Author: Andrés Cubillo
Costa Rica is home for many Ex-Pats who are drawn to our shores by the tropical climate and the “Pura Vida” life style. Many Ex-Pats start their Costa Rican adventure on the North Pacific coast, which includes from North to South, the Papagayo Peninsula (Playa Hermosa, Playas del Coco, Playa Ocotal, Matapalo), passing through Las Catalinas, Playa Flamingo, Tamarindo, and down to the most Southern beaches in the area such as Nosara, Samara, Carillo and Guiones.
Each of these beach towns offer their distinctive take on Costa Rican beach culture and each offer a variety of homes and condominiums, from beachfront locations to private jungle retreats.
After finding your perfect location, we recommend that you follow these steps to obtain a “Pura Vida” result. The first step is to conduct a thorough due diligence of the property, that includes a title history, survey of the property limits, possible liabilities of the owner that may affect the property as well as unfettered possession and possible future rentals. Each due diligence investigation will vary according to the nature of the property.
The next step is to coordinate to transfer the funds to Costa Rica, to pay the corresponding purchase price. We recommend using an Escrow Agent, to hold funds until the parties attorneys agree that all closing conditions are met.
Once the due diligence investigation is completed, and funds are safe in Escrow in Costa Rica, we transfer title, through a public deed, called an “Escritura Pública”, sent to the National Registry recording the new owner, as the owner of the property.
After closing, there is more work to do. With a copy of the transfer deed and his/her identification, the new owner may account name for public services (water, electricity, telephone, television, internet, security, etc…). We will also change the recorded owner’s name before the corresponding Municipality.
If you purchase a lot for a new construction, you may need to request water and electric meters (if the lot did not have them installed at the time of purchase). Once your new home design is ready, you will need to apply for plans approval before the Professional College of Engineers and Architects and then request building permits before the corresponding Municipality.
With proper legal advice, you have the best chance to have a “Pura Vida” experience with your home acquisition. For more information on the real estate buying process, please not hesitate to contact me, I´ll be glad to assist you. You may contact me at: acubillo@ghp.cr.