If you are not Costa Rican citizen, you have the same rights as nationals when purchasing real estate and the constitution guarantees protection of such property ownership rights.
Buying a property in Costa Rica is simple:
First, it is necessary to verify the credentials of the seller and the title of the property.
Normally an agent or a real estate office in the transaction may represent the seller.
The buyer should retain the services of a lawyer to perform a title search in the Public Registry and to recommend whether to acquire the property personally or through a legal entity.
To perform the title search, the lawyer requires the property number (Folio Real) and /or the name and identity number of the owner(s), whether it is a person or a company.
In Costa Rica, the Public Registry maintains a very accurate database of all registered properties in the country. The title search will check and verified the identity of the owner(s), location, the nature of use of the property, property’s size and whether the title is free and clear of any encumbrances, like as pending legal action, property’s rights of third parties or mortgages.
Depending of purpose of buying (building a commercial site, hotel etc...), lawyer have to do specified studies to control (like overview town planning) if property is in agreement with the purpose of the purchase. .
Before closing, your lawyer has to assure that property, have no pending Municipality or other territorial taxes pending.
The property must be acquired via a public deed (escritura publica) issued by a lawyer and Notary Public who is responsible for registering the sale in the Public Registry.
Generally, the Buyer selects the Notary in cash transactions. However, if the property is to be financed, the Seller selects the Notary.
Closing Costs are approximately 3-4% of the total purchase price. These costs include legal fees, property, transfer taxes and other common expenses.
If the buyer wants additional assurances of the title being acquired, one can purchase a title guarantee from world- renowned companies with offices in Costa Rica.
After you purchased your property, remember that property Taxes here in Costa Rica are very low comparated with European or North Americas rates. Your rate is determinate by size, location and value of the property.
Purchasing property in Costa Rica can be a rewarding experience if you retain a reputable broker and an attorney to guide you through the purchase process.