Costa Rica is a paradise on Earth nestled in the isthmus between the Pacific Ocean and the Caribbean Sea. The soothing atmosphere of this picturesque country filled with lush greenery and vegetation lures people from all around the world to come here.
Costa Ricans, by nature, are warm and friendly people. They are very open and welcoming towards all. The crime rate in Costa Rica is much lesser that the other Central American countries. The prices of real estate are also very affordable in the magnificent country. Hence, people from all around the world, from all walks of life, rush to Costa Rica to find themselves a small piece of paradise. This article will guide you through certain steps while purchasing real estate in Costa Rica.
Before you proceed to purchase a property in Costa Rica, it is suggested that you avail the services of a local Costa Rican also called a “tico” who can help you with this process end-to-end. This is because; the locals quote different prices to “ticos” and “gringos” (foreigners). The price quoted to a “gringo” is nearly twice the price quoted to a “tico”. Hence, if you want to end up with a good deal, it is worth investing to avail the services of a “tico”.
After you have entrusted the “tico” with the responsibility of getting you a good pricing on the property, the next step is to decide on a property that you are interested in buying. Post making the decision, confirm with the owner, if he/she will sell you the “ownership rights” or “occupation rights”. If the owner will give you the “ownership rights”, then, the entire process is a cakewalk. However, the process is extremely long if he/she wishes to give you the “occupational rights” since it means that there is not definite owner for that property.
The best way to ensure that the property you are interested in buying has a definite owner is by looking up in the “Folio Real”. “Folio Real” is a centralized system which stores the title details of all property owners in Costa Rica. This information can be obtained from the offices of Public Registry which are in the capital of Costa Rica, San Jose.
If you are unable to find any result by running a search in “Folio Real”, then, look up for the details in special books, which store registration of some properties which are very old. In case, if searches in both these don’t yield results, then, it means that the property has not been registered and there is no definite owner for that property.
After you have successfully managed to find the title details of the property in either “Folio Real” or the special books, you should check to see if all the taxes due on that property are paid. If they have not been paid, it may cause concerns for you in future. Also, ask for the home insurance documents and check them.
The last step to ensure that the property will be legally yours is to avail the services of a local attorney who can guide you through the process of registration. The attorney will draw up a sale deed for you and the seller to sign on and successfully execute the sale. It is suggested that you select an attorney who is also a public notary because once the sale is completed; the attorney can go ahead and update the details on “Folio Real” so that you are reflected as the new, legal owner of the property.
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