Smooth Process to Buy Land in Costa Rica
Most properties in Costa Rica are registered in a computer system called "Folio Real Melquizads." The system is centralized at the offices of the Public Registry in San Jose. Before buying land, Wellington will guarantee, In writing, free and clear title by performing a title search In the Folio Real. This title search will show all the data on the property, including area, ownership, boundaries, location, mortgages and other liens.
Once a buyer is interested in a piece of property, the next step is to understand the process of acquiring the property.
The following are the basic steps that a purchaser follows when buying property.
Step 1: Sign Purchase and Sale Agreement.
Step 2: Deposit funds into escrow account with Stewart Title.
Step 3: Title research performed by the Notary Public / Lawyer (search done by Facio Abogados, and information submitted to Stewart Title).
Step 4: Closing - Execution of Transfer Deed, Endorsement of Membership Units and/or Mortgage Deed and disbursement of funds. Closing will be conducted in the law office of Facio Abogados.
Step 5: Register new owner with Public Registry.
The real estate buying process in Costa Rica need not be intimidating or confusing. By understanding the steps in the process and pitfalls to avoid, a buyer can confidently invest in real estate and enjoy it for years to come! Wellington and its affiliates appreciate your trust and opportunity to develop a long term relationship.
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