I have no knowledge of the quoted case and my comments below absolutely do
not in any way represent a reflection on the parties or the processes that
were used. There is no criticism in my words. I only want to mention something
in general from my perspective as a real estate broker in Honduras for 36
years.
We see many interesting behavior patterns among some prospective real estate
buyers in Honduras (both mainland and the Bay Islands).
1. Many relish the idea of not using a real estate broker, exploring for
their own great "bargain" because they are sure the broker has the properties
over priced or "gringo priced", doing their own groundwork, interfacing with
attorneys recommend from a new friend at the hotel bar, etc.
2. Many pick a broker at random without any request for a resume---its
based on did I find the broker first, or did he respond quicker than the others,
or is he real friendly. I bet you that one out of a hundred people that
write us NEVER ask for any background or history or experience. If the broker
can party with them, the better. Would you have heart surgery in this fashion?
3. Many people who have purchased property, after you talk to them, don't
understand Honduran corporations, bearer shares, Constancia Catastral,
Constancia de Libre de Gravamen, Escritura Publica, Domino Pleno from the
Municipality or from INA, updated surveys with engineer's stamp, etc. If they don't
understand these concepts, how can they have purchased a $500,000 property. Do
they know that the municipalities on the mainland will issue a certificate
showing the name of the person they have as title holder. But, the
municipality doesn't have any contact with the registrar's office and so if title
changed hands twenty years ago and no one brought the new registered document to
the municipality, the municipality will have an incorrect name as owner. Do
they know that the registrar's office on the mainland will issue a certificate
as to the last recorded title holder and any liens or encumbrances
registered with that property? You can't rely solely on this, but combined with an
abstract and title opinion from a qualified attorney and reviewed by a
qualified broker, your risks are hugely diminished.
I can tell you there are more tragic cases out there regarding Honduras real
estate than people even realize. Point is, that the right, educated,
experienced Broker is worth his weight in gold to you to provide a check/review on
all of the processes involved in safe real estate acquisition. At least
consider using the right broker as your Buyer's Agent for a reasonable fee and
make sure what he is doing for you explicitly is set forth in writing. Any
Broker who can't give you an impressive experience, education and background
summary, that is verifiable, isn't the right one to use. Remember there are
absolutely no licensing laws, ethics rules, etc. in most of Honduras and
yesterday's delivery man can be today's broker with a charming smile.
Kent
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