The new regulations on the Ecuadorian Commerce Act update some laws including the realtors law published in 1984, some of the changes include:
The contract with a realtor must be held in writing and signed by the parties, the contract will include its length of duration of the contract and having specified clearly the realtor´s fees.
Realtor are obligated to:
1.- To not be part of a contract where a comission agent defined by the Commerce of Ecuador is acting as exclusive sales representative;
2.- To promote or sell real estate property, without enough economic assurance/warranty from the developer or the seller for its completion. This means the Realtor will have to make the due diligence in order to confirm the seller/developer has enough funds to successfully complete the project.
3.- To promote or sell real estate property at the planning stage (OFF PLAN) of a project (Condo, urbanization, etc), without making sure the developer has formed/created a trust (fideicomiso) to guarantee the project termination or the reimbursement of funds if the case arise.
4-. To communicate all the circumstances and conditions of the real estate property to the interested buyers, especially all the information which will have a significant impact on the decision of the possible buyer.
5.- To keep the records of all the transaction handled by the realtor including the name, address, date, value (sales price) and the exact description of the properties.
If you have questions about hiring a realtor email us at firstname.lastname@example.org to learn about your rights as client / seller / renter.
The EcuaAssist Team
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