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COSTA RICA REAL ESTATE TRANSACTION
Costa Rica Real Estate Information: The Costa Rica Corporation

COSTA RICA REGISTRATION:

Costa Rica provides a safe form of title registration to protect buyers from hidden costs and claims. It is centered in the Public Property Registry (PPR) where both title documents and a catastral plan for every property are recorded and, any change in the status of a little or any claim that might affect it must also be noted on the title registry page.

Costa Rica law firms provides legal advice for those who want to buy land over there. An up to date study must be made on the property. The study includes a search of the title in the Registry, so as to confirm there are no liens on it, and to establish its proper ownership. Once a transaction is completed, the Law firm will secure your documents to prove that the sale was fully registered, for you own safety and to prevent the previous owner from reselling the property to somebody else.

COSTA RICA FINANCING:

The Costa Rican Law firm will work closely with Financial Corporations and Business entities that could give you a loan by signing a mortgage on a property if some requirements are met. Many financial institutions work closely with US buyers.

COSTA RICA ZONING:

Zoning regulations in Costa Rica are reasonable and logical, although far less stringent that in countries such as the United States: All building and subdivision plans must be signed by a registered local engineer and they also require approval by the local municipality, the Ministry of Health, and the government Housing Department.

COSTA RICA TAXES:

Costa Rica taxes are very low. Yearly property taxes are 0.25 % of the declared value of the property. This declared value is a common practice in which a property's values according to the government very low, almost always lower than the sale price.

COSTA RICA CLOSING COSTS:

Closing cost for a property transaction includes a transfer land tax, a stamp tax, and legal fees. Closing costs typically run 5% to 6% of sales price and are usually paid by the buyer, unless the buyer and the seller agree to split costs. The transfer and land taxes are assessed based on the declared value, while legal fees are charged based on the sales prices of the property.

source by 'Wikipedia'


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