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.