Tuesday, June 19, 2012

Costa Rica Real Estate Law

Costa Rica Real Estate Law

One of the things that can make purchasing Costa Rica real estate so difficult is the many small details in Costa Rica real estate law. Many of these can make or break your closing as well as reduce the worth of your property down the line if you are not careful. Whether you are a small investor looking for a piece of property in Costa Rica to retire on, or a large investor looking for properties in Costa Rica to purchase and develop, you need to know about a few small laws that will determine the future of your real estate investments. 

First of all, pretty much most investors want a piece of the beautiful Coast Rica beach front real estate. However, getting around the maritime law can be difficult and confusing, plus it involves a large amount of funds and time to actually purchase a chunk you can own. Even then you will only own 49%, so you had better really have your heart set if you want maritime property. Otherwise, you might consider some other prime Costa Rica real estate that is set a little further back along the coast. Ask about the titled beach front properties in Jaco, these are fully titled and do not involve concession laws. It is important that you talk to a qualified real estate agent because the nuances of what you can do and what the law says, can be entirely two different things despite your next door neighbor actions. 

Second, you need to know that it is possible to get handed a bad title, and even a property sold with the wrong deed. Working with part time real estate agents will give you part time results. It the title of your property begins to display problems you can watch these disappear when issues are caught in the government processing of your Costa Rica real estate transaction. So employ a reputable lawyer and real estate agent you can trust from. Use some common sense when choosing an agent, work with someone who has demonstrated successful real estate transactions with satisfied clients. It is not hard to find these agents as clients usually are all too willing to give a reference or referral.
Required Documents to buy Costa Rica Real Estate:

    Costa Rica Real Estate
  • Foreigners must have a valid Passport or Proof of Residency card. Costa Ricans must provide their ID
  • Corporations must be duly registered in Costa Rica and the legal representative must provide the corporate card and a certificate of incorporation in good standing.
  • A Municipal Certificate from the local Municipality must show that taxes are paid and that the seller has no debts within that municipality.
  • A Cadastral Survey, duly recorded in the National Register, is necessary for each Costa Rica real estate property transaction.
  • Real Estate Property Registry Report showing that the property is free of liens, mortgages, annotations and encumbrances.
  • A power of attorney may be used if one of the parties will not be present at the time of signing the sales documents.
If you are interested in finding a property in Costa Rica contact Costa Rican Real Estate and let the team of professionals help you achieve your goals of owning a piece of Costa Rican paradise. Visit us at http://www.costa-rican-real-estate.com

1 comment:

  1. Very interesting blog giving the details about real estate law.i did get lots of good points from here. thanks for sharing.

    Jeffrey T. Angley, P.C.