
There is no escrow process in the country of Nicaragua, so all transactions for real estate are handled through an attorney.
There are plenty of choices if you need to get an attorney in Nicaragua. I would definitely look for their reputation and ask for references. There are plenty of reputable attorneys. Getting an attorney is one of the things that you would want to price shop for. I would recommend to people that “cheap” is not best here in Nicaragua, especially when it comes to professional services.
When purchasing property, one of the biggest concerns that a potential buyer would have is making sure that they have the registry of the property dating back to 1979, in order to get comfort that there weren’t any illegal transactions. During the Civil War, there were some possession rights and issues during specific times in Nicaragua.
The main thing that I have to explain to people when buying property in Nicaragua is that it is Fee Simple Title. They do own it. It has been a common misconception in Latin America that everywhere is like Mexico, where it is a 99-year lease. That is not the case here in Nicaragua.
There are title insurance companies that have been in Nicaragua. First American Title is one of them but unfortunately, they ceased operation not only in Nicaragua but also in all of Latin America. I have been in close communication with other title companies such as Stewart Title this is looking to come in to Nicaragua. Having title insurance would definitely help the comfort level as far as buying property for foreigners and for expats. Right now, making sure the title is good is done through the process of getting an attorney, reviewing the history of the property of more than 30 years, and then getting a certification that the property has a clean title.
(Nicaragua coffee farm, pictured.)