What are the procedures for buying a piece of property?
Once your Offer to Purchase has been accepted, a deposit (usually 10% of the purchase price) is required. The money is placed in an escrow account. These funds are held during the time needed to close the sale. The balance is payable upon the signing of the Trust Deed at the Notary’s office. The Notary will: • Ensure the property is free and clear by checking the Land Registry Office. This is guaranteed by obtaining a certificate of no liens and a tax statement from the treasury. Additional checks are made for outstanding utility bills and municipal taxes, and/or Home Owners fees ( if applicable). • Obtain a permit from the Minister of Foreign Affairs to establish the trust deed. • Prepare documents necessary for both buyer and seller to complete the transfer.
