Buying Real Estate in Costa Rica
Buying real estate in Costa Rica usually begins with a Broker or Real Estate Agent, who carries out the offer process and writes the initial Sale and Purchase Agreement (SPA). Then, the property is verified by a Surveyor, transferred by an Attorney, recorded at Public Registry and finally registered for taxes at the local Municipality. Langston Realty walks with you every step of the way. Please find below a more detailed breakdown of the process:
- Langston Realty evaluates listings, helps set prices based on recent sales, and carries out initial site analysis, due diligence and title abstracts on all properties listed.
- Buyers narrow their focus, view potential properties and learn more about the different communities in the great Santa Teresa area.
- Offers are made and Counter Offers are received. A Broker or Agent negotiates the deal until a price and conditions are agreed on.
- The Buyer chooses a Costa Rican attorney to represent them in the sale.
- The initial SPA is written up by the Broker and negotiated back and forth by the Buyer, Seller, Broker and Attorneys until a final version is ready to sign.
- The contract is signed, an earnest money deposit it made, and the due diligence period begins. Next a surveyor confirms the location and boundaries of the property and an attorney executes a full title abstract. Sometimes other inspections are necessary, especially in the case of finished construction or properties located on steep inclines.
- Once the due diligence period is over, and any deficiencies are corrected, a closing date is set by the Buyer, Seller and the closing Attorney who executes the deeds of transfer and confirms final payment.
- All paperwork is sent to the Public Registry for final recording and the Registry issues a new Property Title.
- The Buyer notifies the local municipality of the property registration and updates tax rolls.