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Tuesday, September 30, 2014

Glossary of Brazilian Real Estate Terms

Summary

CPF - Cadastro de Pessoas FísicasCartórioCartório de Registro de ImóveisCondomínioCOFECI – Conselho Federal de Corretores de ImóveisCRECI – Conselho Regional de Corretores de ImóveisDAJ – Documento de Arrecadação JudiciáriaDeclaração de Imposto de RendaDeclaração de IsentoIPTU – Imposto Predial e Territorial UrbanoITIV – Imposto sobre a Transmissão Inter-VivosLaudêmioPrefeituraProcuraçãoRNE – Registro Nacional de Estrangeiros

Glossary

CPF - Cadastro de Pessoas Físicas – A Brazilian document necessary for tax and identification purposes.  Obtainable at the Brazilian Consulate in your place of residence or, more quickly, once you arrive in Brazil.  Note:  Once you have a CPF, you will have to keep it regularized by filing either a Declaração de Imposto de Renda or Declaração de Isento each year.

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Cartório – A public notary office where official contracts are prepared and recorded.

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Cartório de Registro de Imóveis – A special type of centralized notary office where all real estate transaction documents are registered.

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Condomínio – A monthly fee that covers the cost of your apartment or housing complex infrastructure such as the doorman’s salary and the costs for lighting common areas.

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COFECI – Conselho Federal de Corretores de Imóveis – or Federal Council of Real Estate Agents. Federal agency regulating the real estate industry. .

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CRECI – Conselho Regional de Corretores de Imóveis – or Regional Council of Real Estate Agents. Regional agency regulating the real estate industry and licensing of real estate agents. .

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DAJ – Documento de Arrecadação Judiciária – taxa de prestação de serviços. Document issued by government agencies for collecting officials fees – must be paid in a bank.

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Declaração de Imposto de Renda – Brazilian income tax declaration. Any Brazilian or Brazilian resident with income over R$1.313,69/month must file this form yearly before April 29th. Foreign non-residents do not file this form but rather a Declaração de Isento by November 30th. Both forms can be filed online at . Note: Non-resident property owners are taxed only on Brazilian income generated by their property but permanent residents in Brazil are taxed on their worldwide income.

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Declaração de Isento – If you are a foreign non-resident or a Brazilian resident that earned less than R$1.313,69/month – including income from rental property owned in Brazil than you should file a Declaração de Isento each year between August and November 30th.  If you fail to file either a Declaração de Isento or a Declaração de Imposto de Renda, then your CPF will become irregular and you will not be able to complete certain official transactions such as transfer ownership of property.  The Declaração de Isento is quite simple to fill out and can be completed online at .

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IPTU – Imposto Predial e Territorial Urbano – or Urban Building and Land Tax.  Property tax paid yearly or in 10 monthly installments to City Hall.

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ITIV – Imposto sobre a Transmissão Inter-Vivos – or real estate transfer tax.  3% of registered purchase price for transferring ownership and issuing a new title deed to the property in your name.

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Laudêmio – An antiquated system of land ownership where the land is still technically owned by an institution but the rights to use the land can be bought, sold and transferred by private individuals or businesses.  In Bahia, the two most common institutions associated with laudêmio fees are the Catholic Church in Salvador (Mosteiro de São Bento) and the Brazilian navy (for properties near the beachfront).  When you buy a property that has a laudêmio associated with it, you are buying the rights to use the land indefinitely, including the right to sell the property to whomever you wish or pass the rights along to your heirs.  Under this system, the institution is legally required to grant full rights of use to the land in exchange for the payment of a fee upon each transfer of ownership.  This fee, called a laudêmio, varies between 2.5% and 5% of the registered value of the property.  The transfer of ownership can not be completed until you have a receipt that the laudêmio fee has been paid.  Legally, the seller is responsible for paying the laudêmio fee but in practice, the buyer usually pays.  It is best to take the laudêmio fee into account when negotiating a final price with the seller.

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Prefeitura – City Hall.

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Procuração – A formal document that gives another person the legal right to act on your behalf in specific instances (power of attorney).  May be a contract prepared individually or formally in a cartório.

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RNE – Registro Nacional de Estrangeiros – or National Register of Foreign Residents in Brazil.  Identification card given to foreign nationals with permanent residency visas.  This document is required for opening a bank account in Brazil.

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