Buying Real Estate in Ecuador
Foreigners have the same legal rights as Ecuadorians to own properties anywhere in Ecuador.
If you wish to buy a property in Ecuador, you do not need a special visa.
Your tourist visa is enough.
After buying a property in Ecuador, such as (house, apartment or land), you will be able to apply for a resident visa, as an investor in Ecuador.
Unlike the U.S., Canada and most Western European countries, there is no multiple listing services (MLS) of properties for sale in Ecuador. Most of the properties are offered directly by the seller.
As long as there is a clear title and properly executed documents, the property buying process in Ecuador is very straight forwards.
Moreover, if you are a foreigner who wants to invest in Ecuador, be aware of the following: 1) The tax system applied to properties in Ecuador is much cheaper compared to other countries. 2) Formalities in Ecuador are inexpensive and elemental.
The buyer's lawyer is responsible for researching the title of the property, making tax payments from funds the buyer has provided and, after the signing of the Compra-Venta (the final closing document) registering the property with the Office of Land Registry.
If the buyer is not ready to pay all the money at once, the lawyer has to prepare a document called Promesa de Compra-Venta which is a notarized document, stating the sales price, the closing date and lays out penalties in case the buyer or the seller changes their mind about the deal.
When both parties are signing the “Promesa de Compra-Venta” it is customary that the buyer will pay in advance 10% of the whole price of the property.
The rest of the money will be paid at the closing of the sale.