When buying real estate in Costa Rica, it’s always important to have a reliable lawyer and real estate agent working with you, but it’s also helpful to understand the Costa Rican real estate buying process so you can better manage the transaction and ensure your investment in Costa Rican properties is secure.
It is important to address real estate property rights in Costa Rica to understand why it is so important that the transfer process be completed correctly. Costa Rican real estate generates wealth in an economy because it can be owned, bought, or sold, and that ownership can be enforced, guaranteeing the security of the purchase. Costa Rica has the stability and legal structure to ensure this.
There are still some properties in Costa Rica that lack a title. While it might be tempting to buy a property in Costa Rica without a title, it’s extremely risky. The problem arises because all real estate in Costa Rica must be legally registered. If it isn’t, it doesn’t legally exist, and therefore, the legal system won’t grant ownership.
Real estate registration in Costa Rica is the most important aspect of any property transaction, even more so than the actual deed. All real estate in Costa Rica is registered with the Public Registry, so you’ll begin your title search there and obtain the deed, a written title document that details the property and how it’s registered. The deed defines the Costa Rican real estate, including whether it’s commercial or residential, its location, size, and other characteristics. It also establishes the current owner. But most importantly, it outlines all liens, mortgages, or other encumbrances against the property.
Once your deed is registered, you can request an original copy of the deed or a copy of the closing document with the seals showing the registration for your own verification and records. Additionally, your Costa Rican real estate will have a folio number that identifies you as the owner, which can be verified at the Registry.
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