First Wave Realty and Title Laws in Costa Rica

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  • January 18, 2006 at 12:00 am #174335
    orit15
    Member

    Has anyone had any dealings with a Boston based Realty. First Wave
    Realty? I am about to put down a large deposit towards 2 hectare
    land, Salto Estates situated in the outskirts of Liberia.

    http://www.saltoestates.com this is an old horse ranch. My initial conversation with them and agreement between us is that I can sub-divide half of the 2 hectare and sale it sometimes in the future to help with the balance of payment towards the other half of property.

    They now inform me that the laws in CR have changed and I can not subdivide and have two titles on one parcel. Is that true?

    Does anyone happen to know anything about the Title Laws in CR?
    This is my lifetime savings and I do not want to fall into a trap

    I am ready to invest in land in CR for future development. Any ideas
    of any Legitmate companies out there?

    I truly would appreciate your knowledgeable input. Kindly, Orit in FLorida

    January 18, 2006 at 1:42 pm #174336
    Andrew
    Keymaster

    1. I looked at their website and saw lots of lovely photographs of Costa Rica but NONE of their development.

    2. Their section on ‘About Salto Estates’ tells me absolutely NOTHING about them.

    Who are these people?
    What sort of experience do they have in real estate anywhere and in particular in Costa Rica?
    Are they actually based in Boston?
    Is that convenient to oversee a real estate development project in Costa Rica?

    3. For you to have proper legal possession of this land, you will need to have title to it…

    Take a look at José’s Three Golden Costa Rica Real Estate Rules which you will find at:

    In which he states his Rule Number One:

    “If someone is trying to sell you any kind of Costa Rica real estate and can not, or will not provide you with the ‘folio real’ number (a property registration number) so that you can verify the ownership and physical details of that property then you must be very, very careful indeed.”

    We would strongly encourage you to email them and ask them to email you the ‘folio real’ number of the property you plan on buying and see what they say…

    You may also wish to see Costa Rica Title Search –

    Scott Oliver – Founder
    WeLoveCostaRica.com

    January 18, 2006 at 3:12 pm #174337
    orit15
    Member

    Hi Scott

    thanks for your prompt response. First Wave Realty represent
    a developer out in CR called Areal Tierras Bonitas S.A. Have
    you heard of them? Apparently they are also involved with similar developments in other parts of central america.

    I will indeed ask for their Folio Real number. Thank you.
    I will keep you posted.

    Thanks for the info. I’d hate to get burned.

    Warm wishes,

    Orit

    March 31, 2006 at 6:09 pm #174338
    jperagine
    Member

    Orit,
    I was contacted by First Wave Realty about Salto Estates after responding to an internet posting. I was wondering if you had gotten any further info from them regarding their folio real number. My understanding is that the developer does not have clear title to the Master property as of yet and is anticipating closing within a month or so. Not sure if I should follow up with them and was curious if you had pursued this further.

    Regards,
    Jon

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