All Posts in Category: Buying Real Estate in Costa Rica

MANDATORY REGISTRATION DUE 3/21 /2014

As a direct consequence of the amendment to the Law on the Promotion of Competition and Effective Consumer Defense (N°7472) of October 5th,2012, Decree 37899-MEIC was published, containing  an integral amendment to the Regulations of such Law; thus modifying a large number of matters, including mandatory registration of real estate developers and obligation to get pre-approval of option and sales contracts, where buyers are required to make payments before completion and delivery of the project/unit (future sales). Registration of Companies responsible for future sales must be completed by Friday, March 21st, 2014. Please see the information below for a description of the new provisions for future sales of Real Estate.

by: Roger Peterson/www.costaricalaw.com

The Costa Rican Legislature is currently evaluating a proposed law which would completely overhaul and regulate Real Estate Transactions in Costa Rica.   The law, “Regulation of Real Estate Contracts and Real Estate Agents” is quite ambitious in its goal and if passed would create significant changes in the way real estate transactions are carried out in the future.

According to the proposed law the purpose is to provide confidence in the real estate marked and increase the legal security in the transfer of real property.   To do so the intent of the law is to regulate Real Estate Agents and the requirements and obligations of those agents.   And, regulate the types of contracts and participants in the transfer of real estate in Costa Rica.