Hechos y acciones property purchase ?'s

Alberta Chris wrote:

I am looking to purchase property in El Valle and have found exactly what I am looking for but the hook is that it needs to be sold under Hechos Y acciones until the family estate is settled.  I would like to speak with someone who has done this or a english speaking lawyer who can explain the process and risks involved.

Chris

Dear Chris,

if the situation is complicated with multiple heirs in multiple countries, steer clear.

A simpler, straightforward property purchase is typically challenging enough for a first-time Expat buyer in South America.  A deal like this one involving an unsettled estate could possibly be a nightmare.

1.  You could keep looking for a property while tracking the progress of the estate settlement in the first deal.  In this scenario, don't put down cash on the first deal in case of lengthy delays until the estate is completely settled.

2.  You could contact Quito attorney Sebastian Cordero to evaluate the risks.  He would have to read the will or settlement-related papers, determine the heirs or post-settlement owners and their locations .. and decipher any other complicating factors that may apply.
Sebastian's email is scordero(at)rcpabogados.com ....

The key is to avoid sinking funds into provisional ownership and furnishing/updating of the property while being subject to delays, pitfalls and the type of failed deals that have bedeviled other Expats who bit off more than they could chew.

  -- cccmedia