Once you’ve found your ideal property in Costa Rica, it’s crucial to understand the legalities of the buying process and your rights as a foreigner. This is where ABC Real Estate comes in — we provide expert guidance and ensure a smooth transaction every step of the way.
Steps to Buying Property:
- Make an Offer
Once you’ve decided on a property, the first step is to submit a written offer or letter of intent to the seller. After negotiating the price, terms, and conditions, both parties will sign an agreement. At this point, you’ll make a down payment (usually 10% of the purchase price) into an escrow account. This secures the property and takes it off the market until the next steps are completed. - Due Diligence Period (2-4 Weeks)
During the Due Diligence (DD) period, your attorney will conduct legal research and verify the property’s details. If needed, your attorney may also recommend other professionals, such as accountants, surveyors, or home inspectors. If any issues arise during DD, you can request that they be resolved, or you may receive your down payment back in full. - Finalizing the Transaction
If everything is satisfactory, the deposit becomes non-refundable and is applied to the purchase price. Your attorney will act as the notary and draft the closing statement, which will be circulated to all parties for review and signature. Once signed, the final balance payment is made, and the transaction is officially closed.
ABC Real Estate will assist you throughout the process, ensuring the agreement is comprehensive and that the transaction is secure and seamless from start to finish.