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Buying Real Estate in Costa Rica

Costa Rica Real EstateHave you ever visited a place and thought  wouldn’t it be great to live here or retire here, well that is a common sentiment when vacationing in Costa Rica. Surrounded by natural beauty, a stable and friendly country and of course, the ability to speak English are all positives when thinking of purchasing a property in Costa Rica.

The information being provided is to be used as a guideline only. It is important to seek legal and responsible council. It is important to follow the legal procedures of the country in order that you get what you paid for and more importantly what you wanted.

As a foreigner to Costa Rica, you have the same right to own property as the citizens have. There are a few precautions which need to be taken. Costa Rican real estate is not regulated so anyone can claim that they are a realtor. No license or education is required to be a realtor.  The Costa Rican legal systems is not based on Common Law as those of the US, Canada and UK. Contracts are also written in Spanish only and it is very important that you seek the services of a professional for this legal aspect of the transaction. To make sure that you are being advised correctly, you should secure an exclusive buyer’s agent agreement which will oversee the complete transaction with respect to lawyers, surveyors and engineers. This is security to ensure that what you looked at, purchased is actually yours.

Similar to transactions at home, good title can only be assured after the chain of title is determined and that the seller actually owns the property and it is clear of liens and encumbrances. This risk can also be minimized by Title Insurance which is now available in Costa Rica and can be purchased for approximately 1-2% of the purchase price. Also it is important to secure the services of an attorney and he/she should come highly recommended and provide evidence of his/her experience. Never rely on the real estate agent or seller to guide you to an attorney.

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Filed Under: Featured - Living and RetiringReal Estate

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  1. ivo Henfling says:

    You got some pretty good blogs about real estate on your site. for more blogs on real estate in Costa Rica, check http://www.godutchrealty.com

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