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Costa Rica

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Property Buying Information

Buying property in Costa Rica can take a while - a limited liability company has to be set up before the property/land can be purchased and there are countless checks that need to be made before sales can be finalised. But once all of this is waded through, the process does get easier, and hiring a trusted local lawyer to help with all dealings is sure to aid the process no end.

Most properties in Costa Rica are listed in a computer system called ‘Folio Real’, and before any offers are made this should be checked by the lawyer to make sure there are no issues with the property – some are not registered on the system, but details can still be obtained the old fashioned way. Once the checks are complete and everything is deemed above board, the buying process can begin in earnest. First of all a pre-sale agreement is signed and deposit of around 10 to 15 percent paid. Final checks are then made on the property to make absolutely sure there are no legal issues with the purchase. Once this is finalised and okayed, the final contract can be signed and all remaining funds paid in full. The property is then registered in the name of the new owner and the purchase is complete.

Lawyer, notary and estate agent fees can vary a great deal, and applicable taxes usually amount to around five to ten percent of the total cost of the property, depending on its size.

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