Real estate means "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water or we can say buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.
If you are going to buy your dream home or rental house on Costa Rica ,you must be aware about many things before have it. Costa Rica is a country also known as “Republic of Costa Rica” situated in Central America. Panama is in its southeast and the Pacific Ocean to the west.
Now we will discuss now on some essential and most important points before buy land or home in Costa Rica real estate. Don’t be so eager while buy Real Estate and rents properties in Costa Rica. Many Realtors offer everything from simple family homes and farms and many more with spectacular ocean view and beachfront properties to luxury villas and eco-resorts.
Always mention these points on your mind before buying any kind of real estate or house, land, farms etc. These points are-
1. Ownership of land-
The ownership of land by both buyer and seller in Costa Rica is protected by the country’s constitution and laws. Anyone regardless of race can gain ownership of a private or commercial land provided that there are no restrictions imposed on such. You cannot buy or sell if that particular land must be acquired by the government for its programs. These particular lands may be sold to Costa Ricans and may not be acquired by foreigners. Foreigners need not be citizens or residents of Costa Rica before they can purchase their own land.
2. Financing –
On huge demand for property acquisition due to the emergence of real estate boom made it almost impossible to avail of local financing options for acquiring a property in Costa Rica. This may be attributed to the growing population and several other factors such as high demand and competitive prices. So you can manage it as per your requirement and according to budget.
3. Real Estate License-
First check this important thing before buying. The Chamber of Real Estate Costa Rica Brokers usually recommends the real estate licenses and submits these for approval to the Ministry of Economy. There is a guarantee that the standards and regulations were properly met.
As your deal has been made between the buyer) and the seller, certain fees needs to be paid afterwards as per the law of Costa Rica real Estate like: legal fees, stamp and transfer land tax. The price usually ranges between five and six percent of the sales price. Both the buyer and the seller usually distribute the settlement of these fees.
There are some laws and regulations concerning buying beachfront properties located within the coastlines of Costa Rica Real Estate. The government has implemented the fifty-meter limit. This means that fifty meters starting from the high tide line could not to be bought at any cost. On other side, no entity can acquire a beachfront property that will totally restrict access for others to use the beach in front of it. There are exceptions which you may refer with your lawyer.
Many of the things we must cover before selling or buying any house, farms in real estate Costa Rica. But if you put these above most important points on your mind then easily you can access all the formalities without any interruption or problem.
Costa Rica Real Estate: Essential Points For Deal