Learning and respecting local culture is essential when reaching real estate agreements in Ecuador. Whether you are renting or buying a property, clarity, documentation, and legal formality are key to avoiding misunderstandings and protecting your investment. 

All agreements should always be put in writing and notarized. Verbal promises are not sufficient when it comes to real estate transactions. A written and notarized document provides legal security for both parties and ensures that the terms agreed upon are enforceable.

Conduct Thorough Inspections

If you find a property you like—whether for rent or for purchase—it is critical to conduct a thorough inspection. Verify that the property does not have mold, humidity issues, gas leaks, or structural problems, as these can affect both your health and the long-term value of the property. Additionally, always confirm that the property is legally registered in the name of the person offering it, or that the individual has proper legal authorization to represent the owner.

At the same time, the growing number of retired foreign residents has considerably increased demand in both the rental and sales markets. As a result, competition for both rentals and purchases has intensified.

Verify Property Details

It is equally important to ensure that the property you are shown is the exact property you will rent or purchase. Details such as address, unit number, boundaries, and included features must match precisely what is stated in the contract.

Financial Safety Steps

For Rentals If you are asked to provide money to reserve a rental property, it is strongly recommended to deliver only a minimal amount and to proceed with a notarized rental agreement as soon as possible. This protects both the tenant and the landlord and prevents disputes over deposits or terms.

For Purchases When purchasing a property, never deliver funds directly to the owners without first signing a Promise of Purchase and Sale (Promesa de Compra-Venta). This legal document clearly outlines the conditions, timelines, and responsibilities of each party, ensuring transparency and safeguarding your investment before any significant payment is made.

Understanding the culture, following proper legal procedures, and working with qualified professionals will allow you to navigate Ecuador’s real estate market with confidence and peace of mind.