The natural beauty, pleasant climate, safe political environment, and friendly people of Costa Rica, are luring investors from around the globe. When comparing Costa Rica property prices on a global level, one finds top quality coastal properties in the best locations of Costa Rica to still be the safest investment. Professional advice and assistance from a knowledgeable and professional Real Estate Broker or Attorney, is the best assurance of a smart decision and a safe investment.

The acquisition of real estate is one of the most significant investments a person makes during his or her lifetime. It can be one of the most stressful. In foreign countries such as Costa Rica, the normal stress of the purchasing process is sometimes compounded with other risk factors, such as language barriers and unfamiliarity with local laws and procedure. That said, foreigners do legally and successfully purchase property in Costa Rica. In fact, Costa Rica offers buyers many types of real estate products including houses, condominiums, time-shares, farms, finished lots and beachfront property. If you are considering a real estate purchase in Costa Rica, the following guide is designed to help you navigate your way through the real estate buying process.

Property Rights
Once a buyer has seen a property of interest, the next step is to understand what the process of acquiring the property may entail. The following are the basic steps that a purchaser follows when buying a property.

Step 1: Sign a Purchase/Sale Contract with seller
Step 2: Deposit funds into escrow
Step 3: Title research performed and Title Commitment issued (review if property is free and clear of title defects)
Step 4: Closing–Execution of Transfer Deed, Endorsement of Shares and/or Mortgage Deed and disburse funds. Title by Deed has additional costs.
Step 5: Register new owner with Public Registry
Step 6: Receive official Title Insurance Policy

Ownership of Land
Costa Rica’s laws and constitution, based on a well-developed tradition of Democratic government, include equal rights to foreigners and locals with regards to property ownership. In other words - you can own it in your name, and the Costa Rican Constitution guarantees you the same equal rights as a Costa Rican. These rights in property ownership are unique to Costa Rica, where neither citizenship, nor residency, nor even a presence in the country is required for land ownership. In fact, there are almost no restrictions to the ownership of land in Costa Rica, with the exception of a few direct beachfront zones.

To a prospective off shore investor, the receptiveness of the host country to be invested in is an important consideration of the investment. This is especially true for Real Estate. Few countries in the world welcome foreigners so well, and have such magnanimous laws that allow for, and protect, the property rights of foreign investors the same as citizens. Costa Rica’s combination of receptiveness to foreign investment, a stable political and economic system, and secure property rights, has made it a number one pick for foreign Real Estate investment.

Types of Ownership:

a. Fee Simple
The most comprehensive form of property ownership in Costa Rica is fee simple ownership. Fortunately for foreigners, the conditions for this type of ownership are the same for Costa Rica nationals as they are for foreigners. The concept of fee simple ownership gives the owner of the property the absolute right to materially own the property, use it, enjoy it, sell it, lease it, improve it (i.e. transformation), etc; subject only to conditions outlined in the Costa Rica Laws. Fee Simple also means that if the owner is obstructed from enjoying any of his/her rights to the property, he/she has the right to be made whole, in other words, have the property restored to its original condition. Buyers who purchase fee simple title have the most rights under the law to enjoy and use the property as they see fit.

b. Properties in Condominiums

In Costa Rica, there is a specific condominium law that in combination with other legal dispositions regulates all conditions required. In order to set up a condominium development it has its own bylaws containing all of the restrictions, limitations and privileges that can be enjoyed by individuals who purchase a condominium unit. Ownership of property “in a condominium” is fee simple ownership. It is advised that you require the owner of the property to give you a copy of the condominium’s bylaws to check for architectural guidelines, land use restrictions, and other limitations that may be placed on your unit. For the most part, a condominium’s bylaws are designed to protect the integrity of a development.

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Contact Information
Cesar Salazar, Marketing Director
Costa Rica CR Lands

cesar@costaricacrproperties.com
Phone: 506-8-885-4748