Property Insurance In Costa Rica

Housing Market in Honduras Recovering

Onduras' house prices started picking up at the beginning of 2010 from a low base, following the traumatic military coup of 2009, which ousted the leftist former president Manuel Zelaya. Soldiers took Mr. Zelaya in his pajamas early on June 28 2009 to an Air Force base, where he was put on a plane that carried him to Costa Rica. The Honduran Congress voted for Zelaya's ouster later that day, replacing him with Congress president Roberto Micheletti.

The main cause behind Zelaya's ouster was a dispute over rewriting the 1982 Constitution, which Zelaya believed had helped worsen the country's widening poverty gap. However the Supreme Court, as well as the National Congress and all other democratic institutions in Honduras opposed Zelaya's plans, arguing that the attempt to eliminate presidential term limits could initiate one-man rule like that of his friend, Venezuelan President Hugo Chávez.

The Honduran military, acting on the orders of the Supreme Court, conducted the coup to preempt a referendum on a constituent assembly.

In the aftermath, Zelaya’s ouster was condemned by the United Nations, Organization of American States (OAS), and the European Union (EU), and Honduras was suspended from the OAS. However the new government did have a friend, as The Guardian comments: “Although no hard evidence has yet emerged that the US government was directly involved in his overthrow, the Obama administration did everything it could to help the coup government to survive and then legitimate itself through elections that most of the rest of the hemisphere, and the world, rejected as neither free nor fair.”

A typical Central American country, Honduras has its share of peace and order problems which center on maras (gangs) and drug cartels. There is a long history of military, civil and political conflict, massive corruption and government inefficiency, inequality, and poverty. Volcanic activity, earthquakes and hurricanes have periodically devastated the country.

Retirees can obtain title insurance when ... - Live in Costa Rica

Title insurance is a relatively new concept for Costa Rica. Until only recently, it was rather difficult to get title insurance in Costa Rica. It is not required to have title insurance when purchasing a property since the properties are usually purchase by foreigners in cash Now, there are some very good options for obtaining title insurance when buying real estate in Costa Rica. Title insurance is not required when purchasing property in Costa Rica, unless the buyer is obtaining a mortgage for the purchase. However, many North Americans feel a greater sense of security in having title insurance arranged during the purchasing process.

Title Insurance is insurance against defects in title to real property. It is meant to protect an owner’s financial interest in property against loss due to title defects, liens or other matters of public record. Before you purchase your property, the property may have gone through several ownership changes or there are documents lacking proof of the seller’s ownership. Someone along the way may have forged a signature in transferring title or there may be unpaid real estate taxes or other liens against the property. Title insurance covers the insured party for any claims and legal fees that arise out of such problems. Title insurance will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Title insurance guarantees that no one else can claim your property thus it also provides the peace of mind that you will not incur unexpected debts from your new property.

In short title insurance in Costa Rica protects against:

Invalid documents executed under expired or non-existent power. False assumption of identity of the legitimate property owner. Falsification of documents, legal power, and other papers related to the transfer of property title.

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