Things you must know before purchasing Property in Nicaragua
How to Buy Property in Nicaragua
Relax.This can work. Buying property can be a pretty straight forward process if you are purchasing a lot in a professional development or through a real-estate agency.
Find a vacant lot.You might start by contacting the real estate development companies that cater to foreigners. Keep in mind that you will run into the following predictable problems:
- Real estate companies in Nicaragua do not communicate with each other.
- Your realtor will not make a large commission off of a lot sale that is relatively cheap. This means you will need to see what every different company has to offer. Some companies have exclusive sales agreements, meaning you will only go to see the development if you are with a certain real estate company. With commissions for real-estate agents being relatively low on cheap lots, the realtors won't be motivated to take you to developments that that are out of the way.
Have an assessment done, which reviews the following items of the lot:
- View assessment
- Soil type
Hire a lawyer to determine if the title is ok and that there are no liens or loans against the property.Many Westerners use real estate agents to put them in contact with the correct lawyers and fill in any knowledge gaps.
Ask a builder to take a close look at your property to confirm that the lot is build-able and does not have any unforeseen problems.
- Most purchases happen when you are not in the country and a good review from someone who has built houses and knows what to look for can be very insightful.
- Building advice from real estate agents can be very unreliable. Unless the realtor has actually built houses they tend to have a small grasp on the true Nicaragua building situation.
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- In Nicaragua, commerce is buyer beware. If you choose to buy something that is bad quality or has problems it is considered your fault for not properly checking and knowing that there is a problem.
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Date: 06.12.2018, 19:56 / Views: 91574