The buying process
Because many of our clients are unfamiliar with buying property in Nicaragua, we have produced this short document to describe what you need to do and what you should expect to happen at each stage of the process. There are also different ways of going about the legal process and this document describes your options.
There are up to 6 steps necessary to complete your purchase of land at the Remanso Beach Resort project. These steps are illustrated with an example but actual amounts and timings are negotiable.
Step 1: Initial contract, construction regulations (CCRs) and down payment
The first step is to validate your intention to buy and our intention to sell by signing the initial agreement, construction regulations (CCRs) and by making an initial down payment from your credit card or cash. The initial agreement acts both as your receipt and a guarantee that your chosen lot is reserved for you
Step 2: Complete down payment
Once you have returned home, you will need to instruct your bank to make the remainder of your down payment using the banking details that can be found in this folder.
Step 3: Survey
Next, we will instruct our surveyor to make an official survey of your lot for inclusion into the final contract. At this point, some clients want to make their own independent survey (at their cost) to verify the one that will form the final contract. This is not obligatory however and most of our clients do not do so.
Step 4: Final payment
You should instruct your bank to make the final payment 30 days after the initial contract is signed.
Step 5: Final contract
Under Nicaraguan law, the final contract needs to be signed in Nicaragua. Once the final contract has been drawn up there are 3 different ways you can execute it;
- Option 1 Return to Nicaragua. If you are planning on returning in the near future this may be the best option for you.
- Option 2 Via post. It is acceptable for us to post you the contract for signing in your country as long as the contract is dated from a time when you were in Nicaragua.
- Option 3 Via Power of Attorney. If desired, you can appoint a legal representative whilst you are still in Nicaragua who can then execute the contract on your behalf when the time comes.
Step 6: National Register Filing
Although not a legal requirement, some clients want to file their contracts in the National Register. There are various pros and cons to doing this and you should discuss these with your sales representative to discover what is right for your situation.
Step 1: Choosing the right property that fits your needs
John and Jane Smith have chosen the right property that fits their needs.
Step 2: Initial contract, construction regulations (CCRs) and down payment
John and Jane Smith decide to buy lot number 49 for $100,000. They sign an initial contract and CCRs and paid $3000 by credit card, on November 1.On November the 2nd they leave a signed power of attorney to sign and receive their deed or title in their behalf.
Step 3: Complete down payment
The Smiths return home on November 10th, and instruct their bank to pay a further $7000 into the Remanso account, making a total down payment of $10,000 or 10%.
Step 4: Survey
On November the 25th the Smiths receive an e-mail confirming that the survey is complete for inclusion into the final contract.
Step 5: Final payment
On December 1st, the Smiths instruct their bank to make a final payment of US$90,000 into the Remanso account.Step 6:
In case that the Smiths were unable to leave someone a power of attorney on their first trip, they could come back to Nicaragua to sign and receive the(title or deed).
Step 7: Final Contract
Before getting their (title or deed) the Smiths paid their closing cost in full.
On December 8th, the Smiths receive their final contract (title or deed).
Step 8: Netional Register filing
Because the Smiths are expecting this to be a long term investment, they had decided to have their contract filed in the National Register. On the 8 February they receive confirmation that this has been completed.
