MOVING IN
Closing Day
If you are purchasing the property with a Costa Rican corporation you do not need to be in the country for the closing. It is most common that are Buyers are not at closing. You simply need to assign a Power of Attorney with your lawyer to sign for the closing on your behalf.
Final Walk-Through Inspection
More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You or your real estate agent will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
Home Services and Utilities
It is easiest if you hire your Costa Rican attorney to assist with transferring all of the utilities and taxes into your or the corporation’s name. They are fluent in Spanish and are knowledgeable in all the necessary documentation. This will happen after the title is in your name, which takes about 10 business days.
Property Management
It is important to have a property manager lined up in your absence. Depending on your location and if you want to rent or not we will recommend to you different property management companies to interview. They will manage the property in your absence, pay all the bills for you, do all the marketing and promotions for the rentals, handle all your accounting requirements, deal with any necessary repairs or maintenance, check in and check out renters, and provide concierge services for your renters.
Be Prepared
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.
Closing: Execute Purchase Deed And Register It Before The Public Registry.
In Costa Rica, closing a transaction normally implies signing a purchase and sale deed. This is a legal document prepared and authorized by a Notary Public, whereby, Seller agrees to sell, irrevocably to Buyer one or more assets under specific terms and conditions. All Notary of Publics are Attorneys. For the purchase of real estate in Costa Rica, the purchase and sale deed must be incorporated in a Notary Public’s Protocol Book and registered in the Costa Rican Public Registry for it to be binding and enforceable against third parties. The purchase and sale deed is the main document to close the deal and it should reflect all final terms agreed during all stages of the transaction. There is a registration process that by law shall take about 10 business days and once completed a new title in the Buyer’s name/corporation shall be obtained. At this stage, all final numbers are settled, and disbursement instructions are signed by the parties to pay Seller, lawyers, notaries, realtors, lenders and any other third party that rendered services in connection with the transaction.
The Seller should arrange for you or your property manager to have all property keys, alarm and internet codes, and any other important information you may need at closing.
Congratulations! You now own your own slice of Paradise!
