Registering Property in Chile

This topic examines the steps, time, and cost involved in registering property in Chile.

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Property Value: CLP 242,367,256
City: Santiago

	Procedure	Time to complete:	Cost to complete:
*1	Conduct due diligence of the property	9-21 days (simultaneous with procedures 2 and 3)	About 1 % of transaction value
*2	Request copies of property titles for the past 10 years, the ‘Certificado de Vigencia’ and certificate of encumbrance from Registry	7 days (simultaneous with procedures 1 and 3)	Included in procedure 5
*3	Obtain evidence of complete payment of land tax from Treasury (Servicios de Tesorerías)	1-2 days (simultaneous with procedures 1 and 2)	Included in procedure 5
4	Execution and signing of the public deed	2 days	CLP 30,000 (copies and other expenses at the Notary’s office) + 0.1% of property price with a maximum charge of CLP 128,000 (Notary’s fees)
5	Registration of the public deed at the Real Estate Office	7-15 days	CLP 13,500 (copies and certificates) + 0.2% of the property value (Stamp duty)
6	Obtain a Property Certificate and a Mortgages and Ownership Limitations Certificate	2-3 days	CLP 6,600 for each certificate (2)

* Takes place simultaneously with another procedure.

Procedure 1.: Conduct due diligence of the property
Time to complete:: 9-21 days (simultaneous with procedures 2 and 3)
Cost to complete:: About 1 % of transaction value
Name of Agency:: Property Registry
Comment:: A lawyer is contracted to conduct due diligence of the property’s legal history, for not less than 10 years. The lawyer will also obtain the documents described in procedures 2-3 from the Property Registry and the Treasury, as well as undertake the registration formalities.

Lawyer fees for the study of the titles, drafting of the contract and completing all the formalities involved in the registration procedure range between 1 and 2.5% of the transaction value. While it is not legally required to employ a lawyer for the study and the registration, it is common practice.

Procedure 2.: Request copies of property titles for the past 10 years, the ‘Certificado de Vigencia’ and certificate of encumbrance from Registry
Time to complete:: 7 days (simultaneous with procedures 1 and 3)
Cost to complete:: Included in procedure 5
Name of Agency:: Property Registry
Comment:: The copies of the property titles, the ‘Certificado de Vigencia’ and the Encumbrance certificate (‘Certificado de Hipotecas y Gravámenes y de Interdicciones y Prohibiciones de Enajenar’) can all be requested at the same time.
Both documents are usually requested by the lawyer responsible for the diligence of the property.
The copies of the property titles are obtained in about 2 days while the certificates in 7 days

Procedure 3.: Obtain evidence of complete payment of land tax from Treasury (Servicios de Tesorerías)
Time to complete:: 1-2 days (simultaneous with procedures 1 and 2)
Cost to complete:: Included in procedure 5
Name of Agency:: Treasury (Servicios de Tesorerías)
Comment:: The Internal Revenue Service Certificate (Form 2890 from the Servicio de Impuestos Internos-SII) can be requested online at www.sii.cl. The notary fills and signs it, along with the buyer. Once the transfer has been recorded, the Registrar also signs with the file number and the date of recording. Then, the Registrar sends the form to SII.

Procedure 4.: Execution and signing of the public deed
Time to complete:: 2 days
Cost to complete:: CLP 30,000 (copies and other expenses at the Notary’s office) + 0.1% of property price with a maximum charge of CLP 128,000 (Notary’s fees)
Name of Agency:
Comment:: Upon completion of the due diligence, the transfer public deed is executed and signed before a Notary Public, by both parties. The purchaser and the notary also sign the Internal Revenue Service Certificate (Form 2890 from the Servicio de Impuestos Internos-SII) stating the property being transferred, its price and the form of payment.
The SII is responsible for the fiscal cadastre.
In the case of companies being involved, legalized copies of the powers of attorney are required.

Procedure 5.: Registration of the public deed at the Real Estate Office
Time to complete:: 7-15 days
Cost to complete:: CLP 13,500 (copies and certificates) + 0.2% of the property value (Stamp duty)
Name of Agency:: Real Estate Office
Comment:: In the case of properties located in the cities of Santiago, Valparaíso and Viña del Mar the value is 0.2% of the property value. For other cities the value is 0.3%, with a maximum charge of approx, CLP 260,000.
The law required that parties request personally at the registry the property transfer. The Registry checks the payment of all taxes related to the property. The registry has a digital record of all requests, but in the registry all the transfer is done on paper. The registry is based on a deed system, and covers the City of Santiago and the great Santiago.

The Registry provides the information of the transaction and the value of the property and taxes to the SII within the first ten days of the following month. The time limit for the registry’s decision is 2 days, and there is a 2-month period for the parties to amend any mistake.

Note: The registration time refers to the Registry in Santiago. Outside of Santiago, the time would be longer (up to 3 weeks).

The documentation shall include:
Form 2890 stating the property being transferred, its price and the form of payment.

Procedure 6.: Obtain a Property Certificate and a Mortgages and Ownership Limitations Certificate
Time to complete:: 2-3 days
Cost to complete:: CLP 6,600 for each certificate (2)
Name of Agency:: Real Estate Office
Comment:: Once the registration has been completed, it is recommended to obtain from the Conservador de Bienes Raíces de Santiago (the Real Estate Office) 1) a copy of the Property Certificate stating the new ownership, 2) Mortgages and Ownership Limitations Certificate, stating the new ownership is clean. While this procedure is not legally required, it ensures that all the information is correct.
There is no need for title insurance in Chile since the Registrar and the Notaries must personally answer for their mistakes on their functions. They hire responsible insurance for these cases.
Outside of Santiago, it may take up to 2 weeks to obtain the title and certificates.