Legal Review Process
From the 11th to 13th of September Martijn travelled solo to the island of Ometepe in order to foment relationships with the various farmers and farming cooperatives who own the properties listed in the previous BLOG Update entitled ´Final Selection´.
Moreover, it was the intention to pre-empt future complications and delays to the purchasing process by acquiring copies of any and all legal documents the owners have relating to their properties thereby allowing us to commence the legal background check necessary before signing-off any future deal.
Martijn was able to spend considerable time with members of the farming cooperative who own property #1 as well as the two private owners of properties #3 & 4. He was also successful in obtaining copies of all the legal documents pertaining to their property titles. These are currently being reviewed at the provincial Registry office by Casa Tortuga´s legal representative in Rivas. Property #2 is owned by a member of the Flores family who are the more affluent private owners of large tracts of land in the area surrounding Santa Cruz and as such legal complications are least likely for this property. Property #5 is owned by private individuals who are not in possession of a typical legal title but can obtain one if and when we decide to enter into serious negotiations on this property.
With Nicaragua celebrating its day of Independence on the 14th of September the country is enjoying a long 4-day weekend. On the 17th of September, the full team will travel again to the island to commence negotiations with at least 2 owners in an attempt to come to some preliminary agreement. Results from the title reviews are expected midway through the coming week.
It should be noted, this will only comprise the first step in the legal title check process. Title checks by at least one other well respected law firm in Nicaragua is also required.
Moreover, it was the intention to pre-empt future complications and delays to the purchasing process by acquiring copies of any and all legal documents the owners have relating to their properties thereby allowing us to commence the legal background check necessary before signing-off any future deal.
Martijn was able to spend considerable time with members of the farming cooperative who own property #1 as well as the two private owners of properties #3 & 4. He was also successful in obtaining copies of all the legal documents pertaining to their property titles. These are currently being reviewed at the provincial Registry office by Casa Tortuga´s legal representative in Rivas. Property #2 is owned by a member of the Flores family who are the more affluent private owners of large tracts of land in the area surrounding Santa Cruz and as such legal complications are least likely for this property. Property #5 is owned by private individuals who are not in possession of a typical legal title but can obtain one if and when we decide to enter into serious negotiations on this property.
With Nicaragua celebrating its day of Independence on the 14th of September the country is enjoying a long 4-day weekend. On the 17th of September, the full team will travel again to the island to commence negotiations with at least 2 owners in an attempt to come to some preliminary agreement. Results from the title reviews are expected midway through the coming week.
It should be noted, this will only comprise the first step in the legal title check process. Title checks by at least one other well respected law firm in Nicaragua is also required.
posted by Totoco Management at 11:34 AM
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