The Process Of Purchasing Real Estate In Costa Rica
Can a foreigner obtain real estate in Costa Rica? Of course they can, and every foreigner has the same rights as a citizen in Costa Rica, excluding voting rights.
Since foreigners have the same rights as citizens when it comes to buying property; the government has made the process very simple. There are a few key factors you need to know in terms of where a foreigner can purchase real estate, and you will learn all about that in this article.
It is important to know that a foreigner cannot own 100% of the property if it is located in a Maritime Zone. Titled property is any piece of land that is beyond 200 meters from high tide. The first 50 meters from the high tide line, is public property that is protected. Within 150 meters adjacent to the high tide line- this is known as the Maritime Zone and the property can be leased from the government.
Real Estate Attorney:
It’s essential to hire a real estate attorney and someone who is bilingual if you don’t speak Spanish. Hiring an attorney with experience will ensure no problems will arise with the property you want to purchase. They will look over everything and make sure the property is in good standing.
A Good Real Estate Agent:
It doesn’t matter if you are buying property in Costa Rica or anywhere in the world; it’s always essential to use a good/reliable real estate agent. Choose a real estate agent who has been in the business for a few years and who is familiar with the area you want to invest in. Make sure they match all your requirements and they postulate outstanding service. It’s always good to stick with one agent and get to know them on a personal level. This will make the buying process that much easier. If you are speaking to several different agents, you will get confused and you won’t have that hands-on experience that one agent is willing to provide you. With Dominical Real Estate, we ensure you have a positive experience from the first time we speak to you- to after you are settled into your property. Our agents go above and beyond to assist you with every possible need. We are only a call, text, or email away from finding you the property of your dreams.
Making An Offer:
You will want your real estate agent to write up an offer and deliver it to the seller instead of making a verbal offer. It is always better to have this information written down on paper. After the offer is accepted, your agent will have your real estate lawyer draft up a formal purchase of sale agreement. When both parties sign the agreement, you will be required to send 10% of the property price into an escrow account that you will need to set up. Once the 10% deposit is deposited into the escrow account- the agreement becomes lawful.
Depending on whether you will be in Costa Rica during this process if for some reason you will not be- you should leave the power with your attorney, or real estate agent. They will be able to obtain the real estate property in the name that you approve of. You will need to have your property registered in your name or a corporation. Remember to always look at all the fees associated with your property. From utilities to condo fees, corporation tax, property tax, etc.
If you have any other questions regarding the process of purchasing real estate in Costa Rica, please don’t hesitate to reach out to me and I would be happy to answer any questions. I want to make this process as easy as possible for you and ensure you have a positive buying or selling experience with Dominical Real Estate! ☺