Foreigners looking to purchase farms and other real estate in Ecuador must work with a trusted realtor and attorney familiar with the Ecuadorian real estate market. Global Property Guide states that real estate professionals work locally, so the buyer must choose a realtor familiar with the target location.Continue Reading
Since Ecuador doesn't have an aggregated listing of all real estate for sale, you must select your desired city or town, and then browse local listings in newspapers and work with a local real estate agent who is familiar with the city. Some property sellers, such as Cuenca Real Estate or Ecuador Homes Online, include detailed listings of available properties on their websites. A buyer searching for a farm near Cuenca can find large rural properties for sale on Cuenca Real Estate's website, even though these farm properties are not located within the city proper.
Once you choose a property to purchase, have your attorney prepare a Promesa de Compra Venta, or "a promise to buy." It is customary to make a 10 percent down payment when you sign a Promesa de Compra Venta. Once you are prepared to pay the balance of the agreed price, you must sign the final document in the presence of a notary and make the payment in full. Because the sale documents must be signed in the office of an Ecuadorian notary, you must be in Ecuador to complete the transaction.Learn more about Real Estate