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| Escrow & Closings |
Escrow
Escrow accounts in the United States are special accounts opened with a bank or other financial institution to hold funds in trust until some condition is met by the person or company for whom the funds are designated.
To date, Costa Rica does not have a cohesive escrow account system. However, we understand the inconvenience this can cause for you, so we set up fiduciary accounts to hold your funds for the purchase of a property. Once the necessary Deed of Sale or Intent to Purchase Contracts has been signed, we'll transfer your funds to the seller.
Financing/Mortgages
Practically no local financing at economically feasible rates is available for property purchases. This is due to high yields and rapid increases in property values. Payment in full is the most common practice for property purchases; however, if you can arrange local financing, be prepared to pay a much higher rate of interest.
What Happens at a Costa Rica Real Estate Closing?
Once all the paperwork has been completed for your corporation and/or property, we will prepare a complete client file with original paperwork and English translations for you to keep.
It is not necessary for you to be in Costa Rica while closing a property. By granting a Special Power of Attorney, you can appoint someone else to sign for the closing of a property for you. We offer various levels of Power of Attorney to fit your specific needs.
What are Closing Costs?
The Closing Costs for every purchase consist of Legal Fees, Transfer Taxes, and Registry Rights. These costs are determined by the value of your purchase.
Bank Transfers to Costa Rica
Whether you are making your purchase from Costa Rica, the United States, or some remote location in the world, we work with a number of Banks and Financial Institutions in order to facilitate your property purchase.
Even if your personal bank does not appear on the Listing of Financial Institutions that we work directly with, our experienced staff can help you find an intermediary bank to use and walk you step-by-step through the wire transfer process.
Please contact us for a list of the Banks and Financial Institutions we work directly with.
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