Many Chileans move to another country, whether for family, academic or work reasons, and although it may take months or one or more years, returning to the native country is a reality, and that is why for this group of People, buying a home in Chile is an investment that they are willing to make.
One of the goals they normally pursue is to come back with possibilities to buy a property and this is a very important step in people’s lives. The capital raised as a result of the effort they made abroad is not always sufficient to be able to afford a purchase and then requires financial assistance. And it is not always necessary for them to be back to buy that long-awaited house or apartment. So if we add thousands of kilometers of distance to that operation, the transaction can be complicated.
Currently, in Chile there are companies and financial institutions that have installed in their mortgage credit procedures all the facilities so that these people can make their purchase from abroad.
From abroad they always ask me how they can buy a property in Chile with mortgage credit. Here I detail how this works.
To obtain a mortgage loan or apply for a housing subsidy to acquire a property, a broad power of attorney, legalized in the Chilean consulate of the country where you are currently living, must be granted to a representative with residence in our country.
This broad power of attorney must be dispatched to our country so that the person who will act on behalf of the buyer standardizes it in a Notary and then must take it to the Ministry of Foreign Relations to legalize it. In this way it is now a document legally recognized by all the institutions of the country.
On the other hand, to make the purchase in Chile, the interested party must grant a representative a power of attorney through a public deed in a National Notary. This person, who must have residence in the country, will be in charge of carrying out all the necessary procedures to buy the property.