Top 10 tips for Purchasing Property & Living in Costa Rica
A good reputable Law Firm. They can assist you in all aspects of purchasing property and living in Costa Rica
A knowledgeable and reputable Real Estate Agent.
Spend some time and compare prices for similar properties in different areas. Get to know the area that you are considering, especially during the rainy season!
Consider building and everything that is required vs. buying an existing home. If purchasing within a development, make sure you understand the contract and what exactly is the finished product you are purchasing.
Always ask for an official survey of the property. Check the infrastructure (water source, electricity and direct access) to the property. Is the soil conducive for building, good drainage, environmental impact studies and building restrictions?
If beachfront property (the first 200 meters from the high tide known as the Maritime Zone) be ASSURED of the type of property you are buying, titled, concession or possession.
Once you have decided on a property, the first step is to take the property off the market during the due diligence period. The most common procedure is to establish a Purchase Agreement with an earnest money deposit of 5 to 10% of the purchase price and fully refundable if all the conditions of the contract are not met.
Infrastructure and accessibility of the area to health services, banks, pet care, super markets, shopping and any other services that you may require.
Consider security issues depending on the type of property you purchase. If you are not purchasing within a residential community with administration on site, you may want to consider a caretaker. It is always a good idea especially for larger parcels of vacant land in remote areas. You do not want to deal with squatter issues down the road.
No question is a stupid question unless you don't ask, so always ask a lot of questions.
Chamber of Realtors