How To Buy Your Property in Costa Rica

By Bob Gorman posted 08-15-2019 06:16


Costa Rica is a super popular spot for real estate for various reasons. The property market in Costa Rica is foreigner-friendly, which is essential for investors. Natural beauties are another big-time reason to visit this country or invest in it. Hence, Costa Rica is great for prospective buyers and investors. In this article, we will show you how to buy your property, and also, why is it so beneficial.

What is so good about Costa Rica?

Not only that Costa Rica offers an exceptional investment value, but this country also provides a charming lifestyle to its buyers. Both infrastructure and services in Costa Rica are almost equal as in some more developed countries across the world. Buying a property is a good idea even if you are only thinking about investment. Property prices in Costa Rica are rising continually, and such a tendency is not going to stop in the future. Therefore, you will always get good value if you wish to sell your property later. Finally, Costa Rica is one of the most fabulous holiday destinations throughout the whole year. There is never an off-season, which means that you can rent your property to the tourists any time.

You have the same rights as locals

Foreign investments are super crucial for the overall economy of Costa Rica. Therefore, to attract foreign capital, they decided to offer property buyers from outside the same rights as locals. In other words, it means that you don’t have to make partnerships with locals before the purchase (although you can). On top of that, all properties in Costa Rica are titled and registered, which is a guarantee of transparency and fair play. However, if anyone offers you an untitled property, avoid it at all costs.

Hire a real estate agent or a company

Before you decide to buy a property in Costa Rica, it would be wise to hire a real estate broker, agent, or a company. However, it is necessary to research before you choose your agent. Not every agent has enough experience and knowledge, so it is essential to spend some time finding the right one. Dominical Realty Costa Rica, for instance, offers some of the best professional services for both buyers and sellers. Explain your requirements and reasons for investment to your agent (or company), and also, inform them about your budget. Based on that, the agent will help you choose the best offer out of those which fit your requirements.

Hire an attorney as well

Buying a property is a big deal, and therefore, it is wise to hire an attorney before purchasing for various reasons. The most significant thing is that they will make sure you don’t have any legal problem. They will verify your documents, take care of taxes and fees, and make the purchase process hassle-free. Besides that, they will conduct due diligence of your prospective property, which is also essential.

Closing period

Once the legal contract is finished, the next step you’ll have to make is to sign and record the deeds with the Public Registrar. However, if you can’t come and sign the deed personally, you can give your lawyer a power of attorney to sign it for you. Closing fees are the last step, and they are divided between both parties, the buyer and the seller. The whole closing period might last two or three months.

Before you decide on the purchase, it would be wise to recheck all previous steps. Don’t rush with the decision – review every part of the process carefully, hire right people, and visit your property multiple times before the purchase.