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Buying Property in Costa Rica

Posted by BLUE OCEAN on May 28, 2014

Buying property in Costa Rica as a foreigner requires taking a number of steps to make sure the deal goes smoothly. Here is a general outline of the steps a buyer should take to buy a home in Nosara, Costa Rica. The exact steps will depend on the laws and rules in the area.

1. Doing research and making plans: Learn about the Nosara real estate market, how much homes are worth, and how the market is changing.  Figure out how much you can spend and how you can pay for a house in Costa Rica.

2. Use the services of a real estate agent: Choose a reliable real estate agent from a reputable company, like RE/MAX Blue Ocean, who knows the area well and can help you find properties that fit your needs.

3. Search for a property: Work with your real estate professional to find homes that meet your needs. Check out the homes to see how they look, where they are, and if they are right for you.

4. Legal Due Diligence: Hire a local lawyer who specializes in real estate transactions to make sure all the formal paperwork for the property is in order. Check the property’s past, who owns it, and if there are any liens or other claims on it.

5. The agreement to buy: Once you find a place you want to buy, your lawyer will help you write or look over the purchase agreement. This deal spells out the rules for the sale.

6. Down payment and escrow: Depending on the terms of the buying agreement, you may have to put down a deposit, which is usually held in an escrow account until the deal is done.

7. Search and confirmation of titles: Your lawyer will do a full search of the property’s title to make sure there are no legal problems with who owns it.

8. Get a survey of your property: A property survey may be needed to find the exact property lines and make sure there are no disagreements over property lines.

9. Secure your payment plan: If you need money, work with a local bank to get a loan or mortgage. Be ready to show proof of your finances and meet any other standards.

10. Costs to close: Pay attention to the costs of finishing the deal, such as legal fees, transfer taxes, and other administrative costs.

11. Make the purchase official: Once all the checks have been made and the terms have been agreed upon, the closing process can begin. This means signing the final papers and changing who owns the property.

12. Registration and Ownership Transfer: The Costa Rican Public Registry has a record of the property’s title transfer.

13. Being in charge of the property: Once the move is done, you’ll get the keys to your new home.

14. After the purchase: Make sure that the property’s utilities, insurance, and any other services are up-to-date. Learn about the rules, taxes, and ongoing duties of being a property owner in Costa Rica.

It’s important to know that foreigners who are buying property in Costa Rica have to follow certain rules and meet certain requirements. Throughout the process, it’s best to work closely with a reliable local attorney and real estate agent to make sure that all legal and procedural rules are followed.

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