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The Samoza clause?

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canman
5/6/2010 22:32 EST

Who can tell me about the Samoza clause, as it relates to Nicaraguan real estate? I suspect I would much prefer the Santa clause, heh heh.

I am interested in a piece of dirt that is subject to this. Is there an english website where I can read about it?

Thanks

bushamy13
5/7/2010 10:14 EST

I'm not an expert but your clause may be another name for one of the below cautions. As always, I would contact a lawyer to research the property.

Personally I would not touch any property that is not a pristine clean title in any country.

Darrell


WHAT TO AVOID
Stay away from properties that have problems.
Some of these properties are:
• Agrarian Reform Titles.
• Municipal Property
• Supplemental Titles Issued by Court Order
LEGAL CONSIDERATIONS
• Check to be sure the property was not formerly
purchased through “Law 85”. This
law distributed luxury homes and properties
larger than 100 square meters.
• Check to be sure the property was not
formerly purchased through “Law 86”.
This law distributed smaller homes in
popular neighborhoods.
• Check to be sure the property was not
formerly purchased through “Law 88”.
This law distributed land to poor people
through agrarian reform.
• Check to be sure the property was not
formerly purchased through “Law 209”.
This law was part of modifications to
agrarian reform.
• Check that the Title and Deed meet all legal
requirements.
• Check to see that the Title is properly registered
in the real estate section of the
Property Registry Office in the city where
the property is located.
• Study the details and history of the property
for the last 25 years in the Real Estate
Property Office.
Find out from neighbors if there are or
have been any problems with neighboring
properties.
• Verify that the owner is in full possession
of the property.
Exceptions: The only secure way to buy property
that has been affected by Laws 85, 86, 88
and 209 is to have a Settlement Statement
issued by the Territorial Ordinance Office, referred
to as OOT, which is under the supervision
of the Ministry of Finance, and verify that
the ordinance is registered in the Real Estate
Property Registry.

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pato23
5/7/2010 15:01 EST

Excellent post. Well written and researched.
Without decent Spanish skills, abilty to adapt and cross culture, patience and forebearance and more important, connections (locals, LONG TERM ex pat RESIDENT friend or both) with 'pull' (Cuello) in Nicararagua or other C.A. nation, you will be chewed up and spit out.

Read 'SPECIAL CIRCUMSTANCES': 'Purchaing Property' on the url:

http://travel.state.gov/travel/cis_pa_tw/cis/cis_985.html

canman
5/23/2010 19:08 EST

Thank you both for your response.

The First American title ins. co. does insure the title of this parcel, but I don't know what kind of coverage they provide. The gringo realtor for this property could not explain the Samoza clause to me, but promised to contact First American to find out what risks, if any, there may be. I have got nothing back from him. I have yet to find a "realtor" in Nica that is willing to lift a finger for his comission.

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