If you are considering purchasing a piece of land in Costa Rica, you should be aware of the laws governing property. Building a beachfront home costa rica requires a Costa Rican citizen to partner with a non-citizen. The first 50 meters from the high tide mark are off-limits. The next 150 meters can be built on. Landowners who wish to transfer ownership must pay a fee to the notary. Notary fees vary according to the price of the property. These fees should be taken into consideration if you plan to use the land for your personal use or as a rental property business.
While crime rates in Costa Rica are low, you should exercise caution when traveling abroad and make sure you have a locked safe in your home. The safest places to live in Costa Rica include Tamarindo, Arenal, Atenas, Heredia, and Escazu. Escazu is also safe to live in and is often nicknamed “Costa Rica’s Beverly Hills” for its wealthy ex-pats.
The legal system in Costa Rica offers adequate protection to investors. However, buying property abroad should only be done after due diligence and a thorough investigation of the market and the legal system. Even though Costa Rica has a robust legal system, improperly executed transactions may result in a loss. There are three things to look for in a real estate transaction in Costa Rica. These three factors are essential for a safe transaction.
Property taxes are very low in Costa Rica. A $300k property would only cost about $750 in taxes per year. Buying property in Costa Rica is relatively affordable, but you should still do some research before committing. Remember, the market is unregulated, so it’s best to compare prices and terms before making a final decision. You can use a real estate agent to negotiate a deal.
The process of buying a property in Costa Rica requires a great deal of footwork. It is crucial to choose a good realtor with a solid reputation. If you are buying a home in a rural area, you can ask around for recommendations. You should also secure the services of a lawyer, who can check the title in the central registry and help you form corporations or open bank accounts.
If you are looking for a condo or an apartment, make sure you get an escrow company. In Costa Rica, you should use Secure Title Latin America, the largest escrow company in the country. They will draw up a contract with the buyer, laying out all the main terms and the method of payment. They will also tell you about any closing costs. These fees can range from 4% to 10% of the declared value of the property.
If you are buying oceanfront property, you should be doubly cautious and insist on a title check by an attorney. Coastal properties are notorious for being unregulated, so you should always ensure that the property is registered legally. Then, you should file a copy of your property transfer deed at the local government office. This is a good way to avoid dealing with property scammers and to avoid potential problems.
