Do you like to buy a new home in Costa Rica? Many people when buying a home in the foreign country face numerous problems and also invest more money in the purchase process than the local people of that country. Buying Homes in Costa Rica is not much difficult similar to buying homes in other foreign countries because the rules for buying homes in this country is same for both the locals and foreign persons.
You can either buy the property in your name or corporation name. But most of the foreign buyer’s prefer to purchase in the corporation names because of its benefits. The company must be incorporated and the owner of the company owns all the shares of the company. The incorporators should choose a real name and it should not like any other existing corporation name. The corporation must have a board of directors with at least three members comptroller, President and a Treasurer and Secretary.
The majority of the Costa Rican properties are registered in the computer system ‘Folio Real’. It is the centralized system at the public registry offices of the Costa Rica’s capital city San Jose. Before making your purchase, either you or your real estate lawyer must check the title of the property in this registry. The title research of the property reveals all the details about the property including ownership, area, boundaries, mortgages, location and liens.
You must also check whether you will receive the ownership or occupation rights of that property. The occupation rights are given only when the property is not yet registered in the ‘Folio Register’ or when it is the registration process in the ‘Folio Register’. Ownership rights are given when the property you like to purchase is already registered in the ‘Folio Register’ and ownership right is equal to the concept of land ownership in other American countries.
Before investing your money in a property in Costa Rica, you must spend some time to check the title research of the property. It is a simple step which protects your money and energy and makes your investment worth in this country.
For most of the people, investing in a foreign country is once in their lifetime. It is even the stressful process. When buying a property in a foreign country, you need to face stress along with other risk elements such as unfamiliarity of the local laws, language barriers and other processes. When buying a property, you must also get the title guarantee which safeguards you against loss of money, reveals any hidden ownership available for the property, fake documents etc.
You can get peace of mind if you own title guarantee for the rest of your life till you own the property ownership. Buying a title guarantee is cheap and it protects your real estate investment in a foreign country and improves your property value. Real estate purchase in Costa Rica is not a confusing process when you are familiar with the steps to follow and steps to avoid and enjoy the property in the years to come.