During the time I have been writing as “the worst realtor in Costa Rica” and highlighting what I consider to be abuses in the real estate field AND also posting simple guidelines to follow when considering real estate or a move to Costa Rica…I have received some negative comments but they have been far outweighed by the positive feedback.
The overwhelming comments have been that buying real estate in Costa Rica is a very scary proposition for most “gringos”. There are horror stories everywhere about dishonest attorneys and real estate people who have cheated buyers. And it is a definite fact that fraud and deception is , while not overly commonplace, an occurrence that takes place all too frequently.
BUT …the real question for all potential buyers is:
“is there a way to ensure that I don’t get taken advantage of or cheated if I am Buying real estate?”
The question is NOT “can someone else make sure ( 100% sure ) that I don’t get cheated?”…because dishonesty can range from overpayment for a property to buying property without sufficient infrastructure to simple fraud and misrepresentation about the value and appropriateness of a property. These forms of dishonesty are ONLY preventable by potential buyers doing their due diligence. Governmental oversight and protection does not exist in Costa Rica. If a seller tells you that you can subdivide your property…or if he tells you that utilities will be installed in six months…or he tells you that there is absolutely no problem building…and you later discover that you have been lied to…YOU HAVE VIRTUALLY NO FINANCIAL RECOURSE. Due diligence and research is your responsibility .
SO…”can anything be done to protect me?”
CR Home Realty has formed an alliance with one of the top legal firms in Costa Rica…and we don’t mean one of the most visible or one of those with the most expensive law offices in downtown San Jose…we mean, very simply, one of the best attorneys from the standpoint of legal background and knowledge AND political background.
We are now able to offer a form of title insurance which is miles and miles ahead of almost anyone we know of. It is not a simple title search or a guarantee that your legal costs will be covered if you have a problem ( yes, this form of “title guarantee” is a lot more common than you know…check the fine print )… our title insurance covers:
TOTAL PURCHASE PRICE OF YOUR PURCHASE …AND…TOTAL LEGAL REIMBURSEMENT FOR ANY FEES INCURRED.
In other words…if you are scammed or cheated or defrauded…and you are not actually able to take posession of the property you purchased…
YOU ARE TOTALLY PROTECTED.
…up to $450,000 and total legal costs.
Compare this with any other form of title protection out there. This is the absolute best that exists.
We see no point in going on and on about how great this insurance is…either you check for yourselves …or you don’t. Nothing else is better.
Again, this is not protection against buying a piece of swamp land or a misrepresentation about the property itself. Only you can prevent that type of mistake from happening.
BUT…this is a great start.
Call for more details.
Oh, one more thing…. I would like to reprint a letter that I received as a result of my “worst realtor in Costa Rica” ad…
Dear Randy,
Thank you immensly for your revealing observations about Costa Rica, Tocos, and opportunities therein.
My wife and a couple of partners have been to Costa TRica three times and thought idillicaly in love with the place during the "romance" at first glance. Firtst impressions are sometimes, as you indirectly point out, not necessarily the correct ones.
We were about to purchase land in Guanacaste, near the Four Seasons, and a couple of condos (or a villa - we were not sure) in Los Suenos Marina.
We noticed that there was something about the place which seemed too right, as when a lion is waiting to pounce on you... We backed out and decided to visit from time to time and enjoy our beautiful homes in La Jolla, California.
My goodness, you are so right about the utilities! We had not thought to ask, but did so after finding your website. Not what we were expecting, to be sure. I am CEO of a company with 100 employees, and would feel a need for very quick, stable and reliable internet and phone access; other issues you point out would be uppermost in my list as well such as security. A disaster was averted.
Please feel free to use my email as a testimonial.
Many thanks for your insight, honesty, and overall thorough knowledge of Costa Rica.
Yours,
Bernd Sattler
To me…letters like this kind of make up for the few negative ones I received.
Take a look at our site…and give us a call if we can help you .
Pura vida,
Randy y Rhonda
www.cr-home.com
p.s. we have arranged for buyers of property purchased through CR Home to receive the above mentioned title insurance free of charge. Yes, a title guarantee that is better than those offered by “gringo” style title insurance companies which will cost you upwards of $2500 to 5000. Ours is better …and it is free. Total protection…no hooks, no hidden clauses…this is title insurance the way it is supposed to be.
