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Acquiring Property In Costa Rica by Brian Hughes
The process of acquiring real estate in Costa Rica is slightly different than it is in the United States and Canada. For example, there is no Multiple Listing Service, so you have to search individual agents�� listings and newspapers for the properties you want in any given location. Additionally, real estate agents do not require any special license to sell homes or property (they do not even need to be Costa Rican citizens). In other words, just about anyone can claim to be a real estate agent with little or no qualifications. Buying real estate in Costa Rica can therefore be a little tricky to the inexperienced, but it is very doable once you begin to educate yourself on what to avoid.
In order to avoid scams, the first thing you need to do after you have located a specific property is make sure that its title is officially listed on Folio Real, a computer system in the offices of the Public Registry in the capital city, San Jose. The Folio Real system organizes all of the country��s real estate holdings in one convenient location. We highly recommend utilizing this system as a first step in any property enquiry. This initial search will give you all the vital information concerning a specific property, such as previous ownership, liens, encumbrances, annotations or other issues that may affect ownership rights or the possibility of transferring the land to you. Most importantly, you need to make sure that the property is listed in the first place,[link widoczny dla zalogowanych], and that the person selling it has not been making any bogus claims.
Most land is titled and can be found on Folio Real. However, a significant portion of Costa Rican property has not been entered into the system because they have had no transfers or other transactions for a long time. These are still registered but must be searched for in person through hard-copy records at the Registry.
Property transfers require that a buyer and seller sign a deed before a Costa Rican notary public and for the deed to be recorded at the Public Registry. Notary publics in Costa Rica function a little differently and have a few more powers than their counterparts in the United States, Canada and the United Kingdom. They are required to formalize all real estate transactions.
Title searches on Folio Real properties may be initiated in the computer system, which is accessible on-line. It is highly recommended that you continue your search in person at the Registry in the manual entry system, especially when the computer search shows liens, encumbrances or other property characteristics inherited from older transactions on the land before it was transferred to the Folio Real system.
Even though the computer system may indicate a list of liens and encumbrances, a more thorough search requires the review of microfilmed or scanned documents providing the details of such finds, all of which are not accessible on-line. Generally speaking, private parties lack the legal training to be able to interpret the information accurately, safely and thoroughly, and may not perform required next steps. As such, we strongly recommend enlisting a knowledgeable professional to perform and report on the title search.
In order to avoid scams, the first thing you need to do after you have located a specific property is make sure that its title is officially listed on Folio Real,[link widoczny dla zalogowanych], a computer system in the offices of the Public Registry in the capital city, San Jose. We strongly recommend using a knowledgeable professional to perform and report on the title search.
Monterra Handles All the Title Legalities for You
Monterra��s team of real estate experts is ready to help you with each step of the title-transfer process. When you purchase a lot in either of our communities in Tambor,[link widoczny dla zalogowanych], Monterra handles the title transfer as part of the purchase price. Since we ��Title Out�� the properties, we continually inform each buyer about what is required for each stage of the title-transfer process.
Our Communities in Enchanting Tambor
We currently have two communities under development at our headquarters in Tambor��Valle de Luz and Rios del Sol. We are now selling fully-serviced lots (complete with roads, water, and electricity) from these properties to early purchasers. By getting in on the action now, you will receive all the benefits that come from accelerated property appreciation. There is no better time to buy.
Many buyers take advantage of pre-development purchasing for the investment potential, while others want to build homes right away to take advantage of our extensive waiting list of qualified renters. Some buyers are seeking a tropical retreat, while others want a new place to call ��home. �� Whatever your preference, Monterra��s developers offer an attractive opportunity for investing in this fast-growing region of the country at the best possible time.
Make an appointment today to speak with one of our expert staff members to learn how these properties have appreciated over the past few years. Start understanding why everyone who moves here starts living the pura vida, or pure life. In a matter of no time, you too can find yourself living a pura vida on a fabulous new property in Costa Rica. Visit us today at OwnCostaRica. com.
Fast Facts about Costa Rica:
The Miami Herald recently ranked Costa Rica as the 27th safest country (out of 140 profiled) to invest in��the United States, by the way, was not so far behind at 22nd.
Costa Rica has protected over 25 percent of the nation's land with conservation status.
There is more Americans (per capita) living in Costa Rica than in any other country in the world.
Did you know?
Many investors in Costa Rica are discovering the possibilities of making rental income off of their property purchases. If your lot is large enough, why not take advantage of the extra space and build a bungalow to rent out long term? If you only plan to stay in Costa Rica for part of the year, you can also take advantage of our unique rental income offers. Our waiting list for rental opportunities is constantly growing. When you speak to one of our representatives about our pre-development pricing plans,[link widoczny dla zalogowanych], make sure to ask how you can earn extra money from rental income!
Why buy from a developer?
Buying direct from a developer is the smart way to acquire property and get the best deal possible. This is especially true in a foreign market like Costa Rica��s, where there is no Multiple Listing Service (MLS) and just about anyone can claim to be a real estate agent. From day one, we at Monterra ensure that your property is ready for development and secure from hidden liens and encumbrances. Every step of the way, from the initial title-transfer process to the moment you receive the keys to your new home, we share the responsibility to see your investment through.
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