Buying real estate in Costa Rica can be an exciting investment opportunity, but there are a few important factors to consider to ensure a smooth process.
1. Land registration: The first key factor is the registration of the property, which must be ensured that it is correctly registered in the national land register of the national registration authority “Registro National”. It’s important to keep this step in mind to ensure that ownership is lawful and avoid legal issues.
2. Purchase of land: The buyer can purchase a property as an individual, together with other people or as a corporation. It is a good idea to understand the local rules and laws regarding the purchase of land before buying a property. In some areas, there are restrictions on the purchase of land, especially near nature reserves or on the coast. It is crucial that the property is suitable for the planned use and that all necessary permits are in place.
Only aspects that were entered at the time of purchase (e.g. mortgages) have an impact on the buyer. Nevertheless, the buyer should request a cadastral plan from the seller, which must be stamped by the land registry.
The right of ownership passes to the buyer once the purchase contract (Escritura de Traspaso) is concluded. If the transfer takes longer, there is also the possibility of a pre-contract/option contract (Promesa de Compra-Venta).
3. Legal assistance: When buying a property in Costa Rica, it is imperative to consult an experienced lawyer who specializes in real estate law. He can ensure that all legal aspects of the purchase are handled properly. This includes checking ownership documents, clearing mortgages, and paying all necessary taxes and fees.
When signing the purchase contract and registering the property, it is necessary that an official notary in the form of a licensed lawyer is present, acting as a neutral party in the interests of both interests.
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4. Due diligence: Before making a purchase, it is advisable to conduct a thorough investigation. This includes checking for any debts or mortgages on the property, checking for restrictions, and ensuring that water and electricity are publicly available.
5. Immigration Law: Costa Rica has laws that regulate property ownership for foreigners. It is important to familiarize yourself with these regulations to ensure that the purchase is legal and that there are no problems later on.
Overall, buying real estate in Costa Rica opens up many opportunities due to its natural beauty and potential in tourism. By carefully researching and seeking professional advice, potential buyers can ensure that their investment will be worthwhile and hassle-free. To ensure sustainable and legally secure ownership, it is crucial to thoroughly examine all aspects of the buying process.
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