Real Estate Closing Nicaragua.



Real Estate Closing Nicaragua.


After performing due diligence, the closing can be performed. The closing is the second step of three in the process of buying a property.

What are the obligations of the seller?
It is the obligation of the seller / owner of the property to present the following documents in original at the time of closing:
1. Freedom of lien. (Certification issued by the property office stating that the property has no debts, claims or encumbrances.)
2. Property registration history.
3. Municipal solvency. (Real estate taxes updated).
4. Property plan duly approved by the National Cadastre Office. (Updated)
5. The title deed.
6. Identification of the property owner.

If the owner of the real estate is a company, it is also the obligation of the seller / owner to submit the following documents in original:
7. Fiscal Solvency. (Company taxes updated with the State).
8. Municipal Solvency. (Company taxes updated with the city).
9. Power of attorney of the seller. (Check if the seller has the power to sell)
10. Photocopy of the constitution of the company.
11. Shareholder composition act.

It is imperative to perform a verification inspection on the property before closing, especially when the property is in the rural area. Verification must be carried out since in many cases the measure, markers and limits do not match, that is, the information in the plan does not match what is actually found on the property. The difference can be in the measure, in the badly located markers or in the boundaries. A discrepancy in the measure, markers and boundaries can be an inconvenience to register the purchase title, generating an increase in expenses and loss of time to repair the mistake made.

Once all the information is duly reviewed and according to the law, it is time to proceed with the closing, that is, the signing of the purchase title, delivery of the requested documents, material delivery of the real estate and payment of the price.

Prepared by Marlon José Blandón Argeñal.Lawyer and Notary Public. Specialist in Real Estate Law and Business Law.

Ubicación: Granada Nicaragua Real Xalteva street, From the National Lottery building 70 meters East Granada Calle Real Xalteva, de la Lotería Nacional 70 metros Este, Granada, Nicaragua

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