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Buyer Beware! Property Purchase

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In 2004, I purchased a piece of land from -------. This is supposed to be one of the biggest developers in the -------. I come to sell it and find out I can't because they never titled my land. How is this possible?

 

After some belated research, I've found that I'm not alone out there. Among other places, I went to ----website removed--- and found a whole other group of people in the same boat as me.

 

Anyone have any ideas what remedies are available to me?

 

Thanks

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I can´t say it enough, you need a good lawyer when purchasing real estate. It´s always best to get a corporation set up and own the corporation owning the property.

Call my lawyer friend Juan Mora if you like at 640-1919

He specializes in these issues and will be able to find out what can be done.

 

Mike

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In 2004, I purchased a piece of land -------. This is supposed to be one of the biggest developers -------. I come to sell it and find out I can't because they never titled my land. How is this possible?

 

After some belated research, I've found that I'm not alone out there. Among other places, I went to -------[/url] and found a whole other group of people in the same boat as me.

 

Anyone have any ideas what remedies are available to me?

 

Thanks

 

Don't know where you're located, but I used Luis Gutierrez of FS&V Law lgutierrez@fsvlaw.com. They have offices in San Jose and Liberia

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DO NOT GIVE YOUR MONEY TO DEVELOPERS, AND ALWAYS USE A GOOD LAWYER. Most gringos put real estate in a corp. I don't I use myself or my wife on all property. I'm just old fashioned and "may not be correct".

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DO NOT GIVE YOUR MONEY TO DEVELOPERS, AND ALWAYS USE A GOOD LAWYER. Most gringos put real estate in a corp.

 

 

Repeat this to yourself 3 times over!!!!!

 

If you did not hire an attorney to oversee the transfer of title, then you have no one to blame but yourself. Getting the title changed is your responsibility.

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Repeat this to yourself 3 times over!!!!!

 

If you did not hire an attorney to oversee the transfer of title, then you have no one to blame but yourself. Getting the title changed is your responsibility.

 

What I hear, thankfully not being in the business, is that you need to hire TWO good lawyers--the second to check the first.

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It is very easy to say bad things about and remain annonymous. We have found that when we investigate who sponsors these posting, it is usually other builders or developers who have had difficulty competing. Title issues are many in Costa Rica, -------. If you read the Tico Times or La Nacion, you know that -------. Jsut because one person is not happy doesn't mean it is a not a very good choice for others. -------.

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good morning --------

 

how about doing one of your investigations and let us know if this guy is one of those disadvantaged developers of just a guy who got screwed - thanks for your volunteered investigation on a very important issue

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Bob,

 

If he would send me his contact info I would be happy to try to help him with his issues. -------. I would like to know what phase he bought in 2004 that still does not have a title, as I am unaware of such an issue. I did not suggest that HE was a developer but am aware through due diligence, that many who sound off are in fact other developers or builders. (what are you, bob?) The market drives prices in these regions and you get what you pay for in this world. Though we may think it is "Blue Sky Pricing", the reality is that sales in the area continue to increase right along with prices. Although I have seen a lot of speculation in some coastal towns like Jaco, most of our customers intend to live here sooner or later. Most Expats also do not want to have to build by themselves and are willing to pay a premium-------.

 

You can't make everyone happy in this world and when you have as many customers -------, and when you also offer developer financing, you will always have some unhappy campers. Some bite off more than they can chew and then can't make their payments while others may have left their brain behind before heading to Costa Rica to look for property. Most however, came and bought their slice of paradise in a full service development where they need not speak the language, know a builder, architect or engineer and can end up with a great house in a a great location.

 

Title issuance takes longer -------in other parts of the country, which most of us are well aware of if they read publications like AMCostarica, Tico Times or La Nacion. The rapid onslought of growth has far exceeded the ability of the municpal office staff to keep up. Titles in these developments do get issued and the reality is that risk and return are related in this world and the relationship says that the higher the risk, the higher the return.

 

-------.

 

-------

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Personally, I have no horse in this race, -------

 

But, I'll say this much. -------? And, then, please be so kind as to inform us what you have found about the original post after your investigation? ([sic]"We have found that when we investigate who sponsors these posting, it is usually other builders or developers in the Ojochal area who have had difficulty competing -------)."

And, then, since you already told us in that statement that you "investigate" the "sponsors" of "these posting," -------?

 

Inquiring minds, and all that, you know, old stick......????

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We are all welcome to form our own opinion.

 

But I have to say that I am willing to give the benifit of the doubt at least until -------returns and addresses -------effort to mitigate this situation.

 

--------------BB. It does not appear that -------. Who is to say that this is even ------- fault? Certainly it is not -------did not hire an attorney to make sure the title transfer was complete.

 

I just think that we should take a slam job from a one time poster with a grain of salt. Especially when -------is making the effort to open a line of communication in an open forum ....... The ball is in -------as far as I am concerned.

 

Others may come to another conclusion ......

 

Peace.

Edited by rpiercy

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Title issuance takes longer in the southern region than in other parts of the country, which most of us are well aware of if they read publications like AMCostarica, Tico Times or La Nacion. The rapid onslought of growth in the south has far exceeded the ability of the municpal office staff to keep up. Titles in these developments do get issued and the reality is that risk and return are related in this world and the relationship says that the higher the risk, the higher the return.

 

What a thread. I have no idea who these people are, but one has to call a spade a spade. Let's be clear. Titles for the entire country are transfered through the central property registry in San Jose, whether you are buying in in Guanacaste, Limon, Jaco, or the Southern Pacific. To say title issuance takes longer in one part of the country vs. another is completely untrue.

 

I sell real estate all over Costa Rica, Jaco more than most places, but yes on the southern coast as well. The longest I have ever had a clean property title take to transfer is 45 days, and that was only because the transfer was initiated over Christmas when the Registro shuts down for a couple weeks, and the property required the creation of a new title as it was a piece being separated from the mother farm.

 

That said, the list of reasons why a title might not be issued quickly is long. Sometimes the reasons are innocent, such as one of the named owners is dead, or perhaps a creditor must sign off on the transfer and remove his lien on the piece being segregated. Other times, the reasons are not so innocent, such as when people sell property the don't own, or are selling land with restrictions on the title.

 

In my opinion, the most common reason for title issuance delays surround property which has no title. Keep in mind this is not illegal and very common in Costa Rica. If all the contracts are in order and there are no disputes, and the neighbors all agree to where the property boundaries are at, the government will usually issue title on the land in one to five years. After title is issued, the title will have restrictions for a period of four year to provide those who might wish to contest the title a chance to do so. This, of course, makes the subdivision and selling of newly titled land difficult. In most cases, property sold without title sells for half the price of property with proper and clear title, due to the delays and risk involved.

 

I have never heard a developer selling land without title, but -------"Risk and Return" so perhaps he is making the half price property available to foreign investors tolerant of a bit more risk. Personally, less than 5% of my foreign customers are willing to touch it.

 

J. Morales

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I for one am not, and never will be a developer in Costa Rica. My opinion is and has allways been GET A GOOD ATTORNEY; and purchase from developers at your risk. Many are under funded and a few are out an out thieves.

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Hi Steve and others,

 

-------there is a link to a website containing both complaints and defense of the project, so people should investigate thouroughly.

 

As stated here, obtain your own lawyer in ANY Real Estate transaction.

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