Property Buying Guide in Costa Rica

Print
Category: Health and Fitness
Published Date Written by Catherine Molski

Foreigners and Costa Ricans enjoy the same rights when buying property in Costa Rica. The same restriction is imposed for both foreigners and locals. The maritime zone is 200 meters along the beach line is state-owned and it is restricted place for property purchase. The Public zone, 50m from the shore is protected for any development process. You must choose a reliable Costa Rica Realty, who follows the Costa Rica Real estate standards and support you in buying a suitable property without any problems in future.



In the restricted zone, private persons can acquire property but leasing is not granted to foreign persons in the restricted zone with less than five years of residency in this country.

 

A company or corporation with less than 50% of shares possessed by foreigners is eligible for concession. The general practice is to equally share the closing cost by the buyer and the seller. This price is only valid for the Title property and not to the beachfront property.

 

The legal fees of the property depend on the properties selling price and not based on its declared price. It is the general practice in Costa Rica that to register a property at a value at a lesser amount than its actual sale price. Only after execution of a transfer deed from the seller to buyer before a Notary public, who is responsible for drafting the transfer deed and also to record the property in the public registry. The public register can be accessed in online to register the property details.

 

The legal practice relating to properties in Costa Rica states that the entire documents relating to real estate property should be registered in the public registry under the property section. When registering the property title, a registration number called folio real is given, and the records can be easily searched with this number or using name index. The details available in the public registry includes the name of the title holder, tax appraisal, boundary lines, mortgages, tax appraisal, liens, recorded easements and other recorded instruments that could affect the title.

 

Costa Rica country follows the principle of First in time, first in the record. The recorded instruments which are presented to the public registry will be given priority based on the date and time of its registration. Sometimes the situation will be totally different where the Public registration record will not be completely sufficient to reveal the entire encumbrances.

 

You must know the importance of selecting the notary public. The custom in Costa Rica is the either a buyer or seller can pick the attorney/notary to plan the transfer deed when paying cash for the property. When financing the purchase price, you have three options to choose the notary. Based on the percentage of financing for the property the practice differs. Being a foreigner, you must be aware of all such practices followed in Costa Rica well before purchasing a property. You must also ensure that the attorney is familiar with the local law practicing in this country.

 

Copyright 2011. Joomla 2.5 templates free. Custom text here