Owning a home in Costa Rica is an attainable dream that offers a life of enjoyment and leisure for those who take the plunge. Whether you are a foreigner or Costa Rica native, a retiree looking for your own piece of heaven or a high stress workaholic who needs a regular escape, owning a piece of Costa Rica real estate might be just the retreat you need.
Foreigners who want to own property in the lush expanse of Costa Rica should first become familiar with the country’s real estate laws. As with any foreign real estate purchase, understanding the country’s particular rules, regulations and procedures is invaluable in buying real estate. To help future buyers in their endeavors, we are going to pen a regular series about navigating the Costa Rica real estate laws to tackle topics such as titles and transfers, ensuring a clear title, closing costs, mortgages, property taxes and utilities and corporate property. Today we’ll begin the series with a brief background on Costa Rica real estate titles and transfers for foreign buyers.
Costa Rica Titles and Transfers
One of the first processes encountered in purchasing a Costa Rica property is titles and transfers. In Costa Rica, real estate is transferred through the execution of a property transfer deed. The fee simple deed involved is very similar to real estate ownership in the United States, which is likely why so many Americans are comfortable owning real estate in Costa Rica. The property transfer must be done in the presence of a Costa Rica notary public who is also an attorney and has the power to draft and interpret legal documents as well as authenticate and certify them.
To close on the sale of the Costa Rica real estate property or home, the deed transfer and sale must be registered in an office known as the National Registry, where all Costa Rica real estate deeds are filed. Costa Rican real estate can be purchased in one person’s name, jointly with other individuals, or under the name of a corporation. Deciding what is best for your situation can be done by consulting with an attorney who is versed in Costa Rican real estate laws. Once you have the title for your new Costa Rica dream home, you are one step closer to living in paradise.
Source: Roger Peterson, San Jose-based lawyer specializing in foreign real estate purchase in Costa Rica
[...] The National Registry report (informe registrar) for the property provides detailed information including name of the title holder, boundary lines, tax appraisal, liens, mortgages, recorded easements and other items that would affect the property’s title. Once you have this detailed information on a property, you can move forward with the transfer of title and the sale of the property. You can read more about this process in our past article by clicking here. [...]