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Housing in Nicaragua
 
 
 

Buying a Property

Much has changed in Nicaragua in the last ten years and the purchase of real estate is no exception. Anyone can buy real estate property in Nicaragua. However, the lack of clear title on some properties, both urban and rural, should be a major consideration for investors.

From 1979 to 1990, Nicaragua had a command economy wherein a large part of the production of goods from factories and agriculture was controlled by the Sandinista government. One part of the new system was agrarian reform. Some houses and real property were confiscated from the original owners without just cause. In addition, between the months of January and April of 1990, the outgoing government, through executive decree, gave government-controlled property to individuals.

In 1990 a new democratic government was elected and some of the original owners have attempted to legally recover property that was formerly theirs. Unresolved property disputes still exist. For this reason an investor in real property must secure the services of a competent attorney to be sure that their investment has clear title. Failure to do so could result in a future legal dispute.

In Nicaragua today the construction, real estate and tourist industries are among the fastest growing sectors of the economy. Land prices are still low by western standards and good investments opportunities exist throughout the country. There is no need to be deterred from investing in Nicaragua as long as you secure the services of competent professionals.

Note: Do avoid properties that have Agrarian Reform Titles and Supplemental Titles Issued by Court Order.

Documentation

•Property Deed;
•Property History (Abstract of Title) for the last 25 years. This is obtained from the Public Registry;
•Property Map or Survey;
•History of Property Tax Payments Year to Date;
•Municipal Tax Payment History.

Legal Consideration

•Check to be sure the property was not formerly purchase through "Law 85". This law distributed luxury homes and properties larger than 100 square metres.

•Check to be sure the property was not formerly purchased through "Law 86". This law distributed smaller homes in popular neighbourhoods.

•Check to be sure the property was not formerly purchased through "Law 88". This law distributed land to poor people through agrarian reform.

•Check to be sure the property was not formerly purchased through "Law 209". This law was part of modifications to agrarian reform.

•Check that the Title and Deed meet all legal requirements.

•Check to see that the Title is properly registered in the real estate section of the of the Property Registry Office in the city where the property is located.

•Study the details and history of the property for the last 25 years in the Real Estate Property Office.

•Find out from neighbours if there are or have been any problems with neighbouring properties.

•Verify that the owner is in full possession of the property.


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