to the title deed. d) Residential Developments. This category comprises country clubs, gated communities, industrial, commercial, or nautical parks or any other type of residential developments regardless of their destiny (temporal or permanent homestead or commercial), also including those with mixed uses, in accordance with local administrative regulations. The residential developments are considered a type of condominium. this developments are enclosure of the development, existence of common and individual areas and the existence of an The main characteristics of

Below you will find a brief outline of the legal regulation of the acquisition of real estate property in Argentina, which is mainly governed by the Argentine Civil and Commercial Code (“ CCC ”). FORMS OF REAL ESTATE OWNERSHIP. Argentine law regulates different forms of real estate ownership. A brief summary is provided below: a) Sole Ownership. Sole Ownership confers all the powers to legally use and materially and legally dispose of a real estate property. All of the existing constructions belong to the owner, which are presumed to be built by said owner, except evidence to the contrary. This kind of ownership extends to the subsoil and airspace, with the exception of specific cases determined by law. The owner is also legally entitled to exclude third parties from said real estate property. b) Joint Ownership. Joint Ownership is the right over a real estate property that belongs to more than one person, where each person owns an undivided share of said property. Each co- owner can, solely or jointly, use the common property without altering its destiny, and also, they can agree either the use of the common property at alternate times or the exclusive use over determined parts of the property. Additionally, each co-owner can sell or encumber his or her undivided share without the assent of the other co- owners, while the sale of the whole property requires the consent of all the co-owners.

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ILN Real Estate Group – Buying and Selling Real Estate Series

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