There is no Multiple Listing Service (MLS) in this country and reporting the property sales amount to the government (for tax purposes) is not often accurate. Thus, reliable sales data are absent.
Unlike the United States, there is no law or licenses for someone selling real estate; anyone can be a real estate agent–although few are Realtors (requiring real estate licensing and organization membership). By tradition, most agents do not have “exclusive listings,” meaning that the seller can approach as many companies as desired (or agents can approach sellers) to help sell the property. Agents are also not bound by laws of agency for buyers (found in the US) requiring them to represent a “client” with care and diligence, respecting confidentiality of the client and following the client’s instructions, demonstrating client loyalty, or accounting for documents and money (e.g., escrow).
Since Dr. Sears is a Realtor and licensed broker with Agent Owned Realty, based in South Carolina, he follows all applicable state real estate laws and is bound by the Realtor Code of Ethics. So, for example, if he is helping you find a property, he is legally bound to follow laws of agency. If he has any relationship with the seller, this must be disclosed and he cannot negotiate with the buyer for a higher price set by the seller and then pocket the difference–something that is not unheard of in Central America. In short, he places his client’s interest above all others.
The real estate transaction process also differs from the United States. In part, this is because this is a Civil Law country (like the state of Louisiana) as opposed to a Common Law country. The role of the attorney, the process of titling property, and so forth may be quite different from what you have experienced in the United States.
Below are links to documents that provide some additional information.
* Basic Outline of Real Estate Buying Process in Nicaragua
* 2009 Nicaragua Real Estate Data
* Basic Outline of Real Estate Taxes in Nicaragua
* Detailed Outline: Due Diligence, Purchase & Registration Process for Real Estate in Nicaragua