THE PURCHASE PROCESS IN COSTA RICA
The following is a step-by-step explanation on how the purchase of real property in Costa Rica takes place:
1) First and foremost one must start by contacting us at Sol Realty & Investment Consulting and a Costa Rican attorney whose specialty is real estate and corporate law. At this point we will start the process of filtering through as many properties as it takes to find you the perfect fit. When you arrive there will be a prescreened list of properties ready for you to see with us. Prior to arrival you will have been well versed by your attorney-notary public as to the legalites involved in your purchase. You may even decide to start a CR corporate entity for title holding purposes prior to your arrival here in paradise. Also check into any international tax estate planning with your CPA.
2) Once an appropriate property has been found and negotiated a preliminary title search will ensue.
3) Next is to execute the purchase contract between the parties. Start full fledged due diligence on the real property
4) Identify the escrow holder for holding and managing all deposits and earnest moneys related to the transaction. Seek an Insurance agent from INS (Instituto Nacional de Seguros) and start the process of insuring your property once it becomes yours. Also check out utility providers for all your needs. In the case of a condo purchase, start looking for fellow residents for any HOA concerns and should you elect to rent your unit out in your absence, consult an qualified Property Management Company.
5) Due diligence should usually last 15 calendar days or so for most transactions. But depending on the complexity of the purchase, a longer period may be desired. Allow sufficient time for the removal of any ´´subject to¨ clauses in the contract as well as a final walk-thru and inspection by the purchaser at least 48 hours before the settlement date.
6) Settlement/Close date-This is usually the most exciting moment of the experience so just sit back and relax.