Costa Rica Real Estate Law
Costa Rica placed 4th around the world as the perfect habitat for real estate investment, because there are not many restrictions or guidelines on foreign people owning land or homes in Costa Rica, foreign people have identical rights as Costa Ricans and don’t need any special conditions to buy real estate in Costa Rica.
Inside Costa Rica, there’s a few restrictions you need to know about, so I advise acting in due diligence when you’re looking for property in Costa Rica to figure out if the location and restrictions are going to affect your buy. Instructions from locals and other professionals is suggested before going to buy any type of real estate.
Foreign people have to have a current and valid Passport or evidence of being a resident.
Costa Ricans have to give their ID card. Businesses and corporations have to be registered in Costa Rica and their legal people have to give the certificate of incorporation, and this certificate has to be in good standing with the government. You will have to talk to the local city or town government to make sure you are paying all the proper house taxes. Every real estate transaction is recorded and logged for future use. If you obtain a piece of real estate and don’t record the transaction, this can lead to big problems down the road.
You can get a property report to show that the property you’re buying is free of liens and the mortgage is paid. The power of a lawyer might be used if the person selling the real estate refuses to give up their report showing the property is clean and all paid for. The database gives you public access and you can prove the that you own the property by using any computer in the world to access this registry.
The report basically shows and gives advice to the owner, where he current lives and the invisible boundaries on that piece of real estate.. Along with since the report shows if the house has any liens or backed up mortgage payments, you can protect yourself and your family from legal troubles by checking out the property before you by.
Some real estate companies say that you should hire a lawyer before you travel to Costa Rica to make sure all your bases are covered. This way you can call and ask any questions you might have to a real lawyer to make sure everything you’re doing is correct and legal.
Nonetheless, not all real estate in Costa Rica is recorded around the Real Estate Property Registry. There have been even a few real estate properties in Costa Rica in which the owners aren’t the holder of the title. Rather, they have living rights and are required to follow certain procedures at a Courthouse in order to get a judical order to put the property into the real estate registry database.
The Maritime Time Zone is explained as the costal area found a couple hundred meters from the high tide. This zone is split in a couple sections: The public area and a concession area. The Public area enjoys the first 50 meters of the high tide line, while the Concession area is found between the 50 meters and the a couple hundred meters out. Depending on where your property is placed, you could end up having to pay lots of extra money and taxes simply because your home is sitting in the wrong time zone.