Procedure to follow for the Sale of property in Ecuador.
During the negotiation, as seller, provide to your agent who represent you on the sale, all the legal documents to complete the sale process, your legal representative should 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 all clear the buyer is getting the property at the satisfaction the following process is a normal procedure to buy a Real Estate in Ecuador:
- The Buyer, agent or legal representative provides a formal Offer with all the term agreed. Usually, a promissory Sales Agreement is elaborate by the buyer and set a time frame agreed to complete.
- Elaboration of the minutes by the Buyer legal representation. 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 Capital Gain taxes.
- 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, done by the buyer.
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 recommendations.