5 Aspects of Buying Property in Costa Rica
What are the aspects of buying property in Costa Rica? Surely this question has come to mind for those of you who have begun the search for the perfect property in Costa Rica.
There are hundreds of real estate companies in Costa Rica, some with great reputations, some with not so great reputations. How can you be sure that you are getting a good deal? And that the property that you are thinking of buying can be built upon?
Is it necessary to be with 5 different realtors to see all of the possibilities and to get the best deal?
How can you be sure the title is clear and that there are no hidden problems? Let’s walk you through 5 aspects of buying property in Costa Rica. This can be of great assistance when starting your adventure.
Real Estate Boards
One of the first aspects of buying property in Costa Rica, is the importance of the real estate boards. There are several real estate boards in Costa Rica. But they do not regulate the realtors or real estate companies in Costa Rica. So they have no real value to the Costarican real estate community. Therefore, the American European network of realtors is a welcome beacon in this sea of realtors.
We police ourselves with strict rules and regulations ensuring that all of the properties on the website are investigated through the national registry. That is the only way to be sure the sellers are indeed the owners. And more importantly, that the property does not have any liens or restrictions and can be sold. We are all required to have plot maps of each listing, which can be presented upon request. This will help expedite the purchase agreement process.
Not having access to sold property data is one of the most important aspects of buying property in Costa Rica. There is no transparency in Costa Rican real estate. Due to a lack of an up and running MLS in Costa Rica with the necessary history sold properties. There are no data for comparing properties in the same neighborhood. The best judges of pricing and what is a good or bad deal are the real estate agents in the area.
While researching properties in Costa Rica, For Sale By Owner listings will inevitably pop up. Certain aspects of the value of a property can be questionable when you are not in contact with a real estate professional.
A realtor on the MLS knows the neighborhood and city values as well as environmental problems such as the amount of rain, average temperature, the frequency of earthquakes and landslides and water and power problems.
Do agents work together?
It is important to know that most real estate agents in Costa Rica will work together. We will split the standard 5% commission (paid by the seller) between the buyer’s agent and the seller’s agent.
An American European Network agent will search the web and call colleagues to find out if there are other properties within your criteria. Rather than waste your time making appointments or trying to coordinate three different agents in one day, let us do the job for you professionally. It takes time and effort for a realtor to get to know his/her clients and for the client to feel comfortable with the agent.
Most real estate agents have the same listings if they are in the same area. Therefore you can see all the properties in your price range with your requirements in less time. So you can only deal with one agent. There is no (as of yet) exclusive listing system in Costa Rica. This means that owners will contact all the realtors in their area, use FSBO and Craigslist, just anything to sell their property.
A professional American European Network agent will diligently and expertly research a prospective property. That is the only way to be sure that you don’t fall in love with a house that might have
- legal problems,
- hidden construction problems,
- soil erosion issues,
- or water rights issues.
Hire a professional agent
We know the areas that we work in. And we have the necessary contacts to check on all possible problems that can arise with properties.
Understanding the before mentioned 5 aspects of buying property in Costa Rica doesn’t make you an expert. You need a professional looking out for your best interest. So give us the opportunity to help you with your big decision. Save yourself some time, and possibly thousands of dollars by doing it right the first time.
Brooke Bishop first came to Costa Rica in 1999 as a volunteer with an organization aimed at reforesting old coffee plantations. She fell in love with Costa Rica and the area and became our Grecia real estate agent. Since then, Brooke has lived in the Naranjo and Grecia area.
Brooke speaks fluent English and as a Grecia real estate agent on the MLS, can help you find the perfect property for sale like a house or land in the right climate in one of these beautiful coffee towns. Contact Brooke now to see here listings.
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While we’re at it, I DO want to remind our readers that we appreciate any referrals you can send us. Finally, please remember the American-European real estate Group’s agents when you refer a real estate agent. Because we DO appreciate your business.