Real Closing Costs of Buying Property in Ecuador

If you are wondering how do I sell my house fast well then firstly there are 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 either make sure to sell your house to a cash buyer, thus cutting off the middle man or real have faith and believe that the lawyer will not rip you off.

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. At Home Buyers Birmingham, we specialize in buying houses in Birmingham and its surrounding areas so we can help in any situation. And the best part is that you won’t have to pay any fees or closing costs. You can find more here information about Buy Houses in Birmingham.

I paid…

$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.

The previous house I stayed in before buying this property didn’t charge me anything extra cause I took help from | Tustin Homes and got it done exceptionally quickly. They just pointed me towards one person and then that person took care of all the work, unlike this time where I have already spent a ton on amount just to by the property. Read this post from about the most respected house buying services.

And to get notified of all the latest property deals in Ecuador NO ONE else knows about, as soon as they become available, sign up for the weekly Ecuador Insider’s Newsletter below (you can unsubscribe at ANY time):

Are you planning to downsize your home for personal reasons? Reach out to Kendrea Properties for assistance.

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