Buying Property in Costa Rica

 

Buying a property in Costa Rica can be quite a challenging process. First, you should know that the process of buying real estate in Costa Rica is different from purchasing property in the US or Canada. Buying costa rica homes for sale requires a real estate attorney, who should also be a bilingual Costa Rican public notary. This is necessary in order to record your real estate purchase in the National Registry.

The purchase process usually starts with a due diligence inspection, which consists of a physical inspection of the property. During this process, you should check if the property is in good condition and has no obvious problems. If the property is for sale in a condominium, you will also need to check that the condominium is legally registered.

The transfer of Costa Rica property is done through the issuance of a transfer deed before a Notary Public. The Notary Public is an official representative of the state and must be a lawyer so that he or she can draft legal documents on your behalf.

After a property is approved, you will need to sign a purchase-sale contract and provide a 10% deposit. Once the contract has been signed, you will need to pay the balance of the purchase price and closing costs. These costs are typically around 4% of the purchase price.

If you are a non-resident of the country, you will still have the same rights when it comes to buying a property. However, it is a good idea to incorporate a company in Costa Rica before buying a property. By doing this, you'll protect yourself against any personal liability. You will also need an estate agent to complete the purchase process. This will include submitting an Offer to Purchase, which outlines general terms of the deal and price.

Choosing the right type of property is a crucial step when buying a home in Costa Rica. The best place for buying a home depends on your goals and the demand in the local market. The northern Guanacaste region is the most popular destination for foreign nationals looking to buy property in Costa Rica. This region includes the cities of Papagayo, Playa del Coco, and Playa Hermosa.

Purchasing property in Costa Rica is made much easier when you buy it in the corporation's name. A typical limited liability company must be formed by two people before a Costa Rican Notary Public. The shares of a corporation can be transferred to different people, or one person can own all the shares.

When buying a house in Costa Rica, you need to make sure that you have a real estate agent. A real estate agent will be able to walk you through the entire process from start to finish. They can also give you advice on which properties to purchase and how to find the best ROI.