Opening the Door to your New Home and Investment
Formal Offer via Purchase Sale Agreement: Offers are formalized through a Purchase Sale Agreement.
Negotiations: Negotiations occur until a final price is agreed upon.
Formal Purchase-Sale Agreement: A formal agreement is drafted during and or after negotiations.
Deposit: A deposit is required to secure the agreement, usually around 10% of the sale price.
Due Diligence Period: There's typically a 30-day period for legal and physical inspections.
Closing Process: The finalization of the transaction occurs within 45-60 days ask of contract execution..
Differences:
Escrow and Deposit Handling: In Costa Rica, the agreement isn't binding until the deposit is in escrow, unlike some practices in North America.
International Money Transfers: Transferring money internationally may have different procedures and timelines.
Legal and Procedural Variances: Variations exist in legal requirements and procedural steps, necessitating local professionals familiar with Costa Rican laws.
Timeline Variations: While generally similar, there may be slight procedural and timing differences compared to North American transactions.
Other Considerations:
Closing Costs & Real Estate Commission: Costs are negotiable but typically borne by the purchaser but are negotiable, with real estate commissions are customarily paid for by the seller but can be negotiable amongst parties.
Property Registration: Properties can be registered in a natural name or through a corporation, both in the Costa Rican National Property Registry and local Municipalities.
Property Tax & Luxury Tax Property Registration: Costa Rica has minimal property tax rates and imposes a luxury tax on high-value homes.
Real Property Title & Maritime Zone: Property near water bodies has specific regulations, with limitations on non-citizen ownership in concession zones.
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