Nicaragua Expat Forum

Land purchase advice

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buzz276

2/15/2017 09:37 EST

Hi all, my wife and I are in negotiations to buy some land in the Granada area. This is being dealt with for us by a local agent. The agent is talking to the landowner who initially requested the 10% deposit be paid directly to him as he did not trust us. Of course we said no way. The agents have come back to us and suggested that to complete the sale we could skip the promise of sale and head straight to closing. We just pay over the full amount once everything is lined up and 100% approved and ready at time of signature the full amount will be sent to the agent who will disperse to the seller. My worry is as we are not there but have given PoA to a trusted friend will this be secure and what about all the legal fees, searches etc that we have to pay out first could this be for nothing if the owner walks away, this may all just be empty fears but I would like the forums opinion anyway to put our minds at rest. Thank you.

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novato1953

2/15/2017 10:20 EST

We're talking about Nicaragua, not Burkina Faso. It would cost you a relative pittance in both money and time to come down here and personally oversee what is presumably a large investment. You might shortstop a bamboozle, and at least you'll have a nice trip.

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elduendegrande

2/16/2017 09:15 EST

Yes, if you make a deposit you should get a Promise to Sell, which binds the seller to the deal. Presumably, before this is done YOUR lawyer has verified they are the owner and their are no leans.

Whether that is a good route to go or not is up to you and your lawyer.

A lot of weird stuff goes on in Nic, including sales of property owned by somebody who died decades earlier and nobody ever bothered to get the deeds in the names of the heirs. If the parties are honest and the lawyer diligent, it all gets sorted out with time, but hold back your cash until it is done.

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