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Costa Rica Fraud Alert: Private Property Registry in Costa Rica

Costa Rica Fraud Alert:

Private Property Registry in Costa Rica (PPR)

Real Estate FraudWe here at Cody L. Gear and Associates, have learned of a service provided to owners of private property in Costa Rica. The name of this service is Private Property Registry (PPR) and currently protects over 15,000 properties in Costa Rica.

 

 

How PPR Works

According to information we obtained from Fijatevos.com each night the PPR robot connects to the National Registry’s data feed and downloads the day’s transactions. Once the data is generated, the company’s software takes over, and the data is analyzed and compared to the previous day’s snapshot. By 1:30 am a report is generated detailing any change whatsoever to any property related to one the company’s clients. At 5:30 am this report is reviewed by the company’s legal department. Each change is analyzed to determine whether it is innocuous or whether it represents a possible threat to the client. On average, about 90 changes are detected and 1 is deemed a threat to be taken seriously.

At this point, the PPR legal team notifies the client by email, telephone or fax. The client can specify the preferred method of contact, or also additional contacts – such as the client’s personal lawyer. At this point the client will confirm that it is a legitimate change, for example they have taken out a loan or sold the property. If the change is not authorized, the client or PPR can take action immediately.

Registry Procedures Explained

How You and PPR Can Use Them to Protect Your Property from Changes

The National Registry is required by law to follow certain procedures when updating their records. The first step is that a lawyer, or their assistant, will present documents requesting the change to the registry. Upon this presentation a notation is made on the property records regarding the proposed change.

The following step in the process is for a registry bureaucrat to review the documents presented to determine if they are valid and if there are any errors in the descriptions or clauses. If they are deemed valid and correct, then the change is approved and entered into the registry. A key factor here is that by law a change may not be submitted and approved the same day. While normally there is a 7 to 10 day delay in this process, when schemers and shysters have obtained cooperation from an unscrupulous registry employee, then the changes are pushed through rapidly.

The PPR system takes advantage of this mandated time delay. The automated software reports annotations overnight. This means that if a change is recorded or noted, the property owner or PPR may submit a document opposing the change the same business day, which will effectively freeze the process and obligate the registry to determine the validity of the documents that were submitted requesting the change.

PPR Services and Pricing

The PPR offers 2 types of service. The first level is called Monitor and Notify, which costs $143 per year. You, and anyone you specify, will be notified in the event of any change to your property. The notification is sent by email, fax and telephone as soon as the PPR legal department determines that there is a problem. If you have more than one property in Costa Rica, you can get a package that will monitor up to 8 properties for $384 per year.

The higher level service is called Maximum Security, and includes the first level plus an automatic procedure for stopping the transaction in the registry. It costs $250 annually. When you activate this service, you sign a power of attorney that allows the PPR legal department to file a prepared statement in the registry on your behalf. The statement opposes any change to your property information in the registry, which effectively stops the transaction. Once this document is filed, the registry is required to investigate both claims and provide additional documentation for proceeding with the change. In the case of fraudulent claim, this alone will stop the perpetrators cold.

For more information concerning and other services available to protect your investments in Costa Rica,call Cody L Gear and Associates at 321-218-9209