Real Estate buying...Legal Advice
Real Estate buying...Legal Advice
Contemplating buying property in Costa Rica? It can be overwhelming buying land in a foreign country, but with some standard legal advice it becomes more comfortable. Obviously, use a reputable attorney in any property transaction and give yourself sufficient time to close.
This will allow your attorney to do any and all proper due diligence to make sure the property is titled, free of any leans, or any other issues.
If you are purchasing a home, condo, or lot the seller usually has everything in order and ready to transfer the property. However, if buying a large development parcel the need for more extensive due diligence becomes more apparent. This is due to the fact that many farms have been segregated from larger mother farms, numerous family members may be actual owners, or for no other reason than too be absolutely sure the property is the right buy. The following shows the typical closing costs associated with a property purchase in Costa Rica.
Transfer costs for Real Estate in Costa Rica based on a $100,000 property
| % | USD | ||
| Registry - - - - - - - - - - - - - - - - - - - - | 0.005 | $500.00 | |
| Agrarian - - - - - - - - - - - - - - - - - - - | 0.001 | $100.00 | |
| Law 7535 - - - - - - - - - - - - - - - - - - - | 0.002 | $200.00 | |
| Municipality - - - - - - - - - - - - - - - - - | 0.002 | $200.00 | |
| Lawyer Board * - - - - - - - - - - - - - - - | 0.00025 | $25.00 | |
| Treasury Department C.R. * - - - - - - | less than | $2.00 | |
| National Archive ** - - - - - - - - - - - | less than | $1.00 | |
| Transfer Taxes - - - - - - - - - - - - - - - | 0.0151 | $1,510.00 | |
| Legal Fees - - - - - - - - - - - - - - - - - - | 0.0125 | $1,250.00 | |
| Total about 4% | 0.3788 | $3,788.00 |
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