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Real estate
transactions in Costa Rica might be entirely
different from similar ones in other countries.
Indeed, the laws in Costa Rica and the property
registration process can be baffling to
newcomers. An option is to obtain the help
of an agent affiliated to the Costa Rica
Real Estate Board. The agent will not only
show a group of properties, he or she will
explain registration process issues. Upon
finding the ideal property in Costa Rica,
the real estate agent will advise if financing
is available.
At this stage, the services of a reputable
attorney should also be employed. A study
will be made at the Real Estate Registry
to verify data such as the registered owner
and the area of the property. This is important
if property is bought based on the number
of square meters. The study will determine
if the property is free of legal burdens
and annotations.
A real estate transaction is legally formalized
with a contract issued by a public notary.
The contract is stamped in the notary's
"protocolo" and it's signed by both buyer
and seller. An attorney then sends the contract
to the Real Estate Registry. Taxes and stamps
are paid plus notary's fees. Once the contract
is given to the Registry, the correspondent
process lasts 30 to 45 days.
Real estate in Costa Rica is registered
under a personal name, under a company name
in which the owner is the legal representative,
or under a company name in which the owner's
name is not specified.
The closing costs include a transfer tax,
a stamp tax, and legal fees. The costs are
usually 5-6 percent of the sales price and
might be split between the buyer and seller.
The yearly real estate taxes vary from 0.5
to 1.5 percent of the declared value of
the property. It is common in Costa Rica
practice to set the declared value lower
than the sales price.
In Costa Rica, the General Urban and Suburban
Lease Law manages the relations between
lords and tenants.
Owners are able to lease their properties
or parts of them for housing or commercial
purposes. The lease law in Costa Rica doesn't
cover activities such as hotels, boarding
houses and hostels. Other properties not
included in the law are houses and
tourist sites. Tenants are obliged by law
to pay the rent on a monthly basis and contracts
are signed by both parties. Landlords set
the guidelines for how the property should
be used.
The Central Valley in Costa Rica offers
a wide variety of home and condo rental
listings. Escazu, Santa Ana, Cariari, Sabana
and Rohrmoser are some of the popular locations.
The best alternative for long term tourists
is to rent a condo in a gated community
in a San Jose suburb. These communities
have their own security for those who plan
to travel most of the time. Growing popular
in the neighborhoods around San Jose, gated
communities offer comfortable housing. Foreigners
like them because its a way to obtain an
instant built community in Costa Rica.
And whether some people love condos or dislike
them, new projects are constantly arising
in Escazu, Santa Ana and surrounding neighborhoods.
It may not be common practice for foreigners
to borrow money from a bank in Costa Rica,
but various mortgage options are available
for foreign residents to buy real estate.
Prices for sale and rent vary greatly depending
on size, location, view, and amenities.
Proximity to San Jose and malls make Escazu
the most convenient and expensive area to
live in Costa Rica.
Residents of both West and East of San Jose
are a pleasant mix of Ticos and foreigners.
Other popular areas are situated to the
northwest of San Jose including the hills
of Heredia. As people move from the metropolitan
area in San Jose, their houses are being
used for commercial means. This is a growing
phenomenon in Los Yoses, Barrio Escalante,
Dent, and Barrio Turnon.
Expansion is taking place in both west and
east of San Jose. The west nestles Plaza
Roble, Real InterContinental Hotel and Multiplaza
Shopping Mall. Parque Empresarial Forum
is located nearby. The east nestles another
Multiplaza and Terramall with many commercial
sites dispersed along Zapote and San Pedro.
Commercial offerings are available for all
needs in Costa Rica.
Expansion in resort areas has grew considerably
in recent years. Commercial developers have
chosen Tamarindo in the North Pacific and
Jaco in the Central Pacific as prime locations
to build projects.
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LEADER Realty
Phone/Fax: (506) 2226 6483
P.O. Box: 4766-1000 San Jose
E-mail:
krsaborio@live.com
San Jose, Costa Rica
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