Purchasing real estate overseas can be complicated because ownership, processes, titles and possession rights can make various levels of risk. Costa Rica has a well-established and easy system. But while the country is regarded as one of the best Latin American countries in terms of ownership rights and foreign investments, there are many things real estate buyers should look out for. Below are some tips that can help you buy a lot in Costa Rica with ease and peace of mind.
Know the Market First
Before investing, it is important to understand how the real estate market in Costa Rica works. You cannot expect multiple listing services (MLS) in the country you can turn to for a huge database of real estate for sale. Because of this, you need to go with a big, reputable agency with diversified national properties of real estate properties for sale.
It is especially imperative to understand the real estate climate in the country if you are purchasing income properties, or if you are investing there for land-banking purposes. This may not be as essential if you are purchasing a property for lifestyle or retirement purposes. A good real estate agent from Eco Quintas will help you explore and understand the property market in the country.
Understand the Legal System
For a lot of property buyers, the legal system is not easy to navigate. Your attorney will have to ensure that procedural details are given attention in a meticulous way. Ensure that you work with a lawyer who specializes in foreign investment and real estate. It is necessary to understand address major points like ownership options, title, corporations, right of possessions and zone laws with your lawyer.
Your legal representation must ensure all previous mortgages and liens are clear and file all documents of cleared judgments before exchanging money. Make sure you request to see all service, tax and utility statements so you can confirm they are up-to-date.
Under the Civil Code of Costa Rica, people who have lived in and improved upon non-cultivated land can be granted possession rights. After purchasing property, you will want to protect possession rights from being contested by these occupants.
If you are looking to purchase a property in the rural areas and you won’t be there to personally take care of certain matters, you must study the legal conditions and rights of workers on the property before paying for the property. In case the property has keepers, ensure the seller pay them in full.
Work with a Reputable Real Estate Agency
In case you do not have the time or knowledge of how to properly investigate Costa Rica’s real estate market, including property values, market prices and zoning laws, make sure you hire quality professionals to do the job for you. As with other countries in Central America, oversight is weak in the country. While the country has registry systems for certified agents, a lot of agents still have no registration and official training. To make sure that the details of the property buying process is handled properly, work with a national-level real estate agency that has a broad inventory and a real estate lawyer. Check out https://www.grupoecoquintas.com/en/.