Costa Rica Real Estate, Natural Properties Houses, Lots, Commercial for sale

Can I get financing?

If you need to borrow funds, it is generally far simpler and interest rates are much lower in your home country. If your credit rating is exceptional, you may be eligible for financing though institutions such as Banco Improsa and Stewart Title Company. Please visit http://www.improbank.com/ for non resident home loan.

Do I need a Costa Rican partner to own property?

No. Foreigners in Costa Rica can own property in their own names. Purchasing property through a new or existing corporation (SA) is also very popular in Costa Rica. Special rules for foreigners apply in maritime zones for concession property.

How do I know if a property is titled?

All property in Costa Rica should be registered in the Public Registry, whether the property is fee simple or concession. Your attorney will be able to confirm that the seller has ownership of the property, and to determine if there are any restrictions, encumbrances or liens. Avoiding the purcharse of unregistered property is strongly advised.

How much are closing costs?

Closing costs are approximately 3.5% of the declared value of a property. About 2.25% goes to the goverment inf the form of stamps and taxes. About 1.25% goes to your attorney. In private sales between an individual buyer and seller, closing costs are often split equally.

How much are property taxes?

Property Taxes in Costa Rica are very low, only 0.25% of the registered property value.

Is there title insurance in Costa Rica?

Title insurance and escrow services are available through recognized companies such as Stewart Title and Chicago Title company. The fees for services are generally 1% or less.

Should I be concerned about squatters?

Although Costa Rica has laws to protect locals who have lived and cared for a property for many years, also known as squatters rights, squatting is extremely rara in developed areas of the country. If you plan to purchase in a very remote area, it is advisable to have a caretaker check the property regulary to ensure that nobody unauthorized is living there.

Will I need a Lawyer or Notary?

Yes. We strongly recommend that you have your own representation in any transaction. The closing costs as noted above include the fees for your attorney. We recommend to visit http://www.lawyerscr.com/ for more information.