When choosing an escrow company make sure it is properly registered with SUGEF. Some law firms offer the service, just be aware it is slightly riskier if they are not registered with SUGEF and a lot riskier if it is not a well-established law firm. When in doubt, play it safe!
Real estate trusts are only recommended for developers or complex transactions that would take time to close or that include financing. Real estate trust are also more commonly used in commercial real estate.
There are no Multiple Listing Service (MLS) systems in Costa Rica, some websites refer themselves as MLS however contain a very insignificant part of the total listings available. Brokers control de market information and further valuable information can be found on the public registry
Payments for real estate transactions are always made through wire transfers or cashiers checks of a local bank. Cash is always a huge red flag, you should not even accept an earnest deposit in cash.
All options are available: offers, purchase and sales agreement, letters of intent (commercial & business), earnest deposit is always recommended as a closing would be easier to enforce if necessary.. Include any and all contingencies desired
It is not customary in Costa Rica to hire a home inspector when closing, nonetheless all precautionary actions are always highly recommended. Surveyors and geologist are always recommended when buying raw land
Notary public are mandatory in a real estate transaction to ensure a successful transaction, you can find out if they are in good standing conditions on the Costa Rican equivalent of the bar association.
Costa Rica has an unregulated real estate market were agents can independently operate a real estate business without the supervision of a broker. Make sure your agent has some experience and stability on the market you are interested in.
In Costa Rica metrics are not so easy to find and keep track, however properties on the market are not measured by days on the market but by months or years on the market.
There are two real estate associations in Costa Rica: CRGAR located in Guanacaste and CCCBR located in San Jose. Even when CRGAR is a newer association it is the one recommended for more actively enforcing ethics
When financing you will be required a bank appraisal, please notice appraisals in Costa Rica are usually higher than real market prices as most appraisers use the asking prices of direct owners as a market reference., so finding an appraisal a 15% higher than real market prices is not unusual
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All information is intended as a general guide only, please verify all information before making decisions. Pictures for illustrative purposes only. If you find inaccuracies on the information please reach out to us and provide supporting information. Copyright © 2020 IMINDS Brokers S.A. All rights reserved.