In the growing markets of Latin America and the Caribbean, Stewart has formed strategic relationships with local lawyers and firms to develop a unique alliance that provides buyers, sellers, and lenders the added protection of title guaranty, escrow and other valuable Stewart services. Through the STAR System, local STAR lawyers throughout the region continue their role in the real estate transaction but have the opportunity to provide their customers additional Stewart services. This unique combination of local market expertise and the value that Stewart adds to the transaction brings security and peace of mind to real estate investors throughout the Latin American region.

How does the STAR system work?
Your local attorney and Stewart team up to provide you the services necessary for a successful transaction. You get Stewart services whether it be escrow, title insurance or any of Stewarts other services, via your authorized STAR system authorized representative, such as we are. Please contact us with any questions at lawyer@CRTitle.com.

Products and Services
Stewart Title Latin America offers a full suite of real estate closing services. We provide complete real estate closing services tailored to the real estate practice of the local market. Our products are designed to work alongside the local transaction process, adding value by increasing its transparency, speed, and security. Stewart is equally comfortable in residential or commercial transactions, providing end to end real estate closing services, for both buyers and lenders.

Advisory Service
Stewart provides insight and advice on the establishment of an optimal sales and closing infrastructure for developments or other real estate ventures. Stewart will implement the desired structure to ensure that each buyer receives the right information at the right time, that each sales agent can focus on sales, and that developers stay focused on construction and development rather than administration. Stewart's services have achieved up to a 75% reduction in administrative activities for our developer clients.

Commercial Services
Stewart provides comprehensive closing and consulting services for commercial investments throughout Latin America. As an established real estate information company, Stewart can provide not only all of its bundled closing services that are offered for residential transactions, but can offer fund management service for construction disbursements, due diligence assitance, and legal consulting services to assist developers or corporate clients with their real estate transactions.

Closing Service Bundles
Stewart's core products are included in a real estate closing service bundle. These service bundles have been tailored for the local market's specific real estate transfer process. If needed each service can be purchased individually with the bundled services offering reduced rates. The bundles generally include several of the below types of services.

Title Guaranty
Purchasing a home, whether a primary residence or a vacation home, is usually one of the largest investments made during a lifetime. After closing on such a significant investment, you want to be certain that you are protected from potential loss.

One of the least understood but most important aspects of protecting a real estate investment is making sure that the title to the property is secure. When purchasing a property, instead of purchasing the actual building or land what you are really purchasing is the title to the property, the right to exclusively own, occupy and use the space. These rights that you purchase may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. To be certain that your property is not at risk to these types of issues its important to acquire a title guaranty.

What is a title guaranty?
Before a purchase of a property, an attorney or other professional will search the public land records. This search provides a summary of the known legal status and issues affecting the title to your property. Often what this search does not provide is a guaranty as to the status of your title upon purchase. A title guaranty on the other hand provides a financially backed guaranty as to the status of your title. By definition a title guaranty is a private contract of indemnity between a purchaser or lender and a title guaranty company that protects the holder of the guaranty from issues that may affect the title to the property, issues like liens, encumbrances, fraud, hidden heirs, improperly executed documents, etc.

With a title guaranty, the substantial financial resources of a title guaranty company stand behind your title and offer real peace of mind. One of the most significant benefits of the title guaranty is that Stewart will undertake to defend/clear any claims that arise after the purchase of the guaranty, including covering the cost of all related legal defense. In the event of a legitimate claim, Stewart will pay or settle with the claimant, up to the insured value of the asset. The title guaranty is purchased for a one time fee, and once acquired it protects you as long as you have interest in the property.

Guaranteeing Concession Properties

I. Concession Right Generalities
In Costa Rica, according with the 45th article of the Politic Constitution, property right is inviolable. Nevertheless there are pieces of land that are considered National Patrimony, therefore, transfers or leases on these properties are subject to specific legal dispositions. The Maritime Zone is described as the piece of land 200.00 meters measured horizontally from the high tide line including rocks and terrains left by the sea in the low tide along the Pacific and Atlantic coast.

This zone also comprehends islands, pinnacles of rock, mangroves, estuaries, small islands and any small natural formation that overcome the level of the ocean. Properties on this zone cannot be transferred. However there is a legal procedure to acquire concession right on these parcels and this right could be granted for a determined period of time, but subject to any of the contingencies described in the mentioned law.

II. Concession Legal System
The Maritime Zone Law regulates all conditions required in order to acquire and use a concession right on the Maritime Zone in Costa Rica. Since these properties belong to the National Patrimony, transferences or mortgages are not allowed without the corresponding institute’s authorization.

In order to acquire a concession, the request must be made to the corresponding municipality in writing. Concessions on the Maritime zone are subject to the principle of first in time, first in right. Nevertheless, the law can establish a prior order according to the nature of the activities to be developed and the to the greatest Public Convenience. But in equal conditions, people that have possessed in a quiet, public, pacific and constant way shall have priority.

Concessions are denied to: a. Foreigners that have not resided in the country for a period of no less than five years. b. Companies domiciled out of the country. c. Costa Rican companies conformed by foreigner partners. d. Costa Rican companies with more than 50% of their shares of stock belonging to foreigners. Notice: Companies, entities or their associates cannot transfer their certificates to foreigners.

III. Term For Concessions
Concessions will be granted for periods of not less than five years or more than twenty years. Said term could be extended. This extension could be denied for any of the reasons described in the Law.

Concessions extinguished for the following reasons:
a. Expiration of the concession term.
b. For the waiver of the interest party.
c. The death or legal absence of the concessionaire if there is no adjudication to the legatee.
d. Cancellation of the concession.

Concessions could be cancelled in the following cases:
a. Nonpayment of the municipality fees.
b. Breach of contract
c. Violation of legal dispositions.
d. Attempt against the public zone.

IV. Title Guaranty for Concession Right
Our Company has the infrastructure to provide Title Guaranty for Concession Property as well as all the services described herein.

In order to issue a Title Commitment on these properties, our only requirement is that the corresponding contract is duly authorized by the Municipality and recorded at the Public Registry. In many occasions, concessions might not be recorded at the time the service is requested. In these cases, a Title opinion can be issued to provide detailed information as to the status of the process.