Buying a home – the buying process and what you need to know when buying in Costa Rica
Buying a home abroad is a popular option for those looking to invest and earn a stable passive rental income. This is also the case for people who want to have a permanent holiday home as well as those who want to move abroad.
Property laws in Costa Rica are relatively friendly to foreigners. Non-residents have the same rights as Costa Ricans when buying a home abroad. No local partner is required, except for a seaside concession property. Costa Rica maintains a centralized land registry. It is used by real estate agents and lawyers to verify ownership. The land registry also indicates any restrictions on housing prior to the conclusion of the transaction.
Real estate in Costa Rica is an issue that interests hundreds of visiting foreigners. Someone is looking for a property to rent, someone to buy. When choosing real estate in Costa Rica, it must be borne in mind that the entire coastline (about 200 meters from the sea line) is state property, and developments within 50 meters from the sea line are strictly prohibited. In addition, in order to obtain the right to a long-term lease for land in this zone, you need to be a resident of the country for five years and apply to the municipality.
After you have decided on a specific object, be sure to check its legal status. All objects in Costa Rica, as well as documents relating to it, are entered into the National Register by law. You need to clarify the registration number of the selected object in order to check the available information.
The next step will be the signing of a preliminary contract. It is necessary to confirm the buyer’s intentions to buy real estate, and on the seller’s side – to withdraw his offer to sell the property from the market.
Next, a single agreement is drawn up (drawn up jointly with the lawyers of both parties). This document is called co-notariado.
Real estate in Costa Rica can be very different. It directly depends on the location, area, protected area, etc. Be careful when buying a home, this is a very serious process in which there is no room for mistakes.