Buying a property in a foreign country is a process that must be done carefully since it is linked to several requirements and steps that must be followed to comply with the applicable regulations of each country. In Costa Rica, although it is a different process, it does not necessarily have to be a complicated process, so we have prepared this simple guide so that you can invest in the land of your dreams in our country.
After the Due Diligence process has been completed, a contract called “Promesa Reciproca de Compraventa” can be signed, ensuring that the seller sells only to the buyer and that the buyer promises to buy, and the buyer usually delivers a specified amount as a sign of the deal.
As with the purchase of personal property, buying real estate in Costa Rica must be done using a Public Deed of Sale, which must be done by a Notary Public. Regardless of whether there was a Reciprocal Promise of Purchase and Sale, both parties must appear before a Notary Public, who makes the deed where it is stated that the money was transferred, and the transfer taxes and stamps were paid, and after the signature of the parties, the Notary Public issues a testimony, which is entered into the National Registry. Approximately two weeks later, the transaction is registered in the National Registry and the original deed can be withdrawn.
Although the process may seem simple, it is important that you contact the specialists in Real Estate Law to make sure that both you and your investment are protected and in compliance with the provisions of our legislation, so do not hesitate to contact us in case of any doubt or need in this regard.