Nicaragua-Realty.com

The Spanish name for this document is Promesa de Compraventa de Terreno.

This is a binding legal contract between the Buyer and Seller of property.

1. In this contract the two parties agree to complete the transaction of purchasing and selling the property.
2. Often the deposit money is paid upon signing of this document.
3. It is imperative to include all important factors of the sale in this document. For example: Any furniture or equipment that should remain with the property must be mentioned here.
4. The time line of the transaction is noted in the Promesa de Compraventa de Terreno.
5. A good lawyer will insist on registering this document at the Registry Office in order to protect his/her client in case the other party defaults on this promise.
6. It is common to include a penalty clause in case one of the parties defaults.

The Promesa de Compraventa de Terreno is one if the most important steps in any real estate transaction in Nicaragua. Unfortunately many sellers or buyers treat this as a routine document and fail to include the important details.

Do not expect most lawyers to tell you what should or should not be included in this document. It is their job to include what they are told to include. No more, no less. Their job ends there unless one of the parties request unusual items to be included in the agreement. Most lawyers will advise you if specifically asked how best to include these items. It is always advisable for the buyer to hire the attorney who draws up the Buy - Sell Contract.

Please contact us should you have specific questions or require our services.