Transferring Funds for Real Estate purchase & real estate generally

1POSTS

13 years ago

Dumb question perhaps - where moving currency from the US to anywhere is beginning to get 'interesting' I'm wondering about the how-to of purchasing property.

For instance, lets say I pop down, find a nice place in the hills within my price range and decide I want to move forward.聽 Then let's assume I want to utilize bullion on hand rather than US currency.聽 Clearly it's a tad difficult to cross borders with gold.

Is there a way to effect the real estate transaction (funds transfer) from up here rather than go there with cash in hand?聽 Are there mechanisms accepted for the use of bullion versus cash and 'passing papers' as it were up here versus down there?

Also (related) - up here there are title searches & title insurance.聽 Are there similar safety mechanisms down there.聽 How does one insure you're getting a clean title to property?

There's my first batch of dumb questions.聽 I'm sure I'll come up with more like who are the best/trusted Real Estate outfits to deal with...

Thanx for any feedback and/or comments.

Rick

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ZenSPIKE Serial expat

826POSTS

13 years ago

Rick,
No question is聽 " dumb "
As was mentioned by the former poster, I would locate a good attorney that does real estate as a specialty in Ecuador. I found a firm that I am very comfortable with. The attorney will guide you through all the aspects of the purchase, to include finance information. Ecuador is not the US, and there are a miriad of issues to contend with.... you'll want a good attorney.
Good Luck in your journey.
Neil

amyf Guest

0POSTS

13 years ago

I was able to write a check from my US account.

ZenSPIKE Serial expat

826POSTS

13 years ago

Amy,
As I am coming to understand, that is the way most expats handle their banking in Ecuador. They deposit a check written on their US account to themselves, and then deposit into their bank in Ecuador. Saves on wire fees. All you need to be concerned with is having enough funds initially in your account in Ecuador to cover the aprx. 2 week lag time until the check clears from the states. Also, I guess that's where your ATM card comes in handy from the US.
As was your experience, the folks I was dealing with were willing to accept my personal US drawn check for a property purchase I was interested in.
Stay Well,
Neil

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Loving Ecuador Contributor

161POSTS

13 years ago

You were able to actually cash/ deposit the US check in Ecuador?! I would not recommend. Some folks waited over three weeks for clearance to have them turned down at the end due to "impossibility to verify personal info or signature".
How long did yours take to clear? Lucky Amy, good for you