When it is EZ

by | May 15, 2001 | Archives

As more and more readers have expressed interest in owning land in Ecuador I have had increased enquiries about the difficulty of buying property there. This can range from easy to difficult (as in most places), but here is an amazing story from one reader who just bought an Ecuadorian home.

Here is what this reader shared:

I am now the proud owner of a lovely home near the eucalyptus-studded banks Tomebamba river in the beautiful city of Cuenca, Ecuador. It was the experience of a lifetime, both in choosing the city and the house, as well as the purchase and closing on the property. From the time we walked into the attorney's office to make the initial offer until the closure of the sale at the notaria was just under three hours.

I'll admit that the only reason we closed so quickly was that the title search had been performed and notarized in advance, and we had a check ready, but three hours is fast just the same.

Our top priority once the house was chosen was to obtain the assistance of a respected English-speaking attorney.

In our case, this was Dr.Adriano Vintimilla Ordoñez. Dr. Vintimilla is attorney for the consulate, as well as being president of the Ecuador-American Chamber of Commerce in Cuenca, and Executive director of the Fulbright Foundation (Cuenca). As a former bank president and long time resident, his contacts and influence are extensive. He not only handled the legal matters quickly and efficiently, but also negotiated with the sellers on our behalf, with excellent results. His phone number in Cuenca is 7-831-600 (Ecuador country code is 593).

Being somewhat used to the sterile routine for making real estate offers here in the US, I was surprised when we all packed off to the seller's place of work, formed his guest chairs into a big circle, and began negotiations in his office! A half-hour later, it was bear-hugs and kisses all around as the deal was struck.”

I cannot promise that a property closing anywhere will normally be this easy. When I bought my plantation in Ecuador the transaction took six months (rural property is more difficult to convey) but I have shared this information to show that like any country, the system does work and when it works perfectly real estate deals can close very quickly.

I have just returned from Ecuador with a group of real estate investors, to Cuenca as well as the capital city of Quito. We plan our next real estate tour there in August.

Until next message, good global investing and business!

Gary Scott