Should I Use A Real Estate Agent To Buy Property In Costa Rica?
Should I Use A Real Estate Agent To Buy Property In Costa Rica?
Of course, as an office of real estate agents in Costa Rica, we're biased, but the answer is unequivocally YES! Yes, you should use a real estate agent to buy property in Costa Rica. Here's why...
Real estate is highly unregulated in Costa Rica and believe it or not, there currently is no licensure requirement for real estate agents. And while there have been new regulations implemented (like registration with SUGEF - Costa Rica's financial oversight institution), there are still lots of people without experience, knowledge, or registration acting as real estate agents in Costa Rica. So, what's the problem? While many of these people may have access to properties that aren't officially listed, those very same people often don't have the knowledge or experience to guide you through a real estate transaction.
What's the role of a real estate agent in Costa Rica?
In the simplest of terms, a real estate agent will represent you and your interests when you find that dream property. They will work with you to ensure you pay a fair price, they will guide you through the process and most importantly, they will ensure you are protected throughout the transaction. Let's break that down a bit more.
Real estate agents understand the market. A good real estate agent will live in the area in which they work. While it's not unheard of for an agent to list a property outside of their market, most will stick close to home - that's a plus for you because the markets vary greatly by province and even by town. By focusing on one area, a real estate agent truly becomes the expert who knows not only what is for sale in the area.
Many times, finding the property is the easy part. Negotiating the purchase price and getting it from a verbal agreement to closing is much more complicated, especially as the laws in Costa Rica continue to change. A good real estate agent will have the expertise and experience to help determine the value of the property you want to buy. And then once a deal is struck, they will help you navigate the entire journey by writing an offer to purchase and sell contract and then introducing you to a reputable escrow company and real estate attorney all the while explaining the process and answering your questions.
Most importantly, a good real estate agent in Costa Rica will make sure you're protected through the process. The involvement of an attorney is required by law and a real estate agent can make that introduction for you. They will have established relationships with real estate attorneys who will ensure the property you are buying is the property you think you are buying, that it has a clear title, and if buying land, it's able to be built on. They will also be the ones to ensure that after closing the property is registered in the public registry as belonging to you - perhaps the most important part of the entire process!
And in many markets, the real estate commission is paid entirely by the seller, so using the services of a reputable real estate agent is essentially free for you! It only makes sense to take advantage of their expertise.
Is it possible to do the transaction without the involvement of a real estate agent? Of course, it is. But buying a house in Costa Rica is a big decision, and likely a cash transaction, isn't it best to involve someone who's looking out for you?
We definitely think so.
