Costa Rica Expertise LLC
Archives for: November 2006
11/27/06
Title Insurance Here Can Cause Misunderstandings
By Garland M. Baker
Special to A.M. Costa Rica
Is title insurance legal in Costa Rica?
An Instituto Nacional de Seguros ruling Sept. 29 says that title insurance was not legal in this country but that now it is and has been since July of 1997. However, insurance officials say the legality could change in the future.
The decree from the legal department of the insurance monopoly explains title insurance is not insurance but a guarantee or a bond. This finding is a flip flop of the insurance monopoly's last ruling in 1976 that said title insurance is an insurance and that no company in Costa Rica can sell it except for the monopoly known as INS.
Read more!
11/13/06
Registro Nacional Turns Its Back on Obvious Frauds
It's the law, officials say
By Garland M. Baker
Special to A.M. Costa Rica
The Registro Nacional confirmed its policy last month of turning its back on fraud. The government institution stated in its publication “Materia Registral” that fraud is the exclusive responsibility of the courts and not of the Registro Nacional. The ruling came from the administrative directorate of the organization.
Property records at the Registro Nacional are under daily attack by fraudsters. The director, Roger Hidalgo Zúñiga, is under suspension while a thorough study of strange property transactions takes place.
However, the organization does not feel legal matters, like transferring property fraudulently, are its problem.
Costa Rica Expertise LLC
This web site contains articles written by Garland M. Baker and Lic. Allan Garro for the A.M. Costa Rica. These articles contain important information that everyone doing business—personal and corporate—in Costa Rica ought to know. Reach them at [email protected]
A Complimentary Reprint is available at the end of each article.
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