What kind of check do I need from buyer of my property?

Submitted by colinmbill on Sat, 2009/05/02 - 23:58.

Hi, I plan to sell a property in Nicaragua without a broker. I originally bought it in cash, but don't want to travel with cash again. How is it best to receive payment from the buyer? An article by Aurora RealEstate says "The funds are simultaneously given to the seller in the form of a check with a signed receipt."

What kind of check should I require to make sure that it is good? Cashiers check? Is it different if the buyer is foreign or national?

Thanks for your advice,

Colin

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Wire Transfer into your account

Submitted by JGiraldezB on Tue, 2009/05/05 - 12:13.

Make arragements to meet your/his bank and as soon as the lawyer makes you sign title over, they proceed with the wire transfer. (all this in hopes that the buyer has a bank account? HSBC or BAC, BDF, BANPRO cashiers check is good too.....

Jorge Giraldez-Benard Latin American Advisors Company Ltd Texaco El Cortijo 1/2 C al Sur Casa 300 Res. El Cortijo, Managua, Nicaragua C.A.. e-mail JGiraldezB@yahoo.com Skype, YahooPager & MSN User name: JGiraldezB Managua Office: 011 505 8825-85

CHEQUE CERTIFICADO

Submitted by ptiffer on Tue, 2009/05/05 - 10:37.

As fly said a Manager check or Cheque de gerencia is a way or it's could be a CERTIFIED CHECK; both are avaibles in any bank of Nicaragua.

The buyer must give the money to the bank and the bank will print in your name; that prove the money was already pay.

Another was, is an Escrow Service, you can check:

http://www.nicaliving.com/node/7831

Best regards

Paul Tiffer Attorney at Law ptiffer@cablenet.com.ni

Cashier's checks can "bounce"

Submitted by kevins on Thu, 2009/05/21 - 11:45.

I'm not sure about down there, but here in the US a cashier's check or money order is NOT as good as cash. They can't really "bounce", because they are prepaid. However, if they turn out to be forged, or if the other bank is out of business, or some other unexpected event, you won't get your money.

Cash should work. I would think a bank wire would work. Down there, I would be overly paranoid and try to think of every possible thing that could go wrong.

Cash is king

Submitted by fyl on Sun, 2009/05/03 - 06:03.

Cash is the most typical as you probably know. I did one transaction (as buyer) with a check. It was a "Manager's check" from BDF. That was the BDF equivalent of a Cashier's check.

The process is that you go to the bank, fill out a form (ok, about three) that says you want the money taken from your account and you want a Managers check made out to whoever. The check is then given to you (the person who asked for it) to give to the recipient.

That said, if you don't have an account in Nicaragua to put it in, a wire transfer seems like it would make more sense. But, it would seem a bit harder to coordinate the hand-off. I suggest you go to one of the "real banks" here and see what options they offer.

If you are selling without a broker or responsable aget

Submitted by nicareal on Fri, 2009/05/22 - 18:36.

I agree with fyl! CASH IS KING!

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