Welcome to Tropical Felgate, your source for international real estate, specializing in Costa Rica real estate.
The well-to-do, as well as middle class, baby boomers and younger people are exploring the purchase of second homes. Baby Boomers are expected to lead the market in the next 10 to 15 years, fulfilling their desire to increase their quality of life by a secure investment, purchasing a vacation property they can enjoy in the low - season and rent out during vacation months.
Covering their expenses while their property appreciates may be an immediate goal, but the long-term plan is often to use these second homes as primary residences or winter retreats in the sun belt.
In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Costa Rica with our New Listings Notification.
Whether you are buying or selling a home, hire someone like us, who wants to earn your business. We invite you to contact us as we'd be happy to assist you with this important transaction.
In addition, if you have any general questions about buying or selling real estate in Costa Rica, please contact us as we are more than willing to help.
* Due to Costa Ricaís increasing popularity and improving infrastructure, beach property can be an excellent investment. Besides homes and beach property there are also condominiums, farms, lots and ranches for sale at reasonable prices, depending on their location.
* You will be pleased to know that no capital gains taxes on real estate exist in Costa Rica, so it is an excellent investment. You do have to pay yearly taxes, but they are low by U.S. or European standards.
* Purchasing property in Costa Rica is very different than making a similar purchase in your home country. The laws of Costa Rica and property registration process can be somewhat confusing to a foreigner.
* Your best bet is to work with a broker or real estate consultant when looking for property.
* When you find a property your broker can help you negotiate the price and explain your financing options.
* If you decide to buy real estate, an attorney is absolutely necessary to do the legal work. We strongly recommend that your lawyer do a thorough search of all records before you make your purchase and make sure there are no encumbrances (gravŠmenes) on it.
* One of the biggest errors made by foreigners buying real estate is not properly researching the title for liens. You can obtain information about property at the Registro de Propiedades (like our land title office) in the suburb of Zapote, about five minutes from downtown San Josť by car or taxi.
* You can also find the status and ownership of a piece of property and get any title documents and surveys you may need at this office.
* If the property is registered in the name of a corporation, the legal representatives must be verified, since they have power of attorney to make the sale.
* Information may also be obtained from the registryís website at: www.registronacional.go.cr
* If the property appears free and clear of encumbrances, the lawyer can then proceed. Your lawyer should then draft a transfer deed or escritura to move the ownership from seller to buyer.
* In Costa Rica the buyer and the seller usually share the closing costs which normally run about 4-5% of the total purchase. A small real estate transfer tax or 1.5% of the actual value is included, a registration fee, stamps, notary fees, which vary and depend on the price of the sale.
* Title insurance is optional but advisable. It is common practice with many lawyers in Costa Rica to lower the actual amount paid on a sale to a much lower sum on paper to reduce land transfer tax.
* Buying and registering a property in a corporation has many advantages, mainly, asset protection in the event of a divorce or a lawsuit. When a corporation owns the property, the sale or purchase of the company can be negotiated so you donít have to pay property taxes or stamp fees.
* All you have to do is change the Board of Directors, the legal representatives of the corporation and transfer the shares.
* Do not hire the same lawyer used by the seller of the property. Also, don not forget to check that you are buying the land from its rightful owner.
* Donít forget to see if you need special permits to build. Be sure to check the comparative land values in your area to see if you are getting a good deal.
* If you are thinking of living in a remote area, check to be sure that roads, electricity and telephone service are available.
* Make sure to buy where itís easy to rent or sell your home or condominium in case you change your plans or in the event of a personal emergency.
Please browse our website for listings, reports and important local real estate information. If you have any questions and want the answers in real time, please click on the "Online Consulting" button or image on the right.