If you are buying a property in a foreign country, then you must know the purchase requirements, property owner’s rights, and the best tactics to ignore fees and problems before investing your hard earned money.
Costa Rica is an Eastern country in Central America. It needs Title and Survey for most of the transactions. In this country, Real Estate Agents don’t want to get a license and the Real Estate Brokers of the country are working to bring standards to the Real Estate code of the country. Before purchasing a home in Costa Rica, look for the right agent. In online, check as Real Estate Costa Rica to find the reliable agent.
There are strict controls in construction and ownership on the waterfront properties and also transactions are more difficult in the oceanfront area. You don’t find any private beaches in Costa Rica. Houses within 150 meters of the waterfront are called as concession land and there are huge restrictions on foreign ownership in the concession land. Being a foreigner if you need a property in concession land, then you will only get the right to use the property and any modifications or developments in the property are possible only after strict local review.
Despite all these complexities, buying a waterfront home is the lifetime dream of many people. You must be very alert when buying a property and know about the country and the laws being practiced here well. To make your investment successful, you must do a lot of research and spend a lot of time in it to make worth of your hard earned money. If you like to buy waterfront property in Costa Rica, then you must follow the below tips.
You must Homeowner association is registered as condominiums, the homeowner’s associations not registered as condominiums don not follow the same legal standard and high risk of future problems. In many transactions in this country, buyers and sellers divide the closing cost and this is another topic subject to negotiation. This country is an eco-development leader in Central America developments are based on the complex environmental reviews.
In the Pacific coast, there is no hurricane problem but the earthquake is the major problem. The construction in this country should meet Earth Quake Safety Standard. A corporation can be easily created here only by two members and once it is formed, the rights are transferred to another person without much risk.
This country makes out a ‘first-in-time, first-in-right’ policy which means gives legal rights to whoever taking the first claim. It is important to register deeds without any delay of the transfer of the property. In the transaction, 3 % of property tax is added to the sales. The property tax depends on the value of the house registered in the property deed. A tracking number called Folio real is assigned for every transaction. If there is no folio real in the transaction then it denotes red flag.
Retired people with pension or investment benefit can apply to the Costa Rican pension does status to enjoy a variety of benefits.