We are purchasing a home we found though friends in Ecuador. We are buying the home while in the USA and the Ecuadorian owner also lives in the USA. We have an Ecuadorian price on a well built home in the Vilcabamba area.
The owner has requested that the money transfer occur between us in the USA and we have a recommended lawyer from expats in southern Ecuador.
We learned that the lawyer fee is 0.8% of the home price. We pay a "selling tax" (is that the same as sales tax) of 1%. We also pay 14% IVA or VTI tax. What is an IVA or VTI tax? Is that a national tax? We don't know yet.
Are these acceptable and expected fees and taxes?
This is new territory for us so your feedback would be appreciated.
Joel and Robin