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Costa Rica Real Estate FAQ (Frequently Asked Questions)

1. Do you have general facts and statistics about Costa Rica?
2. Can you describe the different provinces in Costa Rica?
3. I don't speak Spanish. Can I get around Costa Rica?
4. How is the weather in Costa Rica?
5. How can I find answers to general questions about Costa Rica? Tourism? Business Opportunities?
6. How is the health care system in Costa Rica?
7. Can foreigners own property in Costa Rica?
8. Who should I deal with to assist me in purchasing real estate in Costa Rica?
9. What are the steps that are taken to buy a property in Costa Rica?
10. Is Costa Rican property titled?
11. What is concession property?
12. Some people are afraid of buying property in a foreign country. Can I buy title insurance in Costa Rica to insure my investment?
13. Can I get homeowners insurance in Costa Rica?
14. Does Costa Rica have property taxes?
15. Can I have a North American quality home built in Costa Rica? Can you recommend a good builder?
16. How much are construction costs in Costa Rica?
17. Can I afford to hire a maid or a gardener?
18. Are there zoning laws in Costa Rica?
19. Are there building codes in Costa Rica?
20. Can I find a good bilingual lawyer in Costa Rica?
21. Should I put my property into a corporation?
22. How can I book a travel itinerary to visit Costa Rican property?
23. Is it possible to own a property in Costa Rica and rent the property to generate income while I am not there?
24. Are public services available in rural area's of Costa Rica?
25. I've heard about squatters taking over property in Costa Rica. Is this true?
26. How can I use your website to find the best property for me?
27. What if i can't find a property that I like on your website?
28. Why don't all of your properties have pictures?
29. What is the local currency in Costa Rica? Are your property prices listed in US Dollars?
30. Are other brokers allowed to use your database?
31. Can I use your company to help sell my property?
32. What if my question isn't on this list?

1. Do you have general facts and statistics about Costa Rica?
The CIA in the United States has accumulated an excellent collection of facts and statistics about Costa Rica. Click here to view the information

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2. Can you describe the different provinces in Costa Rica?
Each of the provinces are described on our website (click on a province name):
San Jose, Guanacaste, Alajuela, Heredia, Limon, Puntarenas and Cartago

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3. I don't speak Spanish. Can I get around Costa Rica?
There are over 20,000 North American residents in Costa Rica, so it isn't hard to find an English speaking person. And many Costa Rican's speak English since the number one industry in Costa Rica is tourism. If you live in the coastal areas, the majority of the people that live there are English speaking. There are very good Spanish schools in Costa Rica that can quickly improve your proficiency in Spanish.

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4. How is the weather in Costa Rica?
The weather in Costa Rica depends on the location. San Jose, the capital of Costa Rica, offers a constant year round temperature of about 75 degrees. The beaches are warmer with high temperatures in the 90's. And the mountains can reach freezing temperatures. The two distinct seasons are: dry season and wet season. Dry season is usually November through February. And the wet season is March through October. There is very little rainfall during dry season and it tends to be hotter and windier. During the wet season, there is usually an afternoon shower, which tends to create cooler temperatures.

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5. How can I find answers to general questions about Costa Rica? Tourism? Business Opportunities?
We provide a bulletin board that provides a conduit to interact with Axxis Realty staff as well as other people that have interest in Costa Rica. The bulletin board has topics ranging from General Costa Rica, Tourism, Business Opportunities, Immigration, etc.

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6. How is the health care system in Costa Rica?
Costa Rica has an excellent medical system which keeps diseases in check, through public education programs and preventive medicine. Most people have access to universal health care means that people do not hesitate to visit the doctor when needed. The system covers everything from dentistry, to maternity care, to open-heart surgery. As a result, Costa Rica's population is very healthy and enjoys a life expectancy comparable to that of North Americans.

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7. Can foreigners own property in Costa Rica?
Yes, there is no restriction to property ownership by foreigners

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8. Who should I deal with to assist me in purchasing real estate in Costa Rica?
In Costa Rica, there ISN'T a licensing requirement to practice real estate. Anybody in Costa Rica can act as an agent to buy and sell real estate. This opens the door to many people who are ignorant to the laws and practices associated with real estate in Costa Rica. These people are not legally responsible for any mistakes that may take place during a real estate transaction. We recommend that you use a company that is a member of the CBR (Costa Rican Board of Realtors). Members of the CBR are required to take the necessary classes that detail all aspects of real estate law in Costa Rica. Members of the CBR must abide by strict guidelines set forth by the CBR and are legally responsible for their actions. Axxis Realty is a member of the CBR. Axxis Realty is also a member of the NAR (National Association of Realtors), the regulating board of retail real estate in the United States.

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9. What are the steps that are taken to buy a property in Costa Rica?
a. Work with a knowledgeable Costa Rican real estate broker to find your ideal property.

b. Make an offer on a property and negotiate the price and conditions that are agreeable to the buyer and the seller

c. Sign a clear, concise purchase agreement drafted by a Costa Rican Attorney that is both in English for you to understand and in Spanish, signed and dated by both buyer and seller.

d. Make a deposit on the property which is typically 10% of the agreed upon price. The deposit will be held in the lawyers escrow account and subject to the terms and conditions set forth in the purchase agreement.

e. Order a survey on the property to verify size and boundaries of the property

f. Purchase a corporation to hold your property

g. Your representing lawyer will perform the following tasks:

o Extensive Title Search
o Property Reports
o Contingency releases
o Closing Statement
o Distribution of Funds through certified bank checks
o Registry of documents

Properties are transferred by executing a transfer or conveyance deed (escritura de traspaso) before a notary public. In Costa Rica, notaries must be attorneys and are responsible for preparing, supervising the execution and recording of all public registered documents. Property cannot be transferred if the land does not have a registered survey, which must be referenced in the deed of transfer.

If the property is owned by a corporation, the attorney will perform a corporate search in the commercial section of the registry to verify that the corporation is in good standing and that the proposed signatory has the capacity to sign on behalf of the corporation.

h. The buyer, seller and representing lawyers will meet on the agreed upon closing date. Once the buyer, seller and notary sign the transfer deed, the deed is recorded in the notary's record book and a copy is presented to the Registro for annotation and registration.

The National Registry reviews the deed and then registers the property in the name of the new owner.

The registry will not record a transfer deed without the full payment of the transfer taxes, documentary stamps, notary fees and property taxes.

Transfer taxes and document stamps are approximately 2.5% of the registered purchase price and notary fees are set by law at 1.25% of the registered purchase price.

Holding title in the name of a registered corporation provides greater flexibility in estate and tax planning, liability and overall management.

The Costa Rican legal system provides adequate assurances and protections for foreigners to legally and confidently invest and hold title to property. But remember to follow the law to protect yourself against any loses.

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10. Is Costa Rican property titled?
Yes, with the exception of concession property which will be described below. Titled property is the same as you would find in North America or Europe. All titled public property can be found on the computerized Costa Rican National Public Registry. The only way a third party can claim rights to a titled property is if they have a registered lean or encumbrance on that property. When you buy real estate in Costa Rica, your lawyer will do a title search to make sure there are no outstanding leans or encumbrances by consulting the national registry.

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11. What is concession property?
Concession properties are those properties located within 200 meters of the high-tide line of oceans. The first 50 meters from the high tide line is public property and cannot have construction. The next 150 meters can be purchased by an individual but requires a "concession" in order to construct. A concession is a "right" offered by the Costa Rican government to use the property for a specified reason. For example, residential construction, a hotel, a golf course, etc. A concession can be granted for 20-99 years in Costa Rica. After that time period, it is the responsibility of the property owner to get the concession re-granted. This is usually not a problem unless the owner has blatantly broken the previous concession agreement. Many people have safely bought concession property if they perform the proper due-diligence. We recommend only buying concession property if the concession has already been granted or if the buyer understands the risks involved in buying concession property without the granted concession

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12. Some people are afraid of buying property in a foreign country. Can I buy title insurance in Costa Rica to insure my investment?
Yes, there are several companies that offer the same type of title insurance that is offered in North America. Several huge US title insurance companies back these companies. The cost is about 3% of the purchase price.

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13. Can I get homeowners insurance in Costa Rica?
Yes, all insurance in Costa Rica is handled by a government agency called INS. You can purchase insurance for your home, car, business, life insurance, and most other insurable items through INS. Home insurance is actually less expensive than comparable insurance in the USA.

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14. Does Costa Rica have property taxes?
Yes, Costa Rica has yearly property taxes based on the value of the property but they are usually very low. Typically, 0.1% of the property value.

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15. Can I have a North American quality home built in Costa Rica? Can you recommend a good builder?
Yes, there are many North American builders and architects that have relocated to Costa Rica that build by US standards. But they have adapted their building techniques to take advantage of local building material availability and labor.

Axxis Realty maintains a list of builders that we have full confidence in recommending to our clients for residential and commercial construction.

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16. How much are construction costs in Costa Rica?
A US quality home typically costs $50/sq ft and up depending on materials, finishing details, etc. This is much cheaper than the cost of building in the United States.

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17. Can I afford to hire a maid or a gardener?
Yes, you can typically hire a full-time maid that does all of the cooking, cleaning, laundry, and childcare for less than $350 per month. You can also hire a groundskeeper that will maintain your property, gardens, and watch your property in your absence for about the same amount of money.

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18. Are there zoning laws in Costa Rica?
Costa Rica has zoning laws. But typically, San Jose is the only area that has different zones. Most other property is zoned for almost any type of construction.

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19. Are there building codes in Costa Rica?
Costa Rica has fairly stringent building codes. Although these codes are rarely enforced, especially in rural areas. There is still a permitting process that is required in Costa Rica. Make sure that your builder is familiar with this process.

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20. Can I find a good bilingual lawyer in Costa Rica?
There are good bilingual lawyers that we recommend. They can handle many legal services including real estate, immigration, corporations, etc.

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21. Should I put my property into a corporation?
We recommend putting all major assets in a corporation for several reasons: it protects a person against having his property attached in a lawsuit and it allows for much easier transference of the property in case of future sale.

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22. How can I book a travel itinerary to visit Costa Rican property?
You can book your reservations from our website. Or you can contact us and we will have one of our associates help you plan your trip. We can help with travel, hotel and rental car reservations. We also have access to tours that you may want to take while you are in Costa Rica. And of course, we will make appointments with you to view many beautiful properties while you are here.

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23. Is it possible to own a property in Costa Rica and rent the property to generate income while I am not there?
Yes. Many people who own property in Costa Rica don't live here permanently. They live here several months out of the year and rent the property the rest of the time. Axxis Realty can also help find a person to rent your property.

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24. Are public services available in rural area's of Costa Rica?
It depends on the location. Most properties have electricity and water brought to the property boundary and it is the responsibility of the owner to bring those utilities to the structure on the property. Most areas of Costa Rica have land line telephone or cell phone service. Many of the larger cities in Costa Rica have cable television and all areas of Costa Rica have satellite (DSS) television.

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25. I've heard about squatters taking over property in Costa Rica. Is this true?
Yes, If a property is left unattended for a long period of time, it is possible for a squatter to take possession of a property. But the squatter can usually be removed from the property without any legal problems within the first few years. If a person waits longer than that, then the owner with incur some legal costs to remove the squatter. We recommend that a property owner hires a local person to maintain the property in his absence. That includes checking on the property on a frequent basis and notifying the police if an unauthorized person appears on the property. The caretaker can also perform general landscaping on the property to keep the property looking nice. Due to the low cost of manual labor in Costa Rica, the costs of these services are pretty minimal.

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26. How can I use your website to find the best property for me?
We have many ways to help you find your perfect property using our website. On the left side of any page on our website, you can do a 'Quick Search' to search for properties based on location, property type and price range. If you require more granularity in your search, you can do a detailed search from our homepage. This search allows you to specify: property type, property location, minimum and maximum price and area, and whether you want to buy or rent.

You can also search our database by property type throughout Costa Rica by using the 'Category' section on the left side of any page. For example, if you want to look at all Hotels available for sale in Costa Rica, you would press the Hotels/B&B's link under the Category section.

In addition, you can search for a particular text string in our database. For example, if you want to find all properties that are located in Escazu, you would type 'Escazu' in the 'Search in the Property Database' field and press the Search button. All properties with the word 'Escazu' will be displayed.

If you already know the property number that you are interested in, put the number in the 'Find Property ID' field and press Find.

But the BEST RESOURCE is to contact our office and one of our real estate professionals will be able to assist you in satisfying your exact property needs and will be able to answer any question that you have about real estate in Costa Rica.

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27. What if i can't find a property that I like on your website?
Since it sometimes takes awhile to add new listings to our database, we recommend that you contact us to see if we have unlisted properties that fit your requirements. If we don't have a property, we can put your property requirements on our Property Wanted list which is frequently viewed by persons with property for sale or rent.

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28. Why don't all of your properties have pictures?
Some of our properties are listed by individuals or by other brokers who don't have access to digital photography and they haven't sent us a picture to scan into our database.

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29. What is the local currency in Costa Rica? Are your property prices listed in US Dollars?
Costa Rica uses the Colone as its base currency but also recognizes the US Dollar. To check today's exchange rate, click here.

All of our properties are listed using the US Dollar

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30. Are other brokers allowed to use your database?
We readily encourage other brokers to use our database. They can put their property listings on our website and they can use our database as a source of properties for their clients. Please contact us for details.

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31. Can I use your company to help sell my property?
Yes, go to our List Your Property section of our website and fill out the form. We will put your property in our database right away.

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32. What if my question isn't on this list?
Contact us with your question and we will try to answer it as soon and as completely as possible

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© 2003-2008 Axxis Realty Internacional, Costa Rica. |  Tel: (506)2772-4005, (506)2770-9321 Fax 506-2770-4089 
Email: info@axxisrealty.com