Your worry free steps to purchasing your home!
If you’ve never purchased land in a foreign country before, the process might seem a bit daunting. The Ceibo Valley legal team will help you each step of the way if you decide to purchase a home in Ceibo Valley.
At the present time you can choose between booking a Discovery Tour to visit Ceibo Valley, arranging a visit to the project with a member of our sales team while you are in Ecuador or signing a Promissory Sales Agreement prior to visiting Ecuador. Booking a Discovery Tour with Ceibo Valley takes the guess work out of what to expect when visiting a foreign country. Click here to learn the benefits of booking a Discovery Tour.
If you would prefer not to book a Discovery Tour, you are most welcome to contact us and arrange for a member of our sales team to take you to see Ceibo Valley. Since the choice of lot or condominium unit location cannot be reserved and pricing is subject to change, there is the option to sign an agreement without having to visit Ecuador. In this case, we enter into a Promissory Sales Agreement which guarantees your home and pricing. Once executed you would make the initial payment per the contract.
Whether you decide to take advantage of the Discovery Tour or not, once you decide to purchase a home at Ceibo Valley there are three options available to you to secure your home purchase. For a contract to be legal in Ecuador you must be present in the country and sign the agreement in front of a notary, sign the agreement at an Ecuadorean Consulate, or sign through providing a Power of Attorney.
Once the Promissory Sales Agreement is signed and notarized, we will require you to make the initial down payment as outlined in the payment schedule. A term will be defined within the Promissory Sales Agreement for delivery of the public deed to your home or condo. Further, if you purchased a home lot, you will also be signing a construction contract as part of the Promissory Sales Agreement which outlines the terms of the construction of your new home.
Property Deed and Title Transfer
At the time of final closing, the Ceibo Valley legal team will provide you with a deed (escritura) for your property. The team will provide all title transfer services and record your deed. The buyer is responsible for all closing costs.
You are responsible for property taxes of your lot from the date of purchase. The local municipality will review the value of the property and provide you with the amount payable for your property taxes. There is a process involved but don’t worry, our legal team will assist you.
Ceibo Valley Homeowners’ Association (HOA)
When you purchase a home at Ceibo Valley, you automatically become a member of the Homeowners’ Association, for which there will be annual dues.
The Homeowners’ Association is a non-profit Ecuadorian corporation. It establishes and administers rules governing the community and forms an architectural control committee to review building plans for homes that are not pre-approved.
Annual dues are used for improvement and maintenance of roads and common areas, administration, security, and insurance, among other expenses. Dues will be paid monthly or annually on a date determined by the association.
While homeowners pay one fee and are required to maintain their own house, condominium owners would be required to pay both the HOA fee and a second fee related specifically to the maintenance of their condominium building. All three floor condominium buildings will be grouped together, and all six floor condominium buildings will be grouped together. These fees would cover maintenance and repairs to each respective group of condominium buildings much like individual homeowners must pay for maintaining their individual house. By grouping types of buildings together, it reduces the risk that one building’s homeowners would have to come up with a large individual special assessment. And example would be if an elevator needed to be replaced.
Electric bills, phone, water, and internet would be paid by the individual home or condominium owners. Trash collection would be covered by the HOA’s. A small portion of the HOA fee subsidizes the maintenance of nature reserve, golf course and equestrian center. This fee is to ensure that these areas are maintained at the highest standard and even though not everyone uses these facilities, they all benefit from their existence and quality.