This summary provides a brief overview of what is involved in your purchase of one or more lots in the Terramar project located along Nicaragua's unspoiled Pacific coast. Offered by Rancho Buganbilia, S.A., (RBSA) information is provided at the bottom of this page.
Once your lot reservation is made, the RBSA's legal counsel's office will prepare a standard Sales Contract and fax or email it to your attention. After your review and approval, the contract should be signed and returned along with a non-refundable deposit of US$1,000.00 per lot being purchased. Upon receipt of the Sales Contract, RBSA will begin the paperwork necessary to transfer title to you. This process takes approximately (30 -60) days. Once completed, you will be directed to forward the balance of the purchase price to RBSA. RBSA will in turn provide you with a copy of your escritura (deed) to the property.
At closing, you will be required to pay the full balance due. In addition to the purchase price, closing costs include 2% of the purchase price for local counsel fees and a non-refundable water system deposit of $500.
You have several options for signing the deed on behalf of yourself or your corporation. You must be physically present in Nicaragua to sign any legal document. If your schedule does not permit your physical presence in the country on the closing date, we suggest you leave a power of attorney with your legal representative prior to departing the country. A POA can also be obtained and executed upon your return to your home country, authorizing your legal representative in Nicaragua to sign for you, but it is a more lengthy and timeconsuming process. RBSA recommends that you either sign the contracts yourself when in Nicaragua or sign a POA with your legal representative before you leave the country.
Title & Taxes
RBSA, the developer, will give you a recorded deed ("escritura") after you have closed on your lot(s).
Under the terms of the contract, you agree to pay all taxes due on your lot from the date you purchase it. At present, typical annual property taxes for a lot are 1% of the declared value of the property.
Title Insurance
Terramar is in the process of obtaining a master title insurance policy on the property. Title insurance for individual lots can be obtained separately through First American Title. Contact information for First American Title in Nicaragua is:
Turalu Brady Murdock
Vice-President/Counsel
First American Title Insurance Company
Latin America/Caribbean Division
13450 W. Sunrise Blvd., Suite 300
Sunrise, FL 33323
Tel: (954) 839-2900, ext. 188; toll free: (877) 641-6767 Fax: (954) 838-9228
First American Title Insurance Company offers its International Policy of Title Insurance insuring land in Nicaragua. This Policy is in English, in dollars and is issued directly by First American in the US, so that all claims are made directly to First American. It is a policy very similar to the ALTA Policy.
In order to offer this service we rely on a network of local approved attorneys. The attorneys prepare for us a specialized Title Opinion and obtain copies of the chain of title documents for us. All underwriting and policy production is handled by this office of First American.
There are two costs for an International Policy. The first is the attorney fee for the Opinion. This fee is negotiated and paid for directly by you. If you are already using a local attorney who is not on our approved list, we may be able to approve them after reviewing their resume. I am attaching a list of approved attorneys for Nicaragua.
The second cost is the title insurance premium. I am attaching our title insurance rates to this email. We have a minimum title premium of $750 that will give you coverage up to $150,000.
In order to start the title insurance process, please complete the attached application and email or fax it to this office.
The Lot Owner's Association
When you purchase land at RBVSA, you automatically become a member of the Owner's Association, for which there are annual dues. The Association is a non-profit Nicaraguan corporation, governed by a three-person board of directors who are elected by members of the Association (i.e. the lot owners). Some of its most important areas of concern are maintaining and repairing roads, establishing rules governing all aspects of association functions, and appointing members of an Environmental Control Committee formed to review all building plans for homes built in Terramar.
Annual dues are used for items such as improvement and maintenance of roads, payment of Association property taxes, security and insurance, among others. The annual assessment is payable by lot owners on October 1st of each year, or at some other date as decided by the Association.
For Your Protection
Terramar is safeguarded by a number of covenants and restrictions that have been placed on all of the lots within the development. These are designed to assure your enjoyment and protection of the land, and do the same for your neighbor.
Home Building
You are not required to build on your lot.
Recommended Attorneys
Attorney Fees can range anywhere from 1% to 2% depending on the attorney. Below is a list of Attorneys approved by First American Title Company. The list is included below, or you can download the PDF file, First American Title - Approved Attorneys.
First American Title Insurance Company
LIST OF APPROVED ATTORNEYS
NICARAGUA
Lic. Terencio J. García Montenegro
*García & Bodan
Del Restaurant La Marsellaise
1 ½ al sur No. L-15
Managua, Nicaragua
Tel.: 011 (505) 270-5008; 270-9902; 270-9931
Fax: 011 (505) 278-0928
Email: terencio@garciabodan.com.ni
Dr. José Evenor Taboada A.
Lcda.. Xiomara Valverde S.
*Taboada & Asociados
Del Hotel Intercontinental 4c. Al Sur
Managua, Nicaragua
Tel.: 011 (505) 266-3196; 268-3839
Fax: 011 (505) 279-9277
Email: Jetaboada@taboadayasociados.com
xvalverde@taboadayasociados.com
Dr. Francisco Campos Tercero
Lcda.. Martha Campos
Oficina Legal Campos & Campos
Km. 13, Carretera a Masaya
200 mts. Al Sur m/d
Managua, Nicaragua
Tel.: 011 (505) 266-4729
Fax: 011 (505) 264-1008
Email: camposyasociados@cablenet.com.ni
Dr. Fernando Somarriba de Valery
*Carrión, Somarriba & Asociados
Colonial Los Robles, No. 45
Del Hotel Colón, 2 ½ Cuadras al Sur
P.O. Box 2422
Managua, Nicaragua
Tel.: 011 (505) 267-1020; 267-2003; 267-2005
Fax: 011 (505) 267-1005
Email: carmoral@tmx.com.ni
Francisco Ortega
Hueck, Manzanares, Ortega & Sánchez
Altamira D’Este – Rotonda Madrid No. 235
De la Distribuidora Vicky 1 c. al Sur 1 c. Arriba
P.O. Box 2813
Managua, Nicaragua
Tel.: 011 (505) 277-0485; 278-6349; 278-3821
Fax: 011 (505) 278-3820
Email: hueck@nic.gbm.net
Dr. Modesto E. Barrios J.
*Barrios & Associates
P.O. Box 4874
Managua, Nicaragua
Tel.: 011 (505) 278-0019
Fax: 011 (505) 278-6576
Email: barrios@ibw.com.ni
Francisco Xavier Barberena Meza
F. Barberena y Asociados
Modulo A-16, Edificio Málaga
Plaza España
Managua, Nicaragua
Tel.: 011 (505) 266-7421
Fax: 011 (505) 266-0275
Email: iprabar@ibw.com.ni
Lic. César Vega Masis
*Despacho de Abogacía y Notaría Pública
Bavinic, 1 ½ Cuadra al Lago, Contiguo
Distrito 2, Alcaldía Managua
Managua, Nicaragua
Tel.: 011 (505) 266-2403, 266-3691
Fax: 011 (505) 268-7080
Email: danp@cablenet.com.ni
Manuel de Jesús Cárcamo Gutiérrez
Bufete Jurídico Cárcamo & Asociados
De la Pizza Hut 1 c. al Este
Rivas, Nicaragua
Tel.: 011 (505) 453-3191
Cell: 011 (505) 088-36396
Email: manuelc61@yahoo.com
