Costa Rica Forum

CruzinCostarica
Joined 2009
Posts: 181

12 years ago

Safe and Simple procedure for buying property ANYWHERE in Costa Rica

12 years ago

Hi all, just returned from 5 days down at Corcovado and saw some of the new emails. I agree with the ""CAVEAT EMPTOR" for all of Costa Rica.

Also, there are many instances of Buyers defaulting on their contracts since the "crisis' and then blaming the developer.

I was even contacted by some from those complaining saying they would badmouth me if I didn't help them get $ from he Developer.

Even though they never met me they threatened slandering me to get $. That's gotta tell you alot about the people complaining. :-)

Anyone who has been here a few years has heard things about every project in Costa Rica, Good and Bad. I ignore rumors and do my own research. And I ALWAYS have my attorney check/verify before my clients bought anything or transferred $.

Bottom line, there is a VERY Safe and Simple procedure for buying property ANYWHERE in Costa Rica.

1. Before transferring any non refundable deposit $ to a developer, even small amounts, have your Costa Rica attorney verify the title in the registry. It takes a qualified Costa Rica attorney 10 minutes (once he has the document numbers/plano on what you are buying).

Have him approve the terms of a letter of Intent (L.O.I.) that spells out both parties right and responsibilities.

That L.O.I. and the verification of clean title form the basis for the purchase agreement

#2. Have you attorney set up a 3rd party Trust (there are several North American linked Trust / Title companies in Costa Rica, including Chicago Title and Stewart Title to name just 2), so that the developer ONLY gets your funds when Title is transferred to your name or company name.

My attorney has had me diligently follow 1, 2 and 3 for 5 years, and I have had no clients that have had problems with their purchases.

#3. See if the Project is listed as a project represented by the top 10 Major CR Real Estate Websites.

They have been the major companies in CR for 5-10 years, those top 10 probably sell 50% of the Real Estate each year in Costa Rica, and they do due diligence to protect their name and their clients.

Any questions, feel free to email me directly.

Have a Great Day, and Pura Vida !

Raymond Cruz ~New Business Director
Skype: CostaRicaTeam
Phone 1-330-449-0007

[email protected]

www.CostaRicaRealEstateTeam.com

www.Youtube.com/user/CostaRicaRetirement

www.Youtube.com/user/SanctuaryCostaRica

www.Facebook.com/CostaRicaRealEstateTeam

www.Facebook.com/CostaRica.EquestrianWorld

www.Facebook.com/Sanctuary.CostaRic

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