Buying Costa Rica, laws and rules.
Costa Rica for sale by owner
The trick to purchasing property in Costa Rica is to reconcile the particular property with the 2 paperwork that legally outline a property. The 1st is that the escritura, which is that the title document that describes how the property is recorded in the Registro in words; the second is that the catastro map, which is that the plat map of the property that’s on file. The drawback with defining a property arises from the undeniable fact that the escritura might not correspond with both the catastro or a bodily survey of the property. Such a discrepancy is because of the undeniable fact that when a switch of property takes place, the transaction might not are recorded on the catastro, since a amendment in a single doesn’t routinely require a amendment in the opposite. It also needs to not be assumed that the catastro map precisely depicts the property itself. It is due to this fact crucial that an freelance topographical research be performed with the intention to confirm the property boundaries. Any discrepancies throughout the two authorized paperwork and also the land itself have to be resolved earlier than getting.
A reputable, diligent attorney in Manuel Antonio should take care of the technical procedures involved with a title transfer, but such attentiveness must not be taken for granted. Prospective buyers should beware. They must monitor and understand what is being done, as well as what is not being done. It is therefore worth mentioning the documentation needed for the closing:
- A copy of the tax receipt (impuesto territorial) proving that all taxes and registration fees are paid as of the date of purchase.
- A certificate (constancia municipal) issued by the municipal authority of the Municipality where the property is located.
- Sufficient funds to pay all necessary taxes and registration fees, including notary fees. Usually one half is paid by the seller and one half is paid by the purchaser.
- Evidence that all prior mortgages, liens and judgments have been lifted.
A notary must be present at the closing. In Costa Rica, notaries are attomeys accepted by the Supreme Court.
Many single-home investors will be faced with the choice of whether to buy a preexisting structure or a plot of land on which to build a house. While there are a myriad of minor impediments that must be scrupulously attended to, most of which are outside the scope of this paper, a few points are worth mentioning as they may alter a buyer’s decision. The law requires that all applications for construction permits be presented by an architect licensed by the Costa Rican Association of Engineers and Architects. Utilizing a certified architect can be extremely costly as well as cumbersome. Furthermore, construction companies in Costa Rica are not bonded, thereby greatly increasing an investor’s risk. Before building a house one would be well advised to speak to numerous individuals who have previously built in order to gain an understanding of the reality of the construction process, such as constant delays, necessary personal supervision, and cost overruns.
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Costa Rica and Nicaragua Real Estate For Sale By Owner offers Properties and Real Estate for sale in Costa Rica – Buyers and Sellers in direct contact with Manuel Antonio Estates.