Costa Rica property purchase is an investment that needs to be done in the most secure and safe legal environment, with the most professional legal services available. So, once you have the property in Costa Rica that you want to purchase, you might wonder ¿What do I need to know and what steps need to be taken? Well, here is some advice on how to buy your Costa Rica property.
Costa Rica property is transferred from seller to buyer by an execution of a transfer or conveyance deed before a notary public. Notaries that handle Costa Rica property transactions are responsible for supervising and preparing the execution and recording of all publicly registered documents, plus they must be attorneys.
The complexity of a Costa Rica property transaction will depend on the notary’s professionalism. It may be a simple visit to his office for a quick signature on some documents, or a process involving clear and concise purchase agreements, extensive title searches and reports on the Costa Rica property for sale being purchased, professional escrow services, owner’s and surveyor’s affidavits, prompt registry of documents, trust agreements, certified money transfers and title guarantees.
All titled Costa Rica property is registered in the records of the National Registry. The registry assigns a folio real (matricula), a permanent identification number, to each Costa Rica property that has been officially recorded.
Searching the public records will provide detailed information about the Costa Rica property such as the name of the person or entity holding the title, the location of the property, the name of the previous owner, survey number, boundary lines, mortgages or liens, encumbrances, declared value of the Costa Rica property and any other recorded documents that may affect the title.
The report will usually show an existing registered survey of the Costa Rica property, though in some cases there is no survey. Property for sale in Costa Rica can not be transferred if it does not have a registered survey and the survey must be referenced in the deed of transfer.
When the Costa Rica property that is being transferred is owned by a corporation, it is important to perform a corporate search in the Commercial Section of the registry to verify that the corporation is in good standing and that the proposed signatory has the capacity to sign on behalf of the corporation.
You can hold title to Costa Rica property in the name of one individual, several individuals or a corporation. Holding title in the name of a registered corporation gives greater flexibility in estate and tax planning, liability and overall general management.
This is just an introduction to the legal process that guarantees a secure Costa Rica property purchase. Extensive details on how to purchase your desired Costa Rica property are available all through this section.
