Overseas property buyers seeking investments or a second home in Costa Rica will find the real estate buying process straightforward. According to information from The Costa Rica News the house buying process in the country has become remarkably similar to in other parts of the world.
There is no restriction on property ownership in Costa Rica, meaning anyone is able to buy houses, farms or land. According to The Costa Rica News: ‘The Costa Rican constitution allows for ownership of real estate, ‘bienes raices’ in Spanish, with equal rights for Costa Ricans and foreigners alike.’
When searching for property to buy in Costa Rica, most investors source homes by contacting a local estate agent or by using an internet property portal. Estate agents will generally know about the same properties for sale, although sometimes a vendor will make their property available exclusively through one agent.
If you are looking to buy a Property In Costa Rica, it is possible for foreign investors to obtain mortgage finance. As The Costa Rica News reports: ‘Most Costa Rican banks and mortgage lenders, and even some in the United States, give mortgages for the purchase of residential homes, vacation property, rental property and land intended for residential use.’
A solicitor drafts a sale and purchase agreement once a sale has been negotiated and this finalizes the terms between you and the vendor. As with any property purchase, you should appoint a trustworthy solicitor to handle the process. Your solicitor will probably also advise you to consider title insurance which will protect you against any other liens or claims made on the property that you are buying.
Closing costs of around 3.75 per cent of the purchase price are typically paid by the buyer.