Right of Possession

[headinsouth 0]

What does this mean as related to the purchase of real estate - specifically if the answer is "no"?

[CountDown 0]

"Right of Possession" - What does this mean as related to the purchase of real estate - specifically if the answer is "no"?

Good question... or may be. I really don't understand it. Someone else may have a better feel for what you're asking, or perhaps you could elucidate?

CD

[headinsouth 0]

This is from the details of a property listed for sale in Costa Rica....

 

 

Clear Title

Property Information

 

Land and farms

Survey: Yes

Location: San Vito

Title: Yes

Right of possession: No

Size: 5.6 Acres

Corporation: No

Beds: 1

Baths: 1

Status: Active

 

Features

Cell Signal

Electricity

Mountain View

Natural water source

Near Schools

Public Water

Remote Rural

Rivers/Creeks

Septic

[costaricafinca 0]

It could mean, that it is legally registered, as in it is 'titled' as posted in the line above.

Years ago, land was lived on, solely by 'Right of possession' and that there would have been no permits applied for/issued for a home.

[pam 0]

What does this mean as related to the purchase of real estate - specifically if the answer is "no"?

You should not rely on the speculation of anyone on this board or elsewhere to answer any questions pertaining to the legalities in a real estate transaction. The only proper place to get the answer to your question is from an attorney. They're available at the ARCR. When considering the purchase of real estate in Costa Rica the onus is on you to do your due diligence and the laws and the lack of laws here regarding real estate and those who sell real estate really do require your attention prior to any purchase.

[REATTORNEY 0]

Hello,

 

Pan is 100% right. You should contact an attorney to review preliminarily the title to the property or perform a detailed due diligence.

[TicoGrande 0]

I do not know what it means... but I am wondering if it means the land has been successfully occupied by squatters. If they occupy land undisturbed for a year, they have right of occupancy even though you may have legal ownership.

 

I'd love to know the answer if anyone does talk someone who knows (like an attorney!)

 

TG

[mxmaniac637 0]

I'm no expert, but if the "right of possession" laws in Costa Rica are similar to those in Guatemala and Panama, it means that if a person has "right of possession" to a parcel of property, they have lived on and improved that parcel for a statutary period of time ( as a squatter) so as to have gained the right of possession. They still do not have legal title to the property, but they can obtain a document that gives them the legal right to live on that parcel. Legal title to the property can later be obtained by the squatter if certain requirements are met. Hope this helps