There is Costa Rica land for sale at reasonable prices. Why, at the risk of sounding politically incorrect, Costa Rica land is practically the “Mecca” of land buyers all over.
However, this is no excuse to get lax about the Costa Rica land buying process. As with any other place where you purchase lands, you should take steps to know and understand the laws in Costa Rica and how to protect yourself. Below are some important considerations to make when it comes to buying Costa Rica lands:
Get a Reputable Realtor
This is probably the most important and the most basic protection you can have when deciding to buy Costa Rica land. The realtor is in a better position than you to know all the ins and outs of the land buying process in Costa Rica. He or she will be able to help you avoid any inappropriate purchases. He or she can also help you negotiate fair bargains as well as help you find a property that is suitable to your needs, lifestyle and budget.
After you have decided on a realtor to work with, he or she will guide you through the following Costa Rica land buying process:
How Title is Transferred Through a Sale
In a sale of Costa Rica land, the seller generally transfers the title of the land to the buyer by executing a transfer deed. This is called an “escritura” and it must be executed before a notary public to be valid. Note that this is unlike the usual practice in the United States, Canada, and other common law countries. In Costa Rica, the notary public, who is also an attorney, has extensive powers, including drafting and interpreting legal documents and authenticating or certifying the authenticity of documents.
After the draft of the deed of transfer has been executed, the notary will then register the sale in the Public Registry (Registro Nacional). In customary practice, the buyer usually chooses the notary public who will register the transfer deed. However, note that you only have this right if you paid cash for the Costa Rica land. If you purchased the Costa Rica land through financing, there are three options:
* Sometimes, the seller may be financing a large percentage of the purchase price of the Costa Rica land, in which case, it is regarded as normal practice to draft a mortgage in order to secure payment. The seller, thus, has the option to request that his notary or attorney be the one to draft the transfer deed.
* The buyer’s attorney and the seller’s attorney may also jointly draft the transfer deed if the property was purchased 50 percent cash and 50 percent financing.
* In the first case, you, the buyer, may still insist that your notary or attorney be the one to draft the transfer deed and just let the seller’s attorney draft the mortgage in a separate instrument.