The Importance of Having Proper Legal Representation in Real Estate Transactions
Buying a property abroad could be one of the best investments of your life, however, if not advised properly the transaction and end result could turn into a nightmare. Due to possible complications with the property’s legal status, the intermediaries and parties of the transaction it could very well be that you do not receive your money’s worth when purchasing real estate.
The first important thing to have in mind is that Costa Rica’s regulatory framework may differ from the one you are used to back in your home country. When purchasing real estate in one of the world’s happiest countries, you should ensure that a proper due diligence is completed on the property before closing, in order to avoid not receiving the title of the deed duly transferred to you, the necessary permits to complete what you have envisioned, or in sum not receiving your asset with any legal issues which could complicate things for you down the road. When proper due diligence is completed you will have all the relevant information of your desired piece of property at hand, to decide if pursuing the purchase of the real estate asset is the right move for you.
Secondly, it is important for you to know what is right to expect from real estate brokers and sellers. This can be translated into the charging of abusive commissions, providing incomplete services, and the overestimation of the assets’ worth. The reason behind the above are the asymmetries of information and the lack of the buyer’s knowledge of the local market, which have a direct impact on the transaction’s success. This can be easily avoided by hiring a trustworthy advisor.
In summary, for you to successfully acquire a piece property in this country, it is highly recommended that you hire an attorney on whom you can rely to make the most of your investment in this wonderful land. Welcome to Costa Rica!
Written by Gloriana Fajardo Moya
