General information on buying a property in Costa Rica
Buying process in CR:
Any foreign person can buy a property in Costa Rica solely with a tourism visa or Passport. Buyers do not need to be a resident of Costa Rica and the buying process can be simple and transparent if you work with professionals.
What are the different steps of the process?
1. Once the property is identified and the final price and conditions of sale are agreed between SELLER and BUYER, the SELLER and the BUYER sign a “purchase agreement” (OPSA), (Offer to Purchase and Sell Agreement)
2. The BUYER pays a 10% deposit of the purchase price (earnest money deposit) in accordance with the terms of the Agreement and within the 10 days following the signature of the agreement. The 10% earnest money is deposited into an Escrow account held by q licensed financial company, known for specializing in international transactions, until the closing date. The Escrow Company is an unbiased, unaffiliated third party that receives and holds the 10% deposit. No moneys are paid directly to the Sellers account until the closing date.
3. The OPSA includes a due diligence period (generally 30/40 days) starting from the signature date of the OPSA. This period allows the BUYER’s attorney to review the property's title to be sure there are no liens or encumbrances on the property, and to confirm clean, clear title, also to organize a home inspection if the BUYER requires an inspection. This period also gives the Buyer ample time to retract from the purchase agreement, and receive back their earnest money deposit, if issues that materially affect the property arise during this period.
***At the end of the due diligence period, buyer deposit is non-refundable***
4. If during the due diligence period no negative issues arise, the closing of the sale can take place, usually between 2 and 3<