Quote:
Originally Posted by Gee69
Andy,
Just to clarify, do you mean to say that as and when the Escrow agent transfers money to Brazil, the Central Bank of Brazil records the sum paid by 'us the investors' against our name(s)?........ so that it's there to refer back in future?
By the way, some of these developers are again based in Europe.... Will they necessarily have to transfer 'our' funds to Brazil !!
Gee
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JM gave you the correct advice here Gee. The reason agents in Europe and others outside of Brazil are wanting you to pay monies outside of Brazil is so they can take their commissions, usually 10%, although I've seen higher, direct. I personally do NOT recommend this. All monies one pays for a brazilian property needs to be paid directly to Brazil and part of the sales price for your property. As JM correctly stated, this money needs to be registered with Banco Central in the BUYERS name, not an agents, nor a lawyers, nor anyone elses, and for purchasing your property. In other words the seller or developer needs to liquidate these monies via the contract of buy and sell which naturally must have the final sales price on it.
If the agent is wanting his commissions or whatever other expenses he is owed by the seller or developer, then he should be receiving them from the final seller, or developer in Brazil, not directly from the customer. And there are numerous reasons for this some already mentioned by JM as well as others.