Housing and Real Estate

In the last ten years in Costa Rica has developed in a wider housing market.

Probably about twenty or thirty years ago, real estate brokerage was limited to a few basic contracts: sales and purchases and leases. However, following the development that has had the Costa Rican real estate sector and the country’s image abroad has been established, there has been significant pressure on the local property market.

Every day more foreigners come to invest in the country or buying property in Costa Rican soil. This phenomenon is ah because, among other factors, the success of the country to forge an image of peace and green paradise, just as competitive prices. Buying a property in Costa Rica is, even today, less expensive than in other countries, removal or relaxation.

All this has forced the housing market to adapt and are now commonly used services real estate broker, and use the “Escrow Agent” to facilitate the closing of the real estate business. Also common are trusts, contracts for development and certification mechanism, which are not exclusive to foreign investors, but also commonly used by national investors.

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In a nominee agreement, the owner conveys property to a nominee who the latter consents to hold and execute transactions on behalf of the owner. The purpose of the agreement is to outline for legal purposes the ownership of the property and the role of the nominee.

Standard Recitals
1. For legal purposes, a nominee agreement represents an arrangement in which the owner registers the property in the name of a nominee so that the latter legally holds the property and all the rights related to it such as mortgages, interests, easements, licenses, leases, by-laws and charges. Unlike the owner, the nominee has no beneficial interest in the property.

Authorizations
2. The nominee cannot make decisions about the property without the express and written authorization of the owner. For many standard agreements, the nominee can only perform, or execute, certain instruments according to the authority outlined in the agreement.

This includes performing and/or delivering the following types of documents: leases, deeds, transfers, assignments, contracts and other documents related to the property. (more…)