Court auctions are slick way to buy property here

By: Garland M. Baker B.

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

There still are opportunities in real estate and real bargains for those people with patience and tenacity.

One possibility is the judicial auction.

The Boletín Judicial publishes information on properties going to auction in almost every edition.  Buying real estate at auction is easy. One just needs to know the rules and have persistence.  It is common to go to 10 or more auctions to find a deal.

Any creditor can exercise rights under the law and go to public auction when a borrower fails to pay.

A lawyer for the creditor files a collection lawsuit against a debtor in default. If the paperwork is prepared correctly, a date for a public auction is set. Collections are executive type cases and are expedited by the courts. 

Anyone can bid at an auction. This includes foreigners as well as locals and companies.   Often, few bidders participate in auctions because most people do not know where to find the details regarding them and that they have the right to bid.

You can loan money there and secure property here

By: Garland M. Baker B. 

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

Can a person or institution lend money anywhere in the world in any currency and tie up assets here?

The answer is yes, and it is not hard to do, but a little technical.

If the money is lent in a country where attorneys can be notaries, and they have notary books, called protocol books, as they do in Costa Rica, the process is simple. 

The security interest is recorded in the official book. The notary then creates an affidavit and gets his or her signature authenticated by the Costa Rican consulate of the country where the act takes place. That signature then gets authenticated by the office of the Minister of Exterior Relations here in Costa Rica and then files the document with the National Registry. 

The key is the notary book because any document written in one makes it public.  Article 28 of the Civil Code requires all security interests to be public in nature to be valid in Costa Rica.