Escrow and Title Services
MN Partners of Costa
Rica has teamed up with top Escrow and Title Service Vendors including
Casafont-Estrada & Associate
and Stewart Title
Company. They will be
responsible for disbursement of funds during construction. They
provide many services and securities for the purchaser including:
closing, agent progress disbursements, absentee closing for the buyer,
legal representation, independent 3rd party control over
funds held in escrow.
MN Partners of Costa
Rica also provide additional security through a trust agreement by
which the land and development are protected throughout the
construction process and these partnering companies will act as the
trustee. |
“I’ve researched investment
opportunities in Costa Rica for over a year on the internet and
when I came across MN Partners of Costa Rica’s website, I
couldn’t believe what
they were selling condos for? I figured they had to be poorly
constructed or in a horrible location. When I visited, Susie
literally brought me to the construction site so that I could
see the quality of the construction for myself. The mountain
views were amazing and the proximity to Coco and the beach make
Villa La Colina a great value for the price. Simply put, the
quality, views, proximity, along with the unbelievable price
made this an easy investment decision for me.”
– Buyer of 8 Villa La
Colina 80 M Condos |
|
Squatter's Rights
Squatter’s
Rights was more of an issue years back when people would purchase land in
Costa Rica and then leave for a year, only to return and find that someone
had moved onto the property and exercised their right to own the property
through Squatter’s Rights. In fact, this was a scam that many people used
to swindle people out of their property. They would sell with clear title
and then have their buddies move onto the land to get the land back!
In Costa Rica,
a person can obtain rights to a property if he or she uses or maintains the
property for a period of time greater than a year and the owner does not in
any way challenge that possession. Once this happens, the land can’t be
taken back by the original owner without some type of payment or
compensation. If you have squatter problems, you must act quickly, before
the third month of the date the squatter moved in. You need to start a
civil procedure (interdicto), or file criminal charges (usurpacion). If you
don’t, it could be costly.
Because our
properties are continually supervised, we have no issues with squatter’s
rights, or are at risk of losing property to this law.
Setting up Your Corporation
We
recommend setting up a Sociedad Anonima (S.A.) when you take title on your
property. An S.A. is a typical legal document in Costa Rica similar to a
corporation (Inc.) in the United States. It is a private entity that is
used in Costa Rica to protect personal assets when you are conducting
business.
It has limited
liability and its shareholders are 100% anonymous. Unlike some Latin
countries, it is not obligatory to have a native Costa Rican partner in the
establishment of any type of business entity. There is no need to pay
someone to be the “trustee.”
Choosing a
corporate name is important. The name of the corporation must be in Spanish
and unlike any other name already in use. You will be asked to choose from
two or three names, if you want to select a specific name for your
corporation, extra fees apply.
To set up a
corporation typically costs US $500.00, but for Minnesota Partners of Costa
Rica clients, the cost is only US $275.00.
If you are
seeking legal advice, there are many attorneys (abogados) to choose from.
You can search online or look in the local phone book.
