3 laws about Purchasing Real Estate In Costa Rica

Many people visit Costa Rica and feel like they never want to leave, which is why so many people begin to seriously consider purchasing real estate in Costa Rica. It is easy to see how it is possible to make a real profit purchasing real estate in Costa Rica since tourism is currently booming and likely to continue to increase. Even for people who are not serious investors, but simply looking for a nice place to retire, real estate in Costa Rica can hold extremely high potential.

However, even though now is a great time to purchase real estate in Costa Rica, there are a few things you should know prior to your investment so that you can move through the purchase as quickly as possible. First of all, one of the things that are going to affect you most is Maritime law, which prohibits you from owning land that is within the first 55 feet of the shore. Therefore, unless you want to engage in a long process that requires a large amount of funds, you probably will not want to look at oceanfront real estate in Costa Rica.

Second, you need to know that if there are any tax liens on the property, even if you have finished the closing process and paid your 60% deposit the property cannot actually be transferred. Therefore, you will a lawyer to check into this so you do not get scammed and lose your closing deposit. Along the same lines, there are many titles that float around that do not actually belong to the real estate in Costa Rica that you think you are purchasing.

In this way, it is possible to get scammed and pay a deposit on a property that the government will not be able to give you, since you were scammed by someone who does not really own the property. Therefore, you will have to make sure you always have a real estate agent and lawyer along when you purchase real estate in Costa Rica.