There’s a lot of sharks out there, uh hem…sorry, I mean lawyers, trying to overcharge foreign real estate buyers when closing a property purchase in Ecuador (and all over Latin America).
So I thought I’d share exactly how much I just paid in closing costs on a property under $50k I bought this week on the coast of Ecuador.
$450 in Notary fees and Deed investigatory documents.
$245 in Capital gains tax and registry fees (luckily according to the official tax assessed estimates there wasn’t much appreciation)
$50 “tip” (More on that next week in this newsletter).
Total = $745
Duration of the total buying process… 10 days, start to finish. Clean. Registered.
And the 2011 annual property taxes, which the seller agreed to pay before going through with the transaction were a whopping $32.
I used no lawyer, only the necessary offices and people that must be used according to Ecuadorian law to draw up, check out and register the deed (escrituras).
It’s true sometimes lawyers are worth every cent, but sometimes they’re not.
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