Costa Rica is an awesome place to live, relax, investment and it is highly suitable for those looking to retire. Many people have doubt whether a foreigner can buy property in Costa Rica and you would have come across advertisements announcing Costa Rica Homes for Sale. Foreigners can purchase property in Costa Rica country. The property rights of the foreigners and Costa Rican is the same. If you are new to Costa Rica you must know the procedure to buy a Costa Rica property.
The important five procedures you must know before buying a property in this country is explained below.
Once you have identified the suitable home with the Real estate agent, check whether the real estate agent submitted the Letter of Intent or Offer of Purchase to the seller so that it ensures that you have agreed to the sales price and the other terms.
The second procedure is you must hire a Costa Rica real estate attorney once the offer is agreed. The attorney drafts the purchase agreement and formal sale document. The documents must be bound to the state laws and must clearly state the condition of the deal. The third important procedure is the due diligence of the property. The home must free from legal issues, liens, contingencies and it possesses fee simple title.
You must hire a professional during the due diligence process such as hiring the home inspectors to inspect the home, and also the professionals for survey tests, soils etc. If the property is sold to the real estate company then you must also check the due diligence of the real estate company. It is your duty to research the company for legal contingencies if any to complete the due diligence process.
The fourth step is closing of the deed. In this the property you must register the property in front of Costa Rica Notary public to register the home under your name. If you are purchasing the property from the existing Real estate company, then you must transfer the share of the company during the transfer.
The last procedure is to declare the property in front of the Municipality for filling the property taxes using the simple form and provide all the supporting documents either by yourself or with the help of your attorney. If you are a foreigner, you can even buy the property in your name using simple procedures in Costa Rica. The holding companies in Costa Rica also offer support for other important elements like opening a bank account in Costa Rica, getting the services of cell phones and electricity. If you live in outside of the Costa Rica country then you should not require to here for signing during the transfer of title deed. Apart from investing in the property, you must afford to the transfer tax, legal fees, lesser fees which are inclusive of fiscal, municipal, registry, and other closing charges.
You don't worry on how to transfer funds from your country to Costa Rica to invest in a property. There are escrow companies available in Costa Rica that is a registered company specialized in protecting your funds. You can even transfer the funds directly to the seller.