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| Don’t Get Burned in Nicaragua:
Avoiding the Pitfalls of the Hottest Real Estate on the Planet |
By:
scott |
|
Nicaragua is quickly becoming one of the hottest spots to buy property in the world. Foreigners are finally realizing that the beautiful landscapes, amazing opportunities, and ridiculously low prices offered in this booming country are unmatched anywhere.
www.LiveAndInvestInNicaragua.com
Now, with the recent hurricanes in 2007, real estate has never been more affordable and investors, retirees, and the adventurous are all seeking their chance to own a piece of paradise.
However, with the best locations and prices getting scooped up at a startling rate, the temptation for many is to rush in and buy, buy, buy. And, while it’s true that those who wait are going to miss the opportunity to acquire cheap and beautiful property, those that rush in too quickly and without the right preparation are going to get burned! When you try to live or invest in Nicaragua without having the inside scoop, your tropical paradise can quickly turn into a full-blown nightmare!
With 300 days of sunshine a year, Nicaragua is a great place to start your dream life. But, it’s so very important to make sure you equip yourself with the latest information, strategies, and techniques to make sure your investment in a new life pays off. Specifically, you’ll want to avoid some of the most common pitfalls of the Nicaraguan real estate market. That’s why I’ve compiled a list of the top 3 things you must do if you want to find your paradise in Nicaragua.
First, it is important for you to realize that the real estate market has recently undergone a complete overhaul – this can be good or bad for investors or both. The good news is that both the real estate and the credit market have been liberated, or should I say, freed of unnecessary executive entanglements. One drawback is that lack of title clarity, due to the change process, has given rise to disputes over the proper ownership of many properties. Attempting to purchase some of these could truly open a can of worms.
1. Find a Real Estate Attorney
It is highly recommended that you enlist the help of a local reputable real estate attorney. They should have little difficulty tracing the history of the property you wish to buy. Also, there are some important legal considerations indigenous to Nicaragua that you should know about before making any deals with the locals. A realtor can help save you a lot of time, energy, and legal fees. Only an established attorney has the resources to determine whether or not your property has a clear title. Failure to do so will result in legal battles, not something that makes your piece of paradise all that heavenly!
2. Six Property Types to Avoid at All Costs!
I always warn potential buyers to take some precautions before discussing any land sale and I recommend avoiding some properties all together. Lands with “Agrarian Reform Titles” or “Supplemental Titles Issued by Court Order” should be avoided at all costs—these are potential pitfalls as title rights to these properties are in a state of serious upheaval.
Other properties that should be avoided are ones confiscated and redistributed under other less-than-clear government “reforms.” These include any properties that fall under the following designations:
* Law 85 - distributed luxury properties larger than 100 square meters
* Law 86 - distributed smaller homes in popular neighborhoods
* Law 88 - distributed land to the impoverished in the name of agrarian reform;
* Law 209 - modification of earlier agrarian reform.
Bear in mind that the term “redistributed” is a nice way to say these lands were expropriated by the powers-that-be and forcibly given to those they deemed more “favorable” owners. In short, because the true ownership of these properties is in constant doubt, they are not worth the potential agony. Should you secure one, you run the constant risk of losing it to the original owner, depending on decisions in a court of appeals.
3. A Government Office that Will Be Your New BFF
The Property Registry Office is your best friend in the investment process. The Office can verify that the title and deed of your potential property meet all legal requirements. It is also recommended that you follow up with neighboring landowners as they may prove an invaluable fountain of information regarding past conflicts or disputes over your potential property.
If you absolutely must have land secured under that legal conditions stated above, you must secure a “Settlement Statement” from the Territorial Ordinance office (OOT), under the Ministry of Finance, then be sure, as always, that this ordinance is logged with the Property Registry office. It’s not a bulletproof way to do the deal, but it sure can spare you a lot of heartache in the end.
When it comes to avoiding real estate pitfalls in Nicaragua, the three tips above are really just the tip of the iceberg. Again, the Nicaraguan market is hotter than ever. Take the time necessary to educate yourself, then jump in to one of the most exciting adventures and rewarding experiences of your life – owning property in this Central American gem. |
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