p>When buying Costa Rica real estate, it is always important to have a trustworthy lawyer and real estate agent working with you, but it is also wise to know the process of purchasing Costa Rica real estate for sale so that you can understand what is going on and better manage the transaction to ensure your Costa Rica real estate investment is secure.
Costa Rica real estate property rights are important to address, to understand why it is so crucial that the transfer process be completed properly. Costa Rica real estate generates wealth in an economy because it can be owned, bought or sold and that ownership can be enforced, guaranteeing security of purchase. Costa Rica has the stability, and legal structure to guarantee that.
There is still some Costa Rica real estate which is not yet titled, though it may be tempting if you’re offered a good deal, it is extremely risky to purchase un-titled Costa Rica real estate for sale. The problem arises because all Costa Rica real estate must be legally registered and if it is not, it does not exist under the law, and therefore the legal system will not grant ownership.
Registration of the Costa Rica real estate is the number one most important thing in Costa Rica real estate transactions, more important than the actual deed to the property. All Costa Rica real estate is registered at the Registro Publico, so you will begin your title search there and obtain the scripture, a written title document that details the property and how it is registered in the Registro Pubilco. The scripture defines the Costa Rica real estate, including whether it’s commercial or residential, the location, land size, etc. It also states the current owner. But most importantly it outlines all liens, mortgages, or other encumbrances against the piece of Costa Rica real estate.
Once you have verified the title on the Costa Rica real estate for sale and checked for any problems, the seller will provide the buyer with two tax documents. The first is a copy of the tax receipt, showing that all taxes and registration fees have been up to date and the second is a tax clearance certificate issued by the Municipality where the Costa Rica real estate is located. Now you are ready to have a notary draw up the sale agreement as a testimony, or public deed. The notary should work for both the buyer and seller and should not be biased.
On the day of the closing you are required to present proof of payment on the Costa Rica real estate for sale to cover several taxes and duties involved in the purchase transaction.
Once your deed is registered, you can request an original copy of the deed or a copy of the closing document with the seals showing the registration for your own verification and records. In addition, your Costa Rica real estate will have a folio real number showing you as the owner, which can be verified at the Registry.
