Buyer's Guide

The first thing you want to think about is selecting an Agent to work with, no matter where you are; working with a professional Agent should always add value to your transactions and research of the area, even more so in Costa Rica given the market nuance of not being fully exclusive or digital based, making it ideal to have one central point of contact that has the knowledge and experience to best navigate the property search & negotiation process. 

When selecting an Agent we recommend considering 3 main factors; first is verifying they are SUGEF registered (SUGEF is the costarican entity that establishes the guidelines to guarantee Real Estate and other transactions overseeing security and transparency in transactions), second would be knowing the local language (Spanish) and the third is having at least 5 years of experience in the area.

Your agent should recommend a lawyer, escrow company and inspector for the process as well as any other service you might need before or after the purchasing process. 

Do you already know where you want to buy? If you want a condo, townhome, or single-family home or development property? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching! In addition to looking for properties that interest you, an Agent can also take note of any recent changes in asking prices. This could give you valuable insight into market trends in specific neighborhoods and help you when the time comes to establish your budget and make an offer.

Offer: Once you're clear on your budget, having viewed a variety of properties and you're ready to make an offer, you'll be guided through the negotiation to present an offer which is sent for your signature through Docusign and presented to the Seller or his representative, once the offer is accepted we recommend getting a head start on opening an escrow account for the transfer of funds as you'll be asked to complete some paperwork and will have to provide documentation to show proof of origin of funds. A typical closing is 30 natural days from the date the offer was accepted, due diligence periods can vary but are on average 15 natural days, any deposit remains refundable during the due diligence period, once that period has expired any deposit goes "hard" unless expressed prior in writing of an unsatisfactory due diligence, assuming results are positive a more exact closing date and location is set. 

Whether you're purchasing a piece of land or an already built home, it's important to schedule a final walkthrough prior to signing the final closing documents. At this point all due diligence and inspections should have been completed as well as  approved, the final walkthrough is to provide visual confirmation the property meets the agreed upon terms and conditions set for closing, especially in the case furniture or any personal items are being removed by the Seller that will not be included in the sale. A walkthrough can be scheduled the day prior or on the same day of closing.