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A Basic Primer Before You Buy
The incredible beauty of Costa Rica naturally excites people considering owning property in this paradise.
People now realize that compared to the escalating prices of the United States, you can buy world class ocean view property in a year-round temperate climate at a much lower cost in Costa Rica. With building costs of $100/square foot, one can realize exceptional real estate values.
The exuberance created by this thought needs to be tempered with accurate information about buying and owning property in Costa Rica.
That combination of great properties and reliable information is the value we provide to our clients.Purchasing real property in Costa Rica is ultimately as secure (or in many cases more secure) than anywhere else in the world, including the United States. One must understand, however, that normal real estate business practices found in the United States are not the rule in Costa Rica.
People considering investing in property and perhaps living all (or part) of the year in Costa Rica, should keep a few things in mind. This list is not exhaustive, but is a good primer.
Note: The most important choices you will make are which real estate company and attorney you work with.
In order of importance:
We hope this information benefits you, regardless of whether you contact us or not. We want your experience in Costa Rica to be positive and productive.
The incredible beauty of Costa Rica naturally excites people considering owning property in this paradise.
People now realize that compared to the escalating prices of the United States, you can buy world class ocean view property in a year-round temperate climate at a much lower cost in Costa Rica. With building costs of $100/square foot, one can realize exceptional real estate values.
The exuberance created by this thought needs to be tempered with accurate information about buying and owning property in Costa Rica.
That combination of great properties and reliable information is the value we provide to our clients.Purchasing real property in Costa Rica is ultimately as secure (or in many cases more secure) than anywhere else in the world, including the United States. One must understand, however, that normal real estate business practices found in the United States are not the rule in Costa Rica.
People considering investing in property and perhaps living all (or part) of the year in Costa Rica, should keep a few things in mind. This list is not exhaustive, but is a good primer.
Note: The most important choices you will make are which real estate company and attorney you work with.
In order of importance:
- Secure the services of a reputable, fully bilingual (English) Costa Rican attorney to advise and protect you in all legal matters. This will include title due diligence, survey work and acquisition strategies that affect the assets.
- Buyer Beware. All facts must be confirmed. Do not take someone's word at face value. Substantiate all information that is critical to your decision. Example: Just because someone claims to own a property, this does not mean they possess legal title or the ability to pass it. Perhaps their name is not even true. Think this way to protect yourself.
- Closings should occur within legal escrow Closings occur in third-party escrow to protect your deposit. Since August 2005, it is law in Costa Rica to close all real estate with an registered escrow agent. Placing a 10% deposit with a written land for sale contract begins the buying process. That deposit is held in escrow until a closing or the contract is voided for some reason. Whomever tells you otherwise may have another agenda for your money. While it is possible to close on real estate outside of escrow, it opens the transaction to risks that can otherwise be eliminated using escrow services.
- If it is not in writing it does not exist. Everything is negotiable.
- Anyone can sell real estate in Costa Rica. The most common story is of the friendly taxi driver who knows of a "good deal" on property. Choose carefully whom you speak with about real estate. If you end up purchasing the property at a later date, you can expect a line of people each presenting commission claims of 5% or more against your purchase.
- There is no multiple listing service in Costa Rica. There are basically no exclusive listings, there is very little legal protection for brokers or agents, thus everyone is out to protect their own interests. The rules of the road in finding and buying real estate in Costa Rica are similar to cash-only flee-markets. It is unregulated free capitalism in its purest form. Just because you see a for-sale sign on a property does not necessarily mean that property is for sale, or that the sign owner has ever spoken with the property owner about selling it. The fact is, everything is for sale in Costa Rica.
- There are no comparables in Costa Rica. The government does not provide accurate public records of sales. Tax records are of little use as well. The market value of a property is determined by the buyer and the seller at the most basic level. If you want the property, you buy it at the best price possible. If you are selling, turn the tables. Your real estate contact is the best source of determining market value. We suggest having one working for your interests.
We hope this information benefits you, regardless of whether you contact us or not. We want your experience in Costa Rica to be positive and productive.
We invite you to enjoy the beautiful Pacific Coast beaches of Costa Rica. The Gold Coast has miles of beaches. Visit Nosara and shop for real estate. Visit Manuel Antonio National Park with it's three exotic white sand beaches and abundant wild life. Tamarindo is one of the popular locations for a pure vacation, luxury Hotels and white sand beaches, Jaco Beach with it's wild night life and surfing at Playa Hermosa, Visit Nosara and and dine at great restaurants. Stay at the Harmony Hotel on Playa Guiones. Visit Playa Ostional's turtle refuge. Choose from the exciting activities Costa Rica has to offer, including tours and unique adventures. Marvel at the volcanic rock and white sand beaches, beautiful rivers, incredible waterfalls and wildlife refuges, breathtaking views and lush tropical rain forests. Visit the famous volcano Arenal, sitting on your Hotel porch watching the eruptions, take time to visit the breathtaking rain forest in Monteverde. Additional Tour options include ATV's, canopy tours, horse-back riding, Kayaking, Sport Fishing trips, white water rafting and Surfing lessons. You can Rent A Car from different companies to tour Costa Rica. You will also enjoy ample free time to explore the capital city of San Jose for sightseeing and shopping before leaving beautiful Costa Rica.