CONSTRUCTORA PACIFIC HOMES CIA. LTDA
Office 05 262 2927
Cell phone : 593 998912167/988469771
Canada : 514 755-8290
Usa : 813-481-6695
Address : Av.Flavio Reyes y calle 18
WHEN THE BUYER IS IN ECUADOR - what are the steps?
Once the buyer and seller have agreed on the price and terms, we then proceed to draw up a purchase of sale agreement for review (in Spanish it is called the promesa de compraventa, or promise of sale). Once the buyer and seller have agreed and approved the terms, which include price, time of payment, type of payment, special conditions, and specifics on penalties and breaches, the final promesa de compraventa is finalized. This is a registered legal binding document that protects both the buyer and the seller mutually.
The buyer and the seller then meet at a notary and the promesa de compraventa is formalized. At this time the buyer is obligated to provide a 10% deposit as agreed upon in the payment terms stated in the promise of sale. The Ecuadorian law requires that all documents be made up in Spanish, if the buyer does not know the language then an interpreter must be present at the signing stage. This contract includes the actual purchase value while the final legal document of transfer of the property uses municipal value assessment table which is heavily waited on raw land value, value VS land and property values.
This assessment process keeps annual property taxes quite low, at the same time having no impact on the actual market value.
The buyer has the option to skip the offer stage entirely and buy the property outright. If this method is agreed upon the sale agreement is drawn up much like the promise of sale but uses the final purchase price and executes the purchase in one step (avoiding the expense and time of the promise of sale stage.)
WHEN THE BUYER IS NOT IN ECUADOR:
Likewise, once the buyer and seller have agreed, we will proceed to draw up a purchase of sale agreement accompanied by a reservation deposit of 10%, the document will be sent to the buyer by email for your review. Once accepted, In order to sign the promise of sale, a legal form from an official agent, according to Art. 1465 of the Ecuadorian Civil Code, must be signed because it is a third person signing on behalf of the buyer, that third person will be a lawyer and will only have the right to buy in favor of yourself, the third party is not entitled to perform any other transaction on behalf of the buyer. Once this document has been notarized, the client has a legal contract to purchase his/her condo and can if needed recognize and translate the document with their Canadian Embassy.
For more information contact us.