Buying a property in a foreign country is tough since there are various processes, title, ownership rights can make various risk level based on the country you choose. But this complication does not apply to Costa Rica, a Central American country. Though the process in this country favors you to buy a property over here there are certain factors you must be aware of.
It is a must to research the market such as reasonable market prices, current market trend, potential risks and few other factors. If you don’t have enough time to research all these details, you can hire a professional to deal with all these stuff. You must do a complete research on all the real estate agents in Costa Rica. You can use Google for your search where the website links of all the real estate companies display when you type as Real Estate Costa Rica in the search box.
Rather than hiring an inexperienced real estate agent, it is better to hire a national level real estate agent who can properly handle the entire process in a timely manner and works efficiently with a real estate lawyer.
It is hard for you to handle the legal system in a foreign country on your own. Hiring a real estate lawyer is supportive to complete the purchase process simple without any future issues. You must make sure whether your real estate lawyer is specialized in real estate matters and foreign buyers. Title ownership, possession rights, corporation and zone laws are the important points you must discuss with your lawyer.
Your attorney must ensure whether previous mortgages and lines are clear and the documentation of the property is clear before transferring money. You must check all the bills including service, utility and tax statements and confirm whether all those bills are up-to-date without any pending payment.
When buying a property in the rural parts of this country, you must research the legal conditions, rights of workers present on that property before the money is exchanged. The seller must settle the wages completely for the property keepers if any found in that property. You must not face any situation in which the possession and ownership could be disputed by the previous workers or property keepers on the seller’s payroll.
If you are an absent owner of that property, you need to hire a caretaker for that property and provide all the benefits for the caretaker. It is a must to know about the current market condition in the country which you like to buy a property. It is good to choose a large popular real estate agency handling different types of national properties for sale.
If you decided to buy income property or property for land-banking purposes then you must give importance to know the real estate climate. It is not important when you are buying a property for lifestyle, buying a second home without an idea to resell or planning a home for spending your retirement life. Whatever may be the reason for buying a property, it is always better to do your research and due diligence before the purchase.