The heat of Costa Rica’s real estate market (especially beachfront condo developments) in the last few years has meant that pre-construction sales have become commonplace. Builders sell a certain number of units at introductory prices to build buzz and, occasionally, raise funds to finish the project. Pre-construction sales are still a good way to go

The process of purchasing a condominium is basically the same as that described above. There are, however, a few key differences: – Condo properties are registered under a different legal regimen that leaves the administration of the property as a whole up to the condo association, of which you, as owner of a condo, will

There are two loopholes often exploited in property transactions to avoid different taxes. One is legal but might someday be risky. The other is pretty much illegal. The legal one is a method of property transfer in which you are not actually buying a property, but rather the shares of a corporation that owns a

Fees are somewhat negotiable as far as who pays them, although they follow certain guidelines. Notary services range between 1% and 1.25% of the value of the property. The minimum fees are set by law through the local Bar Association, so while you might get quoted a fee lower than 1%, the lawyer/notary would be

The actual sales deed will be a contract drawn up by one of the lawyers in Spanish. Which lawyer draws up the contract can be negotiated, but as with many things in the purchasing process, it often depends on which party is taking the larger perceived risk. For example, if the buyer is paying cash,

The deposit submitted at the signing of the purchase agreement should be held by an escrow agent. An escrow agent is basically a person who has submitted to a substantial background check by the Superintendencia General de Entidades Financieras (General Superintendence of Financial Entities, SUGEF) and is certified to hold money on behalf of a third party.

Once the seller and the buyer have agreed on a price, the buyer can do one of two things to bring to deal closer to the final handshake. One, the buyer can sign a purchase option and put down a non-refundable fee, usually a percentage of the value of the property that can vary greatly