In Costa Rica there at least two private real estate professional organizations: the Costa Rican Chamber of Costa Rican-Global Realtors (CCCBR), and the Association of Real Estate (CRGAR).
Real estate agents receive training in a diversity of areas, such as types of properties, concessions, planning restriction taxes that apply to brokerage services, real estate contracts, leases, and condominiums. Training in these crucial topics helps agents better serve their clients. Another important topic they receive training in is professional ethics.
The ethics course focuses on knowing and discussing the ethical principles of the real estate profession in general, and real estate agents specifically. This code of ethics is similar to the one that applies to realtors in the US. It also includes practical exercises to prepare the new agent for situations that may require their decision on whether a behavior is ethical or not, and in accordance with the standards of this ethics code. For any agent who wants to present themselves as a true professional, this training in ethical standards is essential.
The professional realtor assumes a number of legal and ethical obligations as part of their role in sales or purchases of property in Costa Rica. For example, the agent must promote and protect the client’s interests, avoid any conflicts of interest, be transparent and honest with all parties involved, use maximum care and due-diligence in all their actions, and maintain discretion and confidentiality in all matters.
Understanding the ethics of this profession also requires that the agent be aware of any unfair business practices, such as any undisclosed incentives, exaggerations, misleading advertising on the web, full disclosure on commissions to be paid out, or worst case scenario, concealment of any information that would be relevant to the potential buyers,
This industry does sometimes show a lack of ‘fair play’ in the market. So it is of utmost importance that you choose a real estate agent who exhibits professionalism and a high standard of ethics.
Contact us if you are looking for expert advice on how to make the best choice.