REAL ESTATE LAW
It is important to be cautious when working with real estate brokers, regardless of where you are located. While many brokers are honest and provide valuable services to buyers and sellers, there are unfortunately also individuals who may take advantage of people who are unfamiliar with the country’s real estate law.
Additionally, it is important to be wary of any broker or agent who makes unrealistic promises or pressures you to make a quick decision.
There are many occasions when clients who decide to build with us, have not been informed by their agents nor been provided with all the legal documentation of ownership and full property registration, that is required to start the building process.
Real estate legal advice is necessary for all documents including deeds registration, Registro de la propiedad (municipality registry) and all required certificates, also when there are legal issues or questions related to real estate transactions or ownership. Our lawyers can provide guidance, representation, and protection of your legal rights in these situations.
If you are considering purchasing real estate in Ecuador, it is important to do your research and learn as much as possible about the process.
Important things to consider when doing real estate in Ecuador:
- Contrary to North America, in Ecuador a real estate broker is not needed to buy or sell a property. A sales agent or property owner can sell directly to a client. You won’t have to deal with a middleman. Sellers and buyers are required to pay their own debts outside the sales process. A closing is strictly between the buyer, seller, and the Notary.
- Exclusive realtor agreements are illegal for over a period of six months.
- Contracts in English or any other language other than Spanish are not legal.
- Legal contracts or agreements have to be registered in a Notary (Registry) to be valid.
When buying or selling property, it is important to understand the legal implications of the transaction. A real estate lawyer can review contracts, negotiate terms, and ensure that the transaction is legally valid and binding.
If there are zoning or land use restrictions that affect the property, a real estate lawyer can help navigate these issues and ensure compliance with local regulations.
If there is a dispute over property boundaries or access rights, a real estate lawyer can review surveys, title documents, and other relevant information to help resolve the issue. On the coast it is common that land belongs to several members of the same family and it’s important to make sure all agree when selling.
For landlords or tenants, a real estate lawyer can review lease agreements, negotiate terms, and provide guidance on legal issues related to rental properties.
Homeowner association (HOA) disputes: If there is a dispute with a homeowner association regarding fees, rules, or other issues, a real estate lawyer can provide legal advice and representation.
Home in Ecuador has its own real estate lawyers to ensure that proper procedures are followed during the acquisition or sale of property.