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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johnchip
2/15/2017 09:58 EST
I personally would not be going through a foreign land purchase without being on site at the time of all processes. Likely this will all work out well for you. But I wonder what a 'local agent' is? My Nica family member recently bought a solar using their 'local attorney' A month or so later they went to check it and found a man living there building a house. It seems the seller, who was a family member of the deceased 'estate owner', sold it again. Thankfully they had their 'local attorney' having done all the work, and it was quiickly resolved in their favor. Best of luck. Welcome to Nicragua.
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johnchip
2/15/2017 09:58 EST
I personally would not be going through a foreign land purchase without being on site at the time of all processes. Likely this will all work out well for you. But I wonder what a 'local agent' is? My Nica family member recently bought a solar using their 'local attorney' A month or so later they went to check it and found a man living there building a house. It seems the seller, who was a family member of the deceased 'estate owner', sold it again. Thankfully they had their 'local attorney' having done all the work, and it was quiickly resolved in their favor. Best of luck. Welcome to Nicragua.
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glockdiver69
2/15/2017 10:46 EST
What does your attorney say? Personally, I do not put anything down until closing. I also make sure everything is done by my attorney, who is very trustworthy.
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buzz276
2/15/2017 11:22 EST
We understand that no money is going to exchange hands until closing. The agents are a very well established firm in Granada. We have only just returned after viewing the property and start the ball rolling. As I said, I have heard some horror stories here and elsewhere and wanted the view of this forum, so I really appreciate yours and everyones time to reply.
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johnchip
2/15/2017 11:33 EST
I can't help but smile. The Somoza family were "very well established" as well. An agent's job is to see a sale happens for commmission from the seller. An attorney's court appointed duty is to see the law is covered front and back door for his client.
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elduendegrande
2/16/2017 09:05 EST
Our experience is that when OUR lawyer says the paperwork is ready buyer and seller go to the office with the cash and deed and make the exchange. Old school, but face to face with witnesses.
Nic. does not have licensed realtors so it falls back on ordinary contract law. The more players, the more risk that one is a crook or incompetent.
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Mtvsolis
2/16/2017 09:20 EST
Hola,
We purchased like this. We have a trusted Nica lawyer. He wrote up the papers. We met face to face with the owners, they met us at the property to survey, twice. From the states we waited for all paper work to be completed and made one more trip back, with cash stuffed in our carryons. Met in lawyers office with owners and completed the transaction. I would not do it any other way. Get references for your lawyer from friends. It's still all risky because we are buying in a foreign country. Life is too short to not risk and be happy, at least for a few years. Hope it all works out for all of us! T.
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prpcof
2/18/2017 10:11 EST
This is sort of crazy to me! I was lucky to have done the reading before I bought. Even with that it took luck and some honest friends both Nica and expat. To succeed in the purchase. Do not buy anything second hand. You must be there through the whole process! First a good attorney is required! Also it is not required that cash be exchanged between parties. Use your bank or financial severces to act as a go between ie wire transfer. Direct deposit cashier checks.etc. a good lawyer can help you with this. Their is no such thing as a commission payment. Pick your price let the attorneys or agents determine who gets what. Always negotiate through them. After your initial contact. Keep your contact with the seller to a minimum. Let the attorneys and agents do their job. The worst thing you can do is waiver and respond to agents directly who are out to get what they can. Key is a good attorney (their are some in Granada) i can add more message me and I will give you my experience.
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glockdiver69
2/20/2017 16:16 EST
What does your attorney say? Personally, I do not put anything down until closing. I also make sure everything is done by my attorney, who is very trustworthy.
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elduendegrande
2/21/2017 10:13 EST
Among the scariest things one can hear in Nic. is "a local professional of good family with long standing in the community". Might as well say "Murder Inc." half the time.
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lucythecat
2/23/2017 09:08 EST
Remember the movie Forest Gump with the famous line............Run.........Forest.........Run. This is what comes to mind in buying local property without being onsite.
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elduendegrande
2/23/2017 09:16 EST
There is always some good news. Heard on the grapevine last week about the engineering company that did our neighborhood: one in jail, 1 fled to Bolivia, 2 fled to parts unknown. Not all things end with such a happy ending.
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johnchip
2/23/2017 16:30 EST
Foreign investor, think twice. A gringo and thinks they will walk in, put money down, and improve, change, build a 'new business' in a foreign neighborhhod,. ..You better watch Steve Martin again when he says "Walk Like An Egyptian". Become part of the communty before thinking you can change anything and you being taken advantage of. You were a grigno ware a gringo , and always will be. Embrace it.
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johnchip
2/23/2017 16:46 EST
Example: I have lived with and supported in 3 countries, the Nica family I live with here. We needed the electric redone in the house. We paid our local man 1000 cordobas. If it were you, it would have been 1000 dollars. Guaranteed.
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