Ecuador
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Capital: Quito
Official: Spanish
Recognized regional languages: Kichwa
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Email: E
Telephone: 1
Website: W
Competent administration: National Service of Intellectual Rights (SENADI) Web site address: http://www.propiedadintelectual.gob.ec Address: Av. República N° 396 y Diego de Almagro Edificio FORUM 300, Piso 1 Quito Telephone: (593) 2 3 940 000 Ext. 1600 E-mail address: rarodriguez@iepi.gob.ec scevallos@iepi.gob.ec Title and name of head: Director General: Mr. Pablo Santiago Cevallos Mena National Director of Copyright and Related Rights /Director Nacional de Derecho de Autor y Derechos Conexos: Mr. Ramiro Rodriguez Medina
The owner or broker in charge of the sale of the property will send you the following documents:
Certificate of assessment: (Source)
This document verifies if the property is free of mortgages, liens (embargos), or other potential limitations . This certificate is a brief story of the property (be it home, building, land, etc.) and the names of their owners. Thus, the Legal Registral Security is verified.
You can request it online.
If the property is new, the Property Registry recommends that the real estate project has the respective plans registered or approved by the Municipality of Quito and, if it is a property within a condo, that the declaration for horizontal properties is approved (Source).
The municipalities collect an annual tax on rural and urban properties called “Taxes on urban and rural properties”. The tax is based on the official value minus some deductions. Rates are relatively low. If a taxpayer has several properties, the values are grouped by municipality, and the rates are applied to the total value per municipality (Source).
Certification of payment of common expenses (administrative fees in the horizontal properties) (Source). This document certifies that the owner has paid all the costs of maintenance of common areas, administration and security of their property located in a condominium building or any horizontal property up to the respective date (Source).
What are the necessary expenses for the process of buying and selling a property in Ecuador? The values are stated in US Dollars because it is the current Ecuadorian currency with the highest circulation.
- The mandatory expenses are:
- Seller:
- Certificate of assessment: USD $ 7 (per property) . This process takes 6 business days. To request it, you must complete Form RPC-01 section A (you will find the format template in “Downloads”.
- Tax on utilities (transfer of ownership) 0.5% On the value of the property.
- Registration of the property.
- Exercise Tax: 1% of the real estate value .
- Inside the table: “When the appraisal exceeds US$ 20.000 it is charged the amount of US$ 200.00 plus 0.75% for the excess value”
- Optional expenses:
- The appraisals are charged depending on the value of the property:
- Up to $ 1,000,000.00: 1%
- Up to $ 1,000,000.00: 0.9%
- Up to $ 2,000,000.00: 0.8%
- Up to $ 5,000,000.00: 0.7%
- Up to $ 10,000,000.00: 0.6%
- More than 10.000.000.00: 0.5%
Translation costs, if necessary, will be paid by the person who hires the translator.
source: https://www.google.com.ph/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjUyK_XsOneAhWFzoUKHQVGDV8QjRx6BAgBEAU&url=https%3A%2F%2Fwww.internations.org%2Fecuador-expats&psig=AOvVaw0av6n9IN7wZtCQIXkCfUYe&ust=1543023505735624