Procedure to follow for the Purchase of a property in Ecuador.
During the negotiation and before to purchase the property of your dreams make sure, as a Buyer, your legal representative checks the veracity of all the documents including deed property taxes, and any other bill involves with the property purchase, including inspection to confirm measurements of the property. After the property is at your satisfaction the following process is a normal procedure to buy a Real Estate in Ecuador:
- The seller, agent or legal representative provides the update documents to the Buyer
- Elaboration of the minutes by a legal professional. Usually, a legal representation provides you the Estimate Closing Cost to complete the transaction including attorney fees.
- Presentation before the corresponding municipality, for the transfer of ownership.
- Cancellation of Alcabala taxes.
- Expenses for Notary and registration.
- Signature of the deed in front of a notary. Usually, here the buyer has to show the payment have been done in full.
- Seller pays the Realtor commission.
- Registration in the corresponding Property Registry.
Note: After the signature and both parties had complete the process, in the case the SOLD property is a house both parties can arrange a delivery time for the keys and inventory( in case the house is fully furnished).
For more information for a Legal Representation in the Manabí and Quito area contact our recommended attorney Zambrano & Asociados., for legal Representation in Cuenca area contact us for recomendations.