as the Registro. Your attorney will be able to confirm that the title chain and determine if there are any restrictions,
encumbrances or liens. Avoiding the purchase of unregistered property is strongly advised.
How much are closing costs?
Closing costs are as follows:
- 1.25% to your attorney for representing you and performing such tasks as due diligence and registration in the
National Registry.
- 1.5% in goverment stamps and fees if you do a share transfer (that is, you assume the shares of an already
established corporation that holds/owns a property).
- 2.5% in government stamps and fees if you purchase a property in your own name or in the name of your own
corporation.
- Escrow fees commonly apply if you're going to use a third-party escrow such as Stewart Title. Usually this is a
relatively small expense.
- Closing costs are sometimes shared by Buyer and Seller, or may be paid by only one party depending on negotiations.
Do I need my own attorney?
Yes. We strongly recommend that you have your own representation in any transaction. The closing costs as noted
above include the fees for your attorney.
Can I borrow money from a Costa Rican bank?
It is very difficult to borrow funds from a Costa Rican bank. In general, most buyers who require financing either
borrow funds in their home country or find a property where the owner is willing to finance. Terms vary with owner
financing and can sometimes be negotiated. Several structures exist that allow for owner financing in a manner that
protects both buyer and seller. Your Re/Max agent can help to explain the process to you, and your attorney would
represent you in the process.
Can I get title insurance?
Title insurance and escrow services are available through recognized companies such as Chicago Title and First Costa
Rican Title Company. The fees for services are generally 1% or less.
What about squatters rights?
Although Costa Rica has laws to protect locals who have lived and cared for a property for many years, also known as
squatters rights, squatting is extremely rare in developed areas of the country. If you plan to purchase in a very remote
area, it is advisable to have a caretaker check the property regularly to ensure that nobody unauthorized is living there.
If I work with Re/Max - will I see properties listed by other agencies?
Absolutely! We work with all legitimate agencies and agents. We represent you and our goal is to find you the perfect
property. Welcome to Costa Rica!
COSTA RICA TRAVEL AND GENERAL QUESTIONS
Do I need a passport to travel to Costa Rica?
A valid passport is mandatory in Costa Rica. Make sure you have at least six months before the passport expires. You
may also be asked to show a return ticket showing when you will depart Costa Rica.
Do I need a Visa?
That depends on your country of origin. The U.S.A, Canada, Australia and most European countries do not need a
Visa. Check with a Costa Rican consulate to confirm.
How long can I stay in Costa Rica?
Most visitors can remain in Costa Rica for 90 days.