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Build an In-Country Network of Reliable Contacts
When shopping in the United States, you entertain any conversation about the purchase of a piece of real estate taking many things for granted, as we've been discussing. You're confident not only that you don't have to worry about things like history of ownership and promised future amenities, but also that in the event something goes wrong, you'll have some recourse. You assume that you could file your grievance with some oversight agency. Worst case, there'll always be somebody you could sue, right?
There's no Honduran government agency that regulates the sale of real estate to foreign buyers, and how are you going to sue somebody in Nicaragua? You aren't. So you need to make sure you don't end up in a situation where that seems to be your only option. How do you do that? You engage a good attorney to protect your interests.
Your attorney is your most important ally when buying, selling, or renting real estate in any overseas market. Although you might buy real estate in the United States without ever thinking of engaging an attorney, I suggest that you never buy real estate in another country without first thing, before you do anything else, finding a local attorney you can trust who speaks real English, who has experience working with foreigners, and who, critically, works for you. Your attorney should not work for the seller or the property developer, but for you and sharing doesn't count. If you're sharing an attorney with ...
