Congratulations, you’ve found a property. What’s next?
It is essential to obtain legal counsel before committing to anything or signing legal documents. In Ecuador, agreements bind both parties. Therefore, the purchase and sale contract must be specific and detailed, including the timing and form of payment, details of the finished construction, and penalties if either of the parties does not comply with the agreement. The real estate attorney will ensure the title is free and clear and that the sellers are legitimately working according to Ecuadorian standards. The attorney must be with you throughout the process to ensure that your investment is handled correctly.
At Gringo Visas, our real estate attorney can handle the complexities of purchasing your new home anywhere in Ecuador.
Our attorney can work with your real estate agent to negotiate as the buyer or seller on your behalf.
In addition to the Title Search, which is a requirement, we conduct an in-depth search to ensure no claims or holds are on the property. The investigation includes an inspection of the property line and GPS coordinates of localization and amenities survey.
Promissory Sales Agreement – Under construction
If, for any reason, the property is not ready to occupy, we will negotiate a promissory note with the contractor or the seller.
All paperwork submitted, including the final closing contract, must be in Spanish and signed before a Notary. Our translators are both knowledgeable and certified. Our attorney will ensure both parties fully understand the terms of the contract before signing. We will then submit the agreement to the local municipality where your property is located. If you are in Ecuador, you can sign the papers. However, if you are out of the country, we can sign them on your behalf through a Power of Attorney (POA).