Below are a list of Frequently Asked Questions that buyers usually ask at one time or another.
Who can purchase property in Costa Rica? Do you have to be a legal resident or a Costa Rican Citizen?
Foreigners and Non-gal residents can purchse titled property in Costa Rica.
How will my money be handled and where will it be held? Are there title or escrow companies?
Under government regulation and compliance thorugh the Costa Rican government entitly
S.U.G.E.F. - General Superintendent of Financial Institutions - third party money can only be handled by an escrow company aproved by them.
How can you own property: Family name, Corporation or trust?
You can own in your family name but that is not recommended in the unfortunate event you become deceased so it is best to put your property in a Costa Rican S.A. or Limitada coproration or under a trust.
What is the average time for closng a purchase transaction?
This all depends on the availability of the buyer's money and how complicated the transaction is in the event there may be property issues. This will determine the time necessary for due dilligence period the attorney needs to protect your interests. The norm can be as early as 3 weeks or as long as 6 months.
What will it Cost to Close?
Closing Costs are Approximately 4.5% of the purchase price unless there is a mortgage involved, then the cost will be higher.
How much will I need for Deposit? When will my Deposit need to be in Escrow?
The norm deposit is 10% of the purchase price but can be negotiated between buyer and seller. The higher the deposit, the better your chances of the seller accepting an offer.
How do I get my money to Costa Rica?