TITLE INSURANCE |
Title insurance is not necessary in Costa Rica due to the laws of the civil code. The buyer' attorney should make a thorough title search prior to closing; after which, one can safely purchase the property. To pay a title company to perform the exact same task prior to closing is redundant and expensive. Additionally, when a property is transferred to a new owner in Costa Rica, all past claim that were not properly registered in the National Registry, can not be placed on the new owner, thus eliminating the need to insure against past problems coming to light. Many properties are held by corporations ( S.A.), and in these cases, more thorough research is required if one wants to assume the existing corporation, which can save money on closing costs. There are title and escrow services available either through the banks or through companies that have parent companies in the US. |
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