Costa Rica real estate trends there are some things that you really should know about before you invest your hard earned money in a property in this area.
Costa Rica real estate, retirement property, investment property,
Wednesday, July 4, 2012
Finding Certified Real Estate Broker in Costa Rica
TheCosta RicaChamber of Real Estate Brokers (CCCBR) is a self-regulating institution, founded in 1974, with a
goal of providing consistency and integrity in those who conduct real estate
brokerage services withinCosta Rica. TheCosta RicaChamber ofReal Estate Brokers, while not under national regulation, adheres
to a strong ethics code and actively advocated for the requirement for all
brokers to obtain a real estate license. Costa Rican law does
not require that a real estate broker have any certification so it is important
to incorporate your own good judgment when selecting the criteria that you find
to be vital in deciding whether a potential broker is qualified to represent
you in the buying process. Membership in this
group does not guarantee the knowledge and expertise that you may deem requisite
for an individual to represent you in a real estate transaction.
It is not mandatory to have
broker representation when buying Costa Rican real estate. If you are
well versed in Costa Rican property law,
assessing property value, and speak fluent Spanish, it is possible to go it on
your own. However, a good broker with experience, a track record of
satisfied clients and knowledge of the area can always help.
Sales commissions of 5% to 11%
are paid by the seller so it is important to recognize that their loyalty may
not be with you. How do you tell if someone is going to do a good job
advocating for you? Many North Americans find asking prices that are way
too high and brokers that are not as professional as they should be. Some
of the larger real estate franchises have moved intoCosta Ricaand bring a big and familiar
name. Franchises charge up to $30,000 formembership, annual dues of up to $500, a brokerage service fee of
2% per successfully closed real estate transaction, corporate overhead and
advertising fees and regional advertising fees. All of these costs must
be recouped and the burden is placed on their buyers. There is no
legitimate affiliation between owners of the franchises and you can easily find
one who is unethical and under-handed in their dealings.
So if you cannot rely on
certification or big named companies where do you go? The answer is to
use some of these perimeters like certification with the CCCBR, but most
importantly incorporate your best judgment.
Judging experience, integrity
and area knowledge?
·Does your broker have formal real estate training?
·Can they introduce you to satisfied clients from the past?
·Are they Costa Rican or are they legal residents of the country?
·Are they fluent in Spanish and in English?
·Are their listings current?
·Are they a full time broker?
·Are they timely and accurate with appointments and contact with
·Do they seem to constantly sell real estate?
·Are they helping you understand the entire process? (prices,
location, contracts, financing, terms, transfer fees and legal process)
·A good broker should give you a free registered survey map of a
property of interest with a unique registration number..
·Are they asking the right questions to help you find what you are
looking for and showing you Costa Rica properties
that match your requests?
In summary it is important for
you, a prospective real estate buyer, to not only look at
certification from outside organizations, but also use your own judgment in the
certification process. A CostaRica real estate purchase is a very personal thing. The most
important criteria is your confidence that a broker will do their best for you!