Nicaragua is a growing country, and more and more foreigners are interested in investing in its real estate market. However, buying a property in a foreign country can be complicated, and it is essential to have the appropriate guidance. In this article, we offer you a complete guide to acquiring a property in Nicaragua if you are a foreigner.
Contact an experienced Real Estate brokerage
The first step to buying a property in Nicaragua is to contact a Real Estate brokerage registered with the Financial Analysis Unit (UAF) and the MIFIC. This ensures that the company has the necessary experience and knowledge to help you find a property that meets your requirements. In addition, your assigned real estate advisor will guide you throughout the process, so it is essential to choose a reliable brokerage with a good reputation in the market.
Verification of property legality
Once you have found a property of interest, it is crucial to verify its legality. For this, you will need the assistance of a lawyer specialized in real estate. This professional will analyze that the title or deed of ownership is properly registered, as well as the accuracy of the area and the cleanliness of its history or chain of ownership. If you do not have your own lawyer, the real estate brokerage itself may contact one of its lawyers and recommend their services to you.
Grant special power of attorney to a representative in Nicaragua
If you cannot be present in Nicaragua during the purchasing process, you will need to grant a special power of attorney to a local representative. This person, preferably a resident of Nicaragua, will sign the necessary legal documents on your behalf to carry out the property acquisition. Your lawyer will help you grant this special power, and you can choose the right person following the recommendations of the law firm or the brokerage company that assisted you in the previous steps.
Make payments for the property acquisition
Finally, to acquire your property in Nicaragua, you will need to make the corresponding payments. You can make them through transfers, checks, or directly to the seller's account or bank. It is important that these transactions take place simultaneously with the signing of the purchase deed or sales agreement, and that you justify the transfers or payments to the receiving bank with the legal documents of the transaction.
Legal risks for foreigners when buying a property in Nicaragua
When buying a property in Nicaragua as a foreigner, you may face some legal risks. These may include poor advice if you turn to any lawyer or real estate advisor, or the acquisition of a property that does not have the necessary health or legality. In addition, some properties cannot be acquired by foreigners due to legal prohibitions, such as border areas. To minimize these risks, it is essential to follow the steps we have indicated in this guide and have the support of specialized professionals.
Conclusion
Acquiring a property in Nicaragua as a foreigner can be a challenging process, but with the appropriate guidance and following the recommended steps, you can make this investment safely. If you have any questions or need more information, do not hesitate to contact us at info@discovernica.com. We are here to help you find the perfect property in Nicaragua.