Costa Rica Real Estate Informations

Real Estate Policies
According to the latest survey, Costa Rica levels as the world’s fourth most idyllic location for overseas investments on property. This is due to the country’s openness to foreign investors, subjecting them to only few constraints regarding land ownership. In Costa Rica, foreigners benefit from similar privileges enjoyed by its citizens.
This does not mean, however, that land and property ownership in
Costa Rica is not keenly unregulated. The Terrestrial Maritime Zone, for example, is governed with different policies. Composed of public and concession areas, this seafront region is available for leases depending on the intent of its use.
Authorities impose strict observance of its few restrictions on the use of land and location. The judgment of a professional is advised every time foreign investors survey a property in terms on its location, the type and quality of the soil, the rules governing its zone, and other relevant details concerning the proposed use of the property.

Document Requirements for Real Estate Purchases in Costa Rica
Foreigners and locals alike are required to complete the set of personal and financial documents prior to owning a real estate property in Costa Rica.

The following are the document requirements:
1.    Any legal form of Personal Identification for locals or a legitimate Passport or a Proof of Residency document for foreign investors.
2.    Municipal Tax Certificate obtained from the local municipal office. This is to prove that the property seller has settled taxes and other fees with the local government, and is lawfully permitted to put the property on the market.
3.    Registry report on the real estate property. This document proves that the property is devoid of other financial liabilities such as mortgage and other loads.
4.    Cadastral survey report. This document is required by the National Registry for all real estate deals in Costa Rica.
5.    Proof of incorporation for shared ownership. Real estate property buyers who have formed a corporation must present their corporate identification card stating the date and place of its registration.
6.    Special power of attorney for absentee signatories. This document is required in cases of the absence of one or more party in the signing of important real estate transaction documents.

Recording of Costa Rica Real Estate Properties
All Costa Rica real estate properties and transactions are accounted by the Property Registry office in an advanced computerized database. This office is under the country’s National Registry, through which property owners and potential buyers can make consultations regarding a specific property. The database can be accessed by the public via the internet. With a few clicks in the computer, you can research and verify property information from any part of the globe. Data acquired from this system includes basic property information such as the name of the geographic details on location, property number, boundaries and topography of the area. It also includes details on the existing ownership and contact information of the real estate agent or firm handling purchase arrangements.
While most properties in Costa Rica are listed in the Property Registry, it is unavoidable for some properties to remain unaccounted. These are usually those with problems in the land or property title.