Ecuador: real estate concerns for expats, investors in housing development

radio-canada.ca / Benoît Giasson reported A vast project of real estate development in Ecuador raises fears, the Mirador San José, led by Quebeckers. Acts of sale are problematic, according to specialists. There are also other issues that would make this investment risky.

Many buyers were surprised when they received their deed of sale of land they had just purchased from the Mirador. The price indicated was well below what they had paid.

Jean-Pol Martin bought his land in 2014 to build a house for his retirement. He paid his land over $ 20,000, but on the bill of sale he received a month later, the price quoted was $ 1279. That’s 15 times lower.

The direction of the Mirador ensures that the process is legal; The amount indicated would represent the municipal assessment of the land. In a statement, she argues that this system was the subject of a “thorough government audit” which earned her “congratulations from the authorities”.

We consulted four Ecuadorian experts. All believe, on the contrary, that the process is illegal and that the Mirador must inscribe the price actually paid on the deeds of sale.

Humberto Moya, Vice President Federation of Notaries of Ecuador is categorical. The Mirador and the buyers “participate in tax evasion against the municipality”. They would be subject to criminal prosecution.

A lot of Canadians are among buyers. The property development project includes 1,700 lots. Work began in 2009. Seven years later, the Mirador still tries to sell the remaining 450 lots. Read Article

SAFETY, SECURITY, HEALTH IN ECUADOR – READ THIS BOOK

Development located just outside of Manta, Ecudaor