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Thanks watch dog – a true beckon in the darkness of Costa Rica rules and regs. Please stay tuned for more questions, I have a lot of em.
Muchas gracias…
Please note that although Watchdog has been able to give some great advice here (he is an attorney) – which we are all very grateful for – time will probably not allow him to answer legal questions indefinitely.
Scott Oliver – Founder
WeLoveCo0staRica.comWatchdog. I have some observations about escrowing funds with title insurance companies in CR that I hope will challenge your base of knowledge.
1. Do Title Insurance companies insure future acts of fraud, which occur after the date of the policy.
2. Does the CR Government guarantee the accuracy of a certified copy of a property title extract, issued by the Registry.
The particular law that states this is Article 73 of the Public Registry Regulation. (Reglamento del Registro Publico, Artículo 73, Responsabilidad del Registro por la información contenida en las certificaciones. El Registro dará fe de la información contenida en una certificación hasta el momento de su expedición. Las variaciones ocurridas con posterioridad a la hora de su expedición no acarrearán responsabilidad alguna al Registro).
3. The law surrounding the registration of property titles in the National Registry, is based upon the presumption of accuracy of what is registered, by third parties relying on the Registry process. This principal is known as “legitimacion registral”. Article 449 of the Civil Code (ARTÍCULO 449.- El Registro es público y puede ser consultado por cualquier persona. Corresponde a la Dirección de cada Registro determinar la forma y los medios en que la información puede ser consultada, sin riesgo de adulterarse, perderse ni deteriorarse).
4. It has been interpreted by the Courts to mean that there is a presumption of accuracy of the Public Registry’s records. Likewise, in Article 34 of the Public Registry Regulation, the qualifying process in accepting Registry information is such, that only title information which is “valid and exact” in nature is accepted for registration purposes, by the Public Registry. (Artículo 34.—La Calificación. Control de Legalidad. La función Calificadora consiste en realizar un examen previo y la verificación de los títulos que se presentan para su registración, con el objeto de que se registren únicamente los títulos válidos y perfectos, porque los asientos deben ser exactos y concordantes con la realidad jurídica que de ellos se tiende. La calificación de los títulos consiste en el examen, censura, o comprobación que de la legalidad de los títulos presentados debe hacer el Registrador antes de proceder a la inscripción, con la facultad de suspender o denegar los que no se ajustan a las disposiciones de nuestro ordenamiento jurídico. Al momento de calificar, el funcionario asignado al efecto se atendrá tan solo a lo que resulte del título y en general a toda la información que conste en el Registro y sus resoluciones no impedirán ni prejuzgarán sobre la validez de éste, o de la obligación que contenga)
5. If a Notary/Lawyer conducts the correct due diligence for the property title research, no Title Insurance is necessary, as the true state of affairs will be revealed.
6. Any issue arising involving an irregularity with the title, can be dealt with by the Notary/Lawyer involved prior to a purchase of the property completing, or alternatively, the purchase offer can be rescinded.
7. If the Notary/Lawyer is negligent in such a title search, there is an insurance fund administered by the Dirrecion Nacional Notariado (Notary College), which all Notaries are bound to pay into, which would pay proven claims for negligence arising in this instance.
QUESTIONS:
1. Is Costa Rica a common law country?
2. Isn’t there only one legally authorized insurance company in Costa Rica?
3. Is a title guarantee in Costa Rica a bond of fulfillment or an indemnification?JUST FOR TURDS AND GIGGLES I THOUGHT I’D GIVE IT MY BEST. I DO NOT EVEN PRETEND TO HAVE W DOG’S EXPERTISE BUT I HAVE HAD A LOT OF PRACTICAL EXPERIENCE WITH ATTORNEYS AND CR LAW SYSTEM.
Watchdog. I have some observations about escrowing funds with title insurance companies in CR that I hope will challenge your base of knowledge.
1. Do Title Insurance companies insure future acts of fraud, which occur after the date of the policy.NO
2. Does the CR Government guarantee the accuracy of a certified copy of a property title extract, issued by the Registry.
SLIM CHANCE TO NONE. MAYBE IN THEORY ONLY.
The particular law that states this is Article 73 of the Public Registry Regulation. (Reglamento del Registro Publico, Artículo 73, Responsabilidad del Registro por la información contenida en las certificaciones. El Registro dará fe de la información contenida en una certificación hasta el momento de su expedición. Las variaciones ocurridas con posterioridad a la hora de su expedición no acarrearán responsabilidad alguna al Registro).
3. The law surrounding the registration of property titles in the National Registry, is based upon the presumption of accuracy of what is registered, by third parties relying on the Registry process. This principal is known as “legitimacion registral”. Article 449 of the Civil Code (ARTÍCULO 449.- El Registro es público y puede ser consultado por cualquier persona. Corresponde a la Dirección de cada Registro determinar la forma y los medios en que la información puede ser consultada, sin riesgo de adulterarse, perderse ni deteriorarse).
WHAT IS THE POINT OF #3?
4. It has been interpreted by the Courts to mean that there is a presumption of accuracy of the Public Registry’s records. Likewise, in Article 34 of the Public Registry Regulation, the qualifying process in accepting Registry information is such, that only title information which is “valid and exact” in nature is accepted for registration purposes, by the Public Registry. (Artículo 34.—La Calificación. Control de Legalidad. La función Calificadora consiste en realizar un examen previo y la verificación de los títulos que se presentan para su registración, con el objeto de que se registren únicamente los títulos válidos y perfectos, porque los asientos deben ser exactos y concordantes con la realidad jurídica que de ellos se tiende. La calificación de los títulos consiste en el examen, censura, o comprobación que de la legalidad de los títulos presentados debe hacer el Registrador antes de proceder a la inscripción, con la facultad de suspender o denegar los que no se ajustan a las disposiciones de nuestro ordenamiento jurídico. Al momento de calificar, el funcionario asignado al efecto se atendrá tan solo a lo que resulte del título y en general a toda la información que conste en el Registro y sus resoluciones no impedirán ni prejuzgarán sobre la validez de éste, o de la obligación que contenga)
GIVE ME A BREAK – THERE ARE SO MANY FRAUDULENT DOCUMENTS REGISTERED. IF THE PROTOCOL IS CORRECT THEY ARE ACCEPTED, IT MAY HAVE NOTHING TO DO WITH THE LEGITIMACY OF THE PARTICIPANTS. FRAUDULENT DOCUMENTS ARE ALMOST REGULARLY ACCEPTED IF THEY HAVE NO ERRORS. THE REGISTRY DOES NOT VERIFY SIGNATURES OR CHECK OUT THE LEGITIMACY OF THE PERSONS WHO SIGN WHAT THE ATTORNEY SUBMITS – OJALA!!!
5. If a Notary/Lawyer conducts the correct due diligence for the property title research, no Title Insurance is necessary, as the true state of affairs will be revealed.
BIG “IF”
6. Any issue arising involving an irregularity with the title, can be dealt with by the Notary/Lawyer involved prior to a purchase of the property completing, or alternatively, the purchase offer can be rescinded.
UNLIKELY AND IMPRACTICAL – COULD TALE 1 ½ TO 10 YEARS – DEPENDING IF YOUR ATTORNEY WANTS TO TAKE YOU FOR A RIDE OR IF HE IS HONEST AND DILIGENT.
7. If the Notary/Lawyer is negligent in such a title search, there is an insurance fund administered by the Dirrecion Nacional Notariado (Notary College), which all Notaries are bound to pay into, which would pay proven claims for negligence arising in this instance.
INSUFFICIENT FUNDS TO COVER MOST LOSSES.
QUESTIONS:
1. Is Costa Rica a common law country? – YES
2. Isn’t there only one legally authorized insurance company in Costa Rica? – YES
3. Is a title guarantee in Costa Rica a bond of fulfillment or an indemnification? BEATS THE HEC OUT OF ME – DOG, YOU OUT THERE IN CYBER SPACE SOMEWHERE?BTW Sir Dog, how did I do???
MY OPINION – ALL IN ALL TITLE GUARANTY IN CR IS A PLACIBO – A BIG SUGAR PILL. tHE MANAGEMENT AT STEWART CR COULD CARE LESS ABOUT THERE PRODUCT. tHE GUY IN CHARGE IS ONLY LOOKING TO DO AS LEAST AS POSSIBLE WHILE STILL MAINTAINING HIS POSITION AND PAYCHECK. i HAVE DEALT WITH THEM AND i SAY “DISGRACEFUL.” iF i WAS TOP DOG THERE – HEADS WOULD ROLL. BEGINING AT THE TOP!
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