Both the Caribbean and the Pacific coastline border Costa Rica, which is a rainforest country in the Central America. So, buying property here is one of the best hobbies of the foreigners. And the most amazing part about the property deal is that a foreigner won’t have any special restriction. Both the locals and the foreigners enjoy similar rights in the property buying process. Is restrictions are applied, both the locals and the foreigners will be subjected to them.
In Costa Rica, the restricted zone is the maritime zone which runs 200 meter along the coastline as the state owns land. Another restricted zone is the Public Zone which is located at a distance of 50 meters from the shoreline. In this zone, no property development can take place.
Now, for other properties, both the buying and the selling party will equally share the costs involved in the closing process. This rule is imposed on the titled property as the beachfront properties are the exception of this law. The costs are assessed on the cadastral price and not on the market value.
It is the job of the notary to make a draft of the Transfer Deed and afterwards register the deed in the Public Registry. It is through this Transfer Deed that the transfer of the property ownership takes place.
The real estate agent needs to acquire a set of documents from the selling party before the closing date. They are:
- The up-to-date utility bills which include electricity, water supply, telephone, cable, and even the internet
- The property taxes should be paid till the current date
- If the property is a condominium, then the real estate agent must gather the CCR certificate from the Condo Association.
- If the home inspection term is mentioned in the Agreement of Purchase, then the real estate agent must verify the same before the closing date.
- Also, the final thing to review is the property inventory list.
The database of a concerned property can be searched using the folio number which is an identification number issued to a registered property by the Public Registry. The information present in the database needs to be provided at the time of closing.
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