The infamous vulnerability of Costa Rica’s National Registry has led the Canadian-based Scotiabank to partner with Private Property Registry, a Costa Rican firm that monitors properties in the land registry for fraud.
“We, as financial advisers, want our clients to feel completely at ease when making the most important investment of their life, which is buying a house,” said Adriana Llorca, a products manager for Scotiabank.
Llorca said the service will be free for all clients with mortgage credit with the bank. In the future, she added, the bank plans on expanding the service to other clients.
PPR monitors properties daily for unauthorized activity, as well as researches the history of a property to confirm whether it is indeed being sold by the rightful owner (TT, Jan. 20).
Property fraud is one of the most lucrative and least investigated crimes in Costa Rica. Criminals cherry-pick properties from the National Registry and resell them to unsuspecting buyers.