Did you know that two people with no family ties can buy a property together in Peru?

If you and your partner are ready to take the step of buying a property, but you're not married or registered in a civil union yet, you can still do it legally in Peru.

The legal framework that makes this possible is called co-ownership, and it's a completely valid and safe alternative—if it's managed properly.

What is co-ownership?

Co-ownership occurs when two or more people acquire a property together and share the title. Each person owns a percentage of the asset, which can be determined based on financial contribution or any agreement between the parties.

This legal framework is regulated by Articles 969 to 980 of the Peruvian Civil Code.

Article 969 of the Civil Code states:"When a property belongs undividedly to several people, there is co-ownership."

Importantly, there is no requirement for family ties or marital status to exercise this right — just mutual agreement and compliance with legal procedures.

𝗪𝗵𝗲𝗻 𝗶𝘀 𝗶𝘁 𝗮𝗱𝘃𝗶𝘀𝗮𝗯𝗹𝗲 𝘁𝗼 𝗯𝘂𝘆 𝘂𝗻𝗱𝗲𝗿 𝗮 𝗰𝗼-𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗮𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁?

• Unmarried couples or those not in a registered civil union.

• Friends or relatives who want to invest together.

• Business partners buying a property for commercial or investment purposes.

• Siblings who inherit a property and decide to keep it jointly.

• Individuals who don’t qualify alone for a mortgage but do when combining incomes.

  
  

This legal arrangement allows people to access real estate opportunities jointly, without waiting for changes in civil or financial status.

𝗖𝗮𝗻 𝘆𝗼𝘂 𝗴𝗲𝘁 𝗮 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗯𝗲𝗶𝗻𝗴 𝗺𝗮𝗿𝗿𝗶𝗲𝗱?

Yes. Financial institutions in Peru allow joint mortgage loans for people with no family ties, as long as they meet the credit assessment requirements.

Both applicants are considered joint co-debtors, and must prove their combined repayment capacity.

This greatly expands the possibility of purchasing property, especially when individual incomes are not enough to qualify alone.

𝗪𝗵𝗮𝘁 𝘀𝘁𝗲𝗽𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗳𝗼𝗹𝗹𝗼𝘄?

1. Clearly establish the ownership percentage for each person.

2. Sign a purchase agreement (minuta) with legal advice.

3. Have the agreement notarized into a public deed.

4. Register the property with SUNARP under both names.

5. (If financed) Sign the joint mortgage contract as co-debtors.ç

   
   

𝗪𝗵𝗮𝘁 𝗽𝗿𝗲𝗰𝗮𝘂𝘁𝗶𝗼𝗻𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘁𝗮𝗸𝗲?

• Draft a complementary agreement that defines: property use, maintenance, payment of services, and what happens if one party wants to sell their share.

• Obtain legal advice to avoid gaps that could lead to disputes.

• Maintain clear and documented communication regarding property decisions.

  
  

Are you considering buying with your partner or someone else, and want to do it safely and without surprises?

Better call Vero Bouroncle and discover how the right guidance can make all the difference.

Real Estate Agent – PN 14128 📞 Cel: 983 336 924 🌐 www.verobouroncle.com