tag:blogger.com,1999:blog-18801284.post-1134057526676404922005-12-08T07:58:00.000-08:002007-05-29T15:28:06.705-07:00It sounds ideal: you've found a beautiful piece of <strong>beachfront property </strong>in a peaceful country, where you plan to spend your days watching the sun set and the waves roll in.<br /><br />Unlike many countries, foreigners in <strong>Costa Rica </strong>have the same rights to property as residents, meaning that if you buy a titled property, you become the sole owner of that property. However, many properties have problems with their titles, and buyers should beware before jumping into a costly investment.<br /><br />Additionally, many investors don’t fully know the pitfalls that can accompany <strong>purchasing beachfront property.</strong><br />Ever since the maritime zone law was effected in1977, all land within 200 meters of the high-tide line is considered public property and cannot be subject to any private transactions.<br /><br />These 200 meters of untouchable land is divided into two sections. The first 50 meters from the high-tide mark cannot be possessed or develop in anyway and remains public property. It is possible to construct on the next 150 meters, but only under a long-term lease (usually 99 years) from the local municipality.<br /><br />Many property owners face serious challenges to building on their <strong>beachfront property</strong>, even when they have concession from the government. The law stipulates that both the high-tide mark and then 50 meters beyond must be indicated by border markers. Although this responsibility belongs to the National Geographic Institute, many beach towns haven’t surveyed and plotted the land.<br /><br />Another obstacle to <strong>building your beachfront dream </strong>house is the Regulatory Plan, which is a zoning plan that shows what type of construction is permitted where – be it residential, industrial, recreational or commercial. If a town has no plan in place, investors can pay to complete it. However, this is a process that can take from six months to two years to accomplish, and is subject for public debates from approval.<br /><br />The only exceptions to the Maritime Zone law are older port cities, such as Limon and Puntarenas, and marinas, which are subject to separate legislation. If a marina complies with strict environmental requirement, it can be constructed within the 50 meter mark. In regards to marinas, currently the Los Sueños marina is the only legally sanctioned marina in <strong>Costa Rica</strong>.<br /><br />Still, investors need to remember that land within the 200 meter mark can only be leased in a government concession. Concessions are still owned by the government, said an industry insider. If at any time the government wants that land back, they can take it. Owners can’t do anything.<br /><br />Stewart Title offers protection for weary investors. They offer title insurance, which protects against any title defects or fraud. Titles are insured at the investment value.<br /><br />Many realtors recommend title insurance as an inexpensive assurance that your investment will be protected. There are several potential problems that can befall investors, For example, if something was misstated in the Public Registry, there can be serious problems with the property later on. Additionally, squatters, easements and encumbrances are other issues that owners must investigate before purchasing.<br /><br />Lawyers at Stewart Title go through a 30 point checklist, which they then give to the client, along with their professional opinions.<br /><br />The price of the title insurance depends on the purchase price of the property. Call (506) 258-5600 or visit (<a href="http://www.stewarttitlelatinamerica.com/" target="_blank">www.StewartTitleLatinAmerica.com</a>) for more information.First Realty Costa Ricahttp://www.blogger.com/profile/14720969334383593348noreply@blogger.com