While the Costa Rican real estate market is largely foreigner-friendly, there are some important things to keep in mind. First of all, you should be aware of the local customs and laws. If you’re planning to purchase property, a Costa Rican real estate agent like dominical realty will be of great assistance.
In addition, you should be aware of the local real estate agent’s fees. These agents will usually charge a commission. In addition, they won’t be as tech-savvy as their American counterparts. it’s always best to deal with real estate agents who are familiar with the local culture and market.
In terms of finances, a Costa Rican property purchase requires a substantial amount of cash. Costa Rican banks don’t offer foreign financing, as the interest rates are too high. That means that most transactions are cash transactions. However, some sellers will offer owner financing as an alternative.
Important consideration
Another important consideration when purchasing property in Costa Rica is location. Some areas offer better weather than others. For instance, the northwest of Costa Rica is very popular for beach rentals, and there is plenty of demand for coastal property. For this reason, a home in this area can generate a good return.
Once you’ve decided on a house and put down a down payment, you should go ahead and arrange for an escrow account. Then you can make the official transfer of funds and finalize the sale. You’ll need to pay taxes on the property. A lawyer will be necessary to close the deal.
While buying property in Costa Rica is relatively easy, there are several important considerations. For example, a foreign buyer must be wary of scams and should hire a bilingual real estate agent who will keep him or her informed of the entire process. Moreover, foreign buyers must hire a real estate attorney to ensure that their interests are protected.
Foreigner Buy a House public land
First of all, you should ensure that the property you’re buying is not located on public land. Typically, in coastal regions, property that is 50 meters from the shoreline is considered public land. Property that is within this zone is protected, and only 49% of it can be owned by non-citizens.
It is important to make sure that the property you’re buying is registered and titled properly. It’s also crucial to check out any recent utility bills or property taxes for the property. Finally, make sure that the real estate agent’s commission is paid by the seller and not by you. In Costa Rica, the commission can vary between three to 10 percent of the purchase price. In most cases, it is around five to seven percent.
