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Legal aspects of buying and selling real estate in Venezuela

Whether you are a legal entity or an individual, a company, a firm or you legally represent a person, you will need the guidance and advice of a lawyer to carry out any purchase or sale of real estate in Venezuela, since the real estate market has rules and procedures that you should know.

To know if you can invest in real estate in Venezuela by making the payment in foreign currencyThe drafting of legal documents, review and signing of purchase or sale agreements are actions that must be supervised by a legal professional, so that all activities are carried out within the framework of legality. 

In this article we will talk about legal requirements The company's main objective is to provide information on the purchase and sale of real estate in Venezuela, the legality of these transactions in foreign currency, and the current state of the real estate market, in general terms. 

Requirements for the purchase and sale of real estate in Venezuela 

If you intend to buy or sell a property in Venezuela, you should start with the search of documents, the first thing you should know is that you have to verify its legal condition, that is to say, that it has all the documentation in order. Preferably do this review with a legal expert in real estate matters. 

For this reason, you should take into account, among other thingsThe following documents are required: the origin of the property, certainty of ownership of the property, the mortgage release document (if applicable), updated municipal solvencies and the cadastral certificate.

The complete list of legal documents to sell real estate, in 2021, in Venezuela is:

  • Solvency of right of front and municipal taxes, processed in the corresponding mayor's office.
  • RIF and identity card of the parties involved in the negotiation. Proof of registration of principal residence (if not, copy and payment of Form 33 issued by the SENIAT, which includes a payment of 0.5% of the value of the property).
  • Updated cadastral certificate, in the name of the current owner.
  • Copy of the ownership document, duly registered. It must not have any prohibition of sale.
  • Solvency of payment of water, electricity and cleaning services.
  • Copy of the condominium document, in the case of properties in horizontal property.
  • Copy of mortgage release, if applicable.
  • Powers of attorney for signatures, such as probate or divorce decree, if applicable.

Keep up to date with information, for example, the Venezuelan Chamber of Real Estate is providing constant training through certifications, courses and workshops for all real estate brokers who are currently performing this important and necessary work of service, they have there an interesting database that can serve as a reference and guidance.

Each document has its own processing time and if you add to this the situations corresponding to the pandemic, you must take into account that the times may be imprecise and take longer than usual. 

The coronavirus pandemic is a universal fact that not only delays the processes in Venezuela, but also in the whole world. 

If you are out of the country and you intend to buy or sell real estate in Venezuela you must take not only the time into consideration but also the pertinent documentation and the form of payment. 

Buying - selling a property in Venezuela from abroad 

If you are Venezuelan and you are outside the country, or you are a foreign investor, you must grant a Special Power of Attorney to a person in the country, who will act as your representative and will be able to carry out the transaction on your behalf. 

This Power of Attorney must be processed before the Consular Sections of the Venezuelan Embassies. or through the Consular Offices in the country where you are, if in the country where you are there is no possibility with the Embassies and Consular Offices you will have to process the Power of Attorney before the notary authority of that country and then it must be apostilled according to the Hague Convention by the authorities of the country where you are.  

Real estate payments in Venezuela 

Article 318 of the Constitution establishes that "the monetary unit of the Bolivarian Republic of Venezuela is the Bolivar" and the country has had an exchange control system in place since 2003; however, at present, sales of goods and services in foreign currency are not prohibited in Venezuela. 

To know in detail the transactional process in foreign currency for goods and real estate you should read: Legal keys to the additional tax rate for payment in foreign currency.

Remember that at Alan Aldana & Abogados we have specialized professionals to guide and guarantee the defense of the rights and interests of our clients in real estate matters.