Please can somebody tell us which real estate company on the Carribian coast we can trust?

Thank you,

Elsann

Elsann: I hear that Caribe Sur is a good office. The owners name is Manuel Pinto and the website is: http://manuelpinto.point2agent.com/

Thank you very much for the information. I noticed that they have two websites, can you tell me why that is?

Regards Elsann

I assume because they are affiliated with the AE (American European) Real Estate network...?

Mediatica, I understand that you are a 'legal real estate sales agent' here, but can you please explain, why so many companies 'hire' the 'illegal agents' most of whom have no residency status at all? Do you think that most 'offices' have them on staff? Does your company?

CRfinca: I will not name 'other' firms, as here in Costa Rica, slander is not treated the same way as up north. So I will just say that, YES, there are many RE Agencies that hire illegal agents. Why? Can't answer that. I assume that the need for bilingual experienced agents (not all are bilingual, but I am making a generalization) is scarce. My family is Tico. My husband is a permanent resident like myself and our business partners are both Ticos who were born here. Hope this helps.

Yes, I know many of the other firms seem to have more 'Ex-pats than they do Ticos. And I know that your husband is a legal resident as well, and didn't mean to insinuate otherwise. It is a shame that many feel that this is necessary to bring in 'agents' to obtain the sales. While I understand that being Bilingual in the RE market is very beneficial hopefully many Ticos can look to work in the industry.

Thank you, mediatica. It is nice to hear that all in your office are working here the right way. I think the rest of us should make an effort to use only the folks that do business in a way that will help Costa Rica and Ticos.

So many of the expats I know call themselves real estate agents. Based on what, I don't know, except for the fact that they have a car and time on their hands. Obviously most of them are working illegally, since most people I know here don't yet have their residency, and some have never even bothered to apply. Who knows how they get away with it.

Worse than anything, is the way the 'BS' their way, throwing little bits of information to the potential buyer that they really don't know anything about, and are probably just one step ahead of the buyer with no knowledge of the RE laws in Costa Rica. We had a US licensed agent over our way recently while on still on vacation, who was going to start with a firm and had been told they could get a 'work visa' ...

It is sad, the few good real estate folks have to swim through a sea of these leeches. They give everyone a bad name.

As I have suggested numerous times, the FIRST thing that anyone should do when retaining the services of a RE agent in Costa Rica is to ask to see their PERMANENT residency card or cedula identidad (proof of citizenship). If they cannot show you this, tell you it is "in process", or they "lost it", then you can be about 100% sure that you are retaining the services of someone who is nothing more than a tourist!

You may not work in Costa Rica without having Permanent Residency. Further, as they have not made the effort to even get legal, what on earth would make you think they will even BE here should a problem arise? They could be deported at any time.

The SECOND thing you should do is make sure they have sold real estate (legally) here for at least one year and preferably more. Saying "I was a realtor back in the USA" is a worthless credential as there is virtually NOTHING similar to selling real estate here.

Buying real estate here is risky enough without adding to your potential exposure by using an illegal and/or a totally inexperienced agent.

TG

As to that, I could not agree more.

Let me first point out one false statement used throughout this page. It is NOT illegal for a NON RESIDENT or NON CITIZEN to own and manage a real estate company, or any other business, in Costa Rica. Those who state different need to read and understand the laws before making statements about the legality of honest business concerns.

I would also like to pass along some "true facts", partially re-written with the permission of author Scott Oliver, on the pitfalls that potential buyers should be aware of.

<quote>
1. There is no true Multiple Listing Service in Costa Rica, so establishing an idea of what a property is worth is difficult. Take a look on the Internet and you will likely find the same property listed by different brokers at different prices.

2. To be involved with Costa Rica real estate, you do not need any qualifications, training or experience to call yourself a broker. Many of these so-called "brokers" also call themselves "Realtors," although most have no standing on which to call themselves by that name.

There is an organization of brokers in Costa Rica, however, very few people who call themselves brokers have even heard of it, never mind belong to it ... And nobody is regulating or watching over this organization. (I personally know of one "broker" that is listing his 8 year old son as an active agent)

3. The Costa Rica legal system is based on Napoleonic Laws and not the Common Law system you are use to in the US and Canada. How much do any of us know about the Napoleonic legal system?

4. Costa Rica is a Spanish-speaking country and all legal documents will be in Spanish. If you can't read Spanish hire a good impartial attorney with a real estate background.

The broker / agent you may be hearing 'expert' advice from may have zero qualifications or training in real estate, who is trying very hard to earn a sales commission by selling you a property that could be dramatically overpriced.
</quote>

A VERY common practice here is the "Bar Room" broker; he sits in the local bar listening for buyers, approaches, and gets the buyer to use his brother, sister, or someone else to sell a drastically overpriced piece of real estate in exchange for a kickback. This is usually not a small kickback, ranging from 2% up to hundreds of thousands. One such sale I am personally aware of kicked back $100,000 to the bar room hustler.

We have personally dealt with numerous "brokers" who run false ads, consistantly mis-represent and falsify facts, and partake in fraudulant schemes that would have our licenses revoked in the USA.

Insist on working with real estate professionals who are qualified, experienced, trustworthy, reference-checked and personally recommended.


Don Johnson
Latitude 8 Realty
http://www.latitude8realty.com
http://www.costa-rica-forsalebyowner.com

Good point. However TG said if you were "retaining the services of a RE agent".... which does not include the owner/manager of a RE company unless they can also provide the agent service. So I second (or third) TG's caution.
The rest from Scott Oliver is a nice excerpt and very true.
CD

To Don Johnson

I see no where in this thread that anyone said that. If they had, I would have corrected them.

Anyone can own and manage a business here, even a tourist. The key words are "own" and "manage". They can NOT under any circumstances work in that business in ANY capacity other than manager/owner. They may NOT sell real estate legally as that sales job can be done by a Costa Rican (or by a foreigner if that foreigner has Permanent Residency or has received citizenship. The owner/manager is limited only to supervision and managment duties.

You for instance apparently are connected with two real estate companies. You can be owner of both, but you can NOT legally work as an employee of those companies unless you have your Permanent Residency or Citizenship. In other words you cannot sell or act as an agent if you are not properly documented.

My point and warning to all readers of this forum is to NOT do business with any person who cannot prove they have Permanent Residency or citizenship. If they do, they are in essence doing nothing more than dealing with a tourist. NOT a good thing. When dealing with anyone who says they are selling property here, ask to see the ID's mentioned in my post above. No ID, no business!

Like Countdown states, the rest of your post is accurate.

TG