Costa Rica Real Estate News – Selling homes before they are built is a relatively new concept in Costa Rica but it is certainly gaining momentum.
The developers who do this must register with the Ministry of Economy, Industry and Trade (MEIC).
The way the system works is that people pay dues to the developer as the house is being built.
Some companies connect clients with financial institutions that offer mortgages for this type of home purchase.
Anyone looking to purchase in such a way should make sure the developer is legally allowed to sell like this by confirming the registration with MEIC. This registration is mandatory under the Law on Promotion of Competition and Effective Consumer Defense.
In addition to checking MEIC records, before purchasing, you can verify if the company is registered with the Chamber of Construction. Last year over 100 home plans were sold pre-construction.
The contracts specify the delivery period, measurements and materials to be used.
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