In this article, you will understand:

• What is the process for registering a property
• How to get a discount on the first property registration
• What is ITBI and what other fees are involved in the process

You are looking for your financial independence and you are about to make a big investment: the purchase of your first apartment. When building your real estate assets, you need to be aware of not only financial, but also bureaucratic issues. 

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In this article, we will show you how to register a first property and get discounts. We will also explain what the ITBI is and the other fees that you will have to pay during the process of buying an apartment or a house. The property is a symbol of changing the level of life, so it is important to go all the way carefully.

WHAT IS A CERTIFICATE OF REGISTRATION OF THE PROPERTY

Understanding how the steps of a business work is essential to reduce risks in relation to the transaction, especially in relation to documentation. So, what is the property registration certificate?

The registration is a formalized act in a notary public, which updates information related to the property, such as who the owner is, its size and how the transfer of ownership took place in the registration of the property. The registration, in turn, is a public document of identity of the property.

When it comes to getting a real estate registration certificate, you may be talking about applying for different types of certificates. Like for example:

- Burden: it can be positive, when there is a burden (pledge or mortgage on the property), or negative (when there is no burden);

- Denial of assets the certificate will state whether or not the person has real estate in that location;

- Quinzenária / Vintenária / Trintenária: document that contains all the acts registered in relation to the property in a period of 15, 20 or 30 years.

Understand the difference between contract, deed and registration

HOW MUCH DOES IT COST TO REGISTER THE FIRST PROPERTY? ASK FOR THE DISCOUNT FOR REGISTRATION OF THE FIRST PROPERTY

Law 6015/73 establishes guidelines for public records and helps to calculate how much it costs to register the first property. This is because whoever buys a residence, through the Housing Finance System (SFH), is entitled to a 50% discount for registering the first property. 

In order to know the value of the registration of the first property in the registry office, it is necessary to know the total amount of the registration and deed fees of the property to reduce 50%. Do not forget to ask the notary for a discount, as he is not obliged to offer the rebate.

NOTARY FEE FOR DEED

The deed of a property formally validates a legal act between one or more persons. The notary fee for deed varies from one state to another. In São Paulo, the price can start at R $ 196 and reach R $ 393.

Due to the pandemic, the process for adopting a digital property deed was accelerated. The document has the same validity as the traditional one, but it is digitally certified by the notary through videoconference with all parties. 

Loft works with digital property deeds and can assist you with this and other processes. Get to know our free real estate financing advice and legal advice for all transactions!

WHAT IS ITBI AND WHAT OTHER FEES ARE INVOLVED IN THE BUYING AND SELLING PROCESS

ITBI is the acronym for Real Estate Transfer Tax. It must be paid in transactions that change the ownership of the property and is essential for its regularization. The ITBI guarantees that the property will be permanently transferred to its name. 

The amount to be paid follows different rules according to each municipality in the country. In São Paulo, for example, the amount is the result of multiplying the municipal rate by the venal value (established by the government) or by the sale value (defined by the buyer / seller) of the property - the highest is chosen.

In addition to the ITBI, be aware of other fees that you must pay during the process of buying and selling a property. In addition to notary fees for registering property, as we have already mentioned, there are still amounts to be paid for the inspection report made by a civil engineer or architect and the brokerage fee, for example. Real estate transactions generally involve costs that can add up to 5% of the value of the negotiated asset.

FIND THE IDEAL APARTMENT WITH THE HELP OF LOFT

Do you want to start the search for your first apartment or a new home? Loft has apartments available in the most sought after neighborhoods in São Paulo and Rio de Janeiro, with options for all profiles and budgets. The client has the help of a partner broker and our legal team to complete the transaction without complications.

Discover our apartments for sale and schedule a visit in person or online!

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