Are you thinking about purchasing a property in Costa Rica
but not sure where to start?

Buying a property in a foreign country can be a daunting task without proper information. But don't worry, we got your covered!

Do your research and ask questions!

This is a very important decision and we can help guide you along the way.

Click on the picture below to read some important facts about property ownership in Costa Rica and how to select your Real Estate Agent.

What are the steps to purchase a property in Costa Rica?

Part of your due diligence, as a buyer, will include asking the agent for the property information (which they can get from the National Registry and will need to write the offer) This document will have the "Finca" number, the "Plano" number, the exact size of the property, the name of the owner or the name of the corporation that owns the property and let you know if there are any existing liens on the property. (your agent should go over all this info with you)

Serious offers are made in writing. The real estate agent will need your passport number and full name to write the offer on your behalf. (Offers can be presented in English if the seller also speaks English, if not the offer will be presented in both languages - if your agent presents you an offer to sign in Spanish and you do not understand it, make sure they give you the offer in English as well.) Make sure you read all the pages of the offer. If there is something you do not understand, make sure you ask questions until you do. If there are any unanswered questions, get your Costa Rican attorney to look over the offer and explain it to you. (If your agent cannot do this for you, you are working with the wrong agent)

Everything is negotiable - so when you discuss the offer price with your agent, keep that in mind (and depending on the offer, you can expect a counter offer from the seller).

After negotiating with the seller...the offer needs to be executed by both parties (buyer and seller)

Typically you will have 10-15 business days to deposit your earnest deposit money and the clock starts once the offer is executed by both parties.

Your real estate agent will now send an introductory email with the executed contract to the escrow company who will contact you directly to open up the escrow account and send you wire instructions. (This info is between you, the buyer, and the escrow company only. No need to copy anyone else on this communication as it is very confidential and private information).

Once your earnest money deposit is received in the escrow account, the escrow company will notify you and your real estate agent with a statement, so they can show proof to the listing agent that the funds were deposited.

Once the contract is fully executed, your real estate will also need to contact your attorney in CR (If you do not have one yet, don't worry, they will refer a few to you). The agent then will send the executed contract to your attorney so he/she can start due diligence on the property. Due Diligence can be anywhere from 10 - 30 business days (this can be negotiated, but you need to check with your attorney to make sure they can get the work done during the Due Diligence timeline)

You can opt for a home inspection (at your expense) which needs to happen before the Due Diligence period is over. Again, your agent should be able to refer a few options of home inspectors to you.

Once the attorney completes the due diligence, he/she will send you a report for you to sign off. After you sign off, typically, your earnest money now becomes "hard" (non-refundable)

Your real estate agent will make a "closing statement" which is a financial overview of the transaction. Typically, there are two sides, one for the buyer and one for the seller which list the total sales price, closing costs, attorney fees, pro-ration of any utility bills and taxes, payout instructions and wire instructions to everyone involved. This closing statement (once completed) gets sent to the escrow company and they will use this to create their "Exhibit A" which has the exact same info on it as the closing statement but in their format. Make sure you understand everything on the closing statement as this outlines all the funds to be paid.If you do not understand something on here - ASK questions!

We recommend that you wire the balance of the funds at least a week before closing to make sure the money is in your escrow account for closing.

You made it to Closing day!! Now what? Click on picture to read all about it

You are now an official property owner in Costa Rica! Time to celebrate