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Is it complicated to purchase real estate in Costa Rica? |
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Purchasing real estate in Costa Rica isn't difficult at all, if you take notice of the following process description:
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1. Search
At first, take a cup of coffee and browse through our sale offers. Either you will find something appropriate by yourself, or you tell us your desires and we will send you a portfolio of interesting and fitting proposals. To do so, click in the left frame of our website on the Request button and fill out the formulary.
If you want more information concerning a special object, you can use the contact tab which is available above each object description. Feel free to contact us whenever you like. We support you with an extensive research in order to afford a satisfying result.
You can also obtain a cadastral plan, registered by the land register. If this plan is out of date, you have the opportunity to take advantage of an approved topographer for the creation of an updated map.
Furthermore we will check the entry in the land register using the registry number (matricula de folio real) and deliver all relevant information to you.
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2. Showing and Inspection
If you seriously taking account of purchasing an object, we are going to arrange a viewing appointment. During this reunion you have the opportunity to get a picture of the object and to inspect everything with ease. Furthermore we will help you to renegotiate the price, clarify the method of payment etc. After that we let the seller know, that he shall create a document, listing all the things which are included in his offer.
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3. Buying decision
Your expectations have been fulfilled or even exceeded, you have slept on it and now you have no more obscurities or questions. You have decided to buy the object of your wish. Now the actual purchasing process is going to start.
Nun beginnt der offizielle Teil des Kaufes.
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4. Purchase
For the subscription of the escrow, an official notary has to be called. This condition has to be fulfilled in any case, if you want to purchase and register a property. The official lawyer is a neutral party by law and obligated to the interests of both, the buyer and the seller. Nevertheless, in case of cash payment, you should call for a lawyer of your choice to get involved. This circumstance assures you the lawyers trust in case of doubt. Is the property bonded to a mortgage (hipoteca) or beneficial interest (usufructos), the seller has the privilege to chose a lawyer of his choice.
The escrow will be provided by the lawyer, seller, buyer and lawyer have to sign it. The lawyer now keeps the original escrow in his dossier and a copy is handed to the land registry. It is important that the document immediately gets handed to the land registry after this process, in order to obtain a 3 month protection. This protection prohibits the registration of any other documents concerning the object.
The land registry is going to check the document, if necessary they will revise it and finally the property is going to be registered for the new owner. (Duration: 35-60 days)
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4. Payment
With the signature of the escrow, all incidental costs (object, taxes, stamp duties, courtage, and lawyer) are paid. Therefore we generally arrange a costarican account beforehand. A check of this bank is then handed to the seller in presence of the lawyer.
Our FAQ "Which additional charges do I have to pay during the process of purchase?" gives you all necessary information of the "hidden" costs that will occur. By request, we will check the registration of the escrow to the land register, so it's not only the object which is registered to the name of the new owner. Therefore we are going to obtain a copy of the final document, signed by the land register. A professional lawyer will do this routinely.
The purchase is now officially completed. When the land registry has accepted, signed and registered (inscrito) the certificate (Escritura), you can call yourself the new owner.
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