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Nicaragua Property - How To Try To Protect Your Assets!

Nicaragua property - how to try to protect you assets when you start looking to buy real estate in Nicaragua. The laws in Nicaragua permit you to purchase property the same as any of the local Nicaraguans. You can place the title in your personal name or you can own it through a corporation. Whatever method you desire to use to hold your property you are strongly advised to thoroughly investigate the title of the property.

Buying Nicaragua property can cause you to have more adventure then you may have bargained for. During the rein of the Sandinista party many properties were confiscated illegally in the 1980. The title to numerous properties is unclear. Buyers should exercise great care when purchasing real property in Nicaragua, especially lands formerly subject to agrarian reform. Even comprehensive title searches can fail to reveal ownership uncertainties.

There are cases where titles have been challenged by previous owners of a Nicaragua property. Also, by owners who felt after a couple of years that you did not pay them enough for their property and now they want more.

Also beware, especially if you come from a country where you are innocent until proven guilty. Here in a number of cases you are guilty until you prove your innocence. In the mean time it can be questionable as to who will be occupying what you thought was your land.

Copyright - Dan Polley - 2006

Nicaragua is moving forward, slowly but surely in trying to clean the mess of many a Nicaragua property wrongly confiscated.

A couple of small tips

  • You can either do most of the work yourself or hire local specialists to do much of the legwork. When hiring local specialists, it is important to agree at the outset on a fixed fee for their services. One major asset for you to possess in addition to your money is patience. Especially if you decide to do the work yourself and do not speak Spanish and understand how the Nicaragua system works. Even when you hire the local specialist it will take time.
  • After identifying the property of your choice, it is time to check the title. Be wary of property whose ownership changed hands during the 1980s and after. There are some special steps which must be followed. Even then you will never be guaranteed a completely smooth ride.
  • At this point, you may either hire a local attorney or proceed on your own to ask the seller for a copy of the property. s title (escritura de propiedad), evidence that it has no liens on it (libertad de gravamen), and its "certificado registral." Often, owners are hesitant to provide copies of titles. In such cases, you may ask the seller for the information shown on the title (property number, volume number, page number, entry number) or for a copy of the property's registration (certificado registral) showing the last three owners (los últimos tres asientos) and the absence of liens.
  • Next, have a lawyer revise the documentation (escritura de propiedad, certificado registral, and libertad de gravamen) to verify that the property's seller has clear title.
  • After you have verified the land has no liens, a notary can prepare a sales agreement.
  • After the transaction, you or your attorney may then register the property in the Registro Público de la Propiedad Inmueble. To be considered the legal owner of the property, you should possess the property title properly annotated by the registrar.

Real Estate

Real estate taxes are 1% of value of the property and are paid to the Municipal Government. Farmland of up to 30 manzanas (42.6 hectares) is exempted from real estate taxes.

Insurance

Local firms offer coverage for fire, earthquake and floods but not acts of war.

Nicaragua property for tourism and free trade zones also carry special tax considerations. These laws do change occasionally so make sure you have a the current version.

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For the Spanish version of Nicaragua Property click here.


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