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JudyKerr

Property and Corporations

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Have you been involved with buying or selling a property in Costa Rica via a Corporation and the Corporation books have been requested by the attorney? If the Corporation books are not provided then the sale cannot take place? That the only way to prove someone is the "Owner" (as opposed to the "Representative") is ONLY by seeing the Books (the Persioneria does not suffice)?

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A corporation can own assets such as real estate. In order for that ownership to be properly documented, it must be registered in the National Registry and in the corporate books. The entry in the National Registry must be done by a Notary. The entry in the books must be made in legalese, in Spanish, in black ink and handwritten.

 

When a corporation is formed, stock must be issued to the owners who must sign for it in person, and four officers must be designated. The president and the secretary have the power to act in the name of the corporation. Those officers' names are registered in the National Registry.

 

When the corporation needs to do something such as purchase property, a personaria juridica must be issued by the National Regisrty to verify that the person acting for the corporation is, in fact, qualified to do so. Since the stockholders could remove an officer at any time, a personaria juridica is only valid for thirty days.

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Spot-on, legs! I may be embellishing here a bit, so forgive if I am 'reading' into this question at all, but, my opinion, anything less than what legs has stated here is dangerous and if someone is suggesting otherwise, run! I have seen too many heart aches over a skipped or overlooked rule/suggestion/process (get a video survey, for example and title insurance) or law that comes back to bite!

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