THE PROCESS

 The following is a step-by-step explanation on how the purchase of real property in Costa Rica takes place:

1) First and foremost one must start by contacting a professional real estate agent and an attorney whose specialty is real estate and corporate law.

2) Begin the search for an appropriate property and working out all legal details simultanously. For example, figure out whether the propert´s title is to be held in a corporation, partnership, tenancy in common or simply in your personal name. Be sure to check on local, national and international tax implications and start your tax planning now as opposed to later.

3) Identify the subject property and negociate a purchase price and execute the purchase contract between the parties.

4) Identify the escrow holder for holding and managing all deposits and earnest moneys  related to the transaction. Seek an Insurance agent from INS (Instituto Nacional de Seguros) and start the process of insuring your property once it becomes yours. Also check out utility providers for all your needs. In the case of a condo purchase, start looking for fellow residents for any HOA concerns and should you elect to rent your unit out in your absence, consult an qualified Property Management Company.

5) Due diligence should usually last 15 calendar days or so for most transactions. But depending on the complexity of the purchase, a longer period may be desired. Allow sufficient time for the removal of any ´´subject to¨ clauses in the contract as well as a final walk-thru and inspection by the purchaser at least 48 hours before the settlement date.

6) Settlement/Close date-This is usually the most exciting moment of the experience so just sit back and relax.