Buying property in Ecuador

Yes, A foreigner can buy property in Ecuador with no restrictions. Most transactions are fee simple fully deeded transactions, as one would be accustomed to in the USA, Canada, the UK, etc. It is not a complicated process at all, in fact, I could argue the process has more safeguards than in other countries (for example, the USA), but yet is more streamlined and less complicated. Still, one should hire a local Ecuadorian attorney to assist with document drafting and review. The process is your standard search for a property, make an offer (verbal offers are more common here), negotiate a mutually acceptable price and then as a buyer, you submit a color copy of your passport, along with contact info. The buyers attorney (usually) prepares a document known as the Minuta for the Compraventa (term used for both the contractual sales document and to signify the closing), which is to be submitted to the Notario, a public official, who serves as a neutral third party overseeing the closing process.  This document spells out what many foreigners would normally see much earlier in the process as a sales contract.  Somewhere along this time line, by mutual consent and agreement, the buyer submits a down payment deposit, if one has been negotiated. Less than 10% of my closings include deposits, because since this is a cash only market for foreigners (mostly), the transaction happens so quickly that a down payment is not required.  The attorneys review the Minuta document, make changes back and forth, and schedule a firm date/time to close with the Notario. The buyer must either ensure that certified check funds are available at closing (Compraventa) or must wire funds into the seller's account slightly in advance. On very rare occasions, a seller will accept funds wired in after the closing, but the Notario will be instructed to hold up the deed registration process, until said funds clear.  Throughout this 2-3 week process, the seller must document a long list of official documents to ensure that the buyer is receiving clear title to the property. This documentation is reviewed not only by attorneys, but also by the Notario. It is a really secure process, if one hires an attorney that understands it.  Lastly, yes, I can provide a checklist of items and a due-diligence report, but they exceed the scope/size of this forum. Anyone interested can email me at the address below.

Hector G. Quintana
IEI.Ecuador@gmail.com

Thanks for your contribution HGQ2112!

Harmonie.

Hi,
You can buy property with just a tourist visa no problems, I've done it!
It takes a long time to do any paperwork in Ecuador. It took us 2 weeks of solid work (though it was in Tena, maybe in a bigger city it takes less time). If the people you're buying the property off know the process, it's much better.
The first thing is whether or not the sellers have all their documents ready. They should already have their "escritura" or deeds to the land (if not, it could take a very long time) and ask them if they have definitely paid all their taxes with the local council.
If you're short of time, use any contacts you or the sellers might have to speed things up and bribe said contacts. That's what we did, otherwise it would've taken longer.
The notarias don't all charge the same, such as in Archidona it's cheaper than in Tena but you need some link to that city. But bare that in mind- can you use a different town's notaria if the other town charges less.
Let me know if I can help further. It was a while ago so I'm wracking my brain to remember the process in full. Obviously things could have changed since then.
Oh, it's quite normal for the deeds that you draw up to have a lower value indicated than what you'll actually pay. This is to keep down the taxes that the sellers have to pay to the council. We did this when we bought because the sellers would have had to pay so much tax otherwise that the price would have gone up. It doesn't really affect you unless you want to sell on the property again in the near future or want to apply for an investor's visa and want the ammount shown to be £25k or more.
xx

In addition to what was posted, be very careful of buying older building in Guayaquil.  If there are wooden floors or wooden beams, they are usually infested with tiny termites that are virtually impossible to kill.  All wooden beams in the roof need to be replaced with steel.  All beams and floors need to be replaced with steel and concrete. It is best to avoid any building with wood.