Property purchase guidelines in Costa Rica

ere are some useful guidelines for you when you purchase a property in this Costa Rica:

• Costa Rica Real estate agents are not required to have a license due to the fact that Costa Rican property laws do not cover this. However, it is still a best bet that you hire a licensed one once you are set in purchasing a property. You can also get a qualified local attorney in order to assist you in looking for a competent realtor. Another thing you should remember, there are no multiple listing services (MLS) in Costa Rica unlike those in other countries. Therefore, get yourself a qualified and licensed realtor.
• Still in choosing real estate agents, you must be careful in deciding who to hire. There have been incidents wherein seemingly legal real estate companies show a logo that associates themselves to a reputable company in United States. However, after conducting a research, it was found out that there was no affiliation at all.
• Agents act as a middle person between you and the owner of the property (seller). Once you hire an agent, that person will accompany you in looking for properties and talk with owners as well. Due to the lack of MLS, most foreign buyers usually hire an agent to do the errands. This cuts off precious time in looking for the best place for you. These agents usually have the first hand knowledge when it comes to availability of great properties.
• You need to make an agreement with the agent beforehand in terms of commission and other fees due to the latter. It’s better to put the agreement in writing as to avoid confusion when the time comes when you settle the bill for professional services.

You may ask, “Do I really need a real estate agent?” The answer is, it depends. If you are adept in speaking the Spanish language, it is likely that you can do the transactions yourself. However, if you don’t know how to speak the language, then it would be logical to hire one. Remember, always make sure you hire a competent agent by looking through his credentials and if your attorney advises you to do so.
One of the documents that you may need to ask from a Costa Rican-based agent is the permanent residency card (or cedula). If they tell you that they don’t have it because it is being processed, then don’t hire that person. He’s pretty much a foreigner in the country just like you and is not qualified to do business.
The question that you can ask yourself is, “Do I really need to purchase a property here?” The answer for this is, it depends on your decision. It is therefore advisable to make the rounds first in the country and do some impromptu research, like asking the locals how they find the place and if this is a great place to live in.

Once you made up your mind to purchase your very own property in Costa Rica, then that’s where the paperwork starts. With a competent real agent and attorney assisting you, there’s no doubt that you will get your ideal property in no time. Good luck!