Buying real property in Costa Rica is a little different from buying it in other parts of the world. Learning how to do a little preliminary due diligence or, in simple terms, property homework, is good for everyone to know. This will help them stay clear of the bad and zero in on good opportunities in Costa Rica’s growing real estate market.
The term real property is generally defined as land, anything erected on, growing on, and everything of a permanent nature over or under it, including minerals, oil, and gases.
Allan Garro, of Garro Law, says this is not true in Costa Rica. “Real property does not include the rights to everything under the land or above it for that matter,” said Garro. The government administrates all resources including water for the public interest, he said. To use resources, paperwork needs to be filed with the appropriate agencies to obtain a concession to exploit minerals, water and other resources. Many trees and animals are also protected and cannot be cut or killed without permission. And, these are only some cautions.
When buying real property in this country, deep due diligence is necessary and qualified professionals should do it. Title insurance is not the same here as it is in other parts of the world. However, attorneys are not needed to get started. Here are some basics:
