Are you interested in buying a property in Costa Rica?
Publish: September 18, 2024
If you are interested in buying a property in Costa Rica, here is a guide of the steps to follow:
Once you have found the property, the next step is for the seller to take the property off the market. For this, you must sign a purchase and sale agreement (for more information on the essential points to include in this contract check our publication “Key points to negotiate in a purchase” and make a deposit to secure the deal.
We recommend you to work with a company of Custody Funds or Escrow to wire your deposit. In addition, we recommend that you include in the contract that you will have a minimum 7 working days after signing the contract to send the funds to the escrow. The reason is because, prior to being able to make the deposit, the escrow company must perform compliance checks on source of funds.
Be sure to hire a lawyer to help you with the property due diligence. Please note that all properties are different, so the requirements vary according to the location and land use, so you should work with a team of professional specialists in this area (for more information on due diligence, please review our publications).
Once the due diligence is approved what follows is to prepare for the purchase, which implies sending the remaining amount of the purchase price and expenses to the escrow. This must be done in less than 5 days in advance, since the funds must be in the escrow account prior to the closing.
The next step is to prepare the sales contract draft so that it could be reviewed by all parties.
On the day of the closing, all the parties sign and the payments due are made to involved everyone involved in the transaction.
At that time the buyer can already take possession of the property, and the public notary is charged of continuous writing with the process of registration of the transfer deed and then the corresponding declaration to the Municipality.
If you have any questions regarding the process do not hesitate to contact us.
Let’s do things the right way!
Author:
Catalina Baltodano is an experienced Real Estate Attorney with over a decade of expertise in the legal field. She specializes in providing comprehensive legal counsel on real estate transactions, property acquisitions, and regulatory compliance. Her in-depth knowledge of real estate law, combined with a keen eye for detail, allows her to navigate complex legal frameworks and offer strategic solutions tailored to her clients’ needs. Over the years, Catalina has built a reputation for her professionalism, dedication, and commitment to ensuring successful and legally sound real estate ventures.
