Buying Process
Buying real estate in a foreign country can sound intimidating, but don't worry by choosing to
work with our Coldwell Banker office you are ensured to be working with professionals. Let's
begin by breaking down what that process and timeline look like. Naturally, every transaction is
a bit different but this gives you a rough idea on what to plan for.
Consultation
Our office has a strong emphasis on educating our buyers so they better understand the
market, helping them to make the best decision possible. So the first step is setting up an
appointment to talk to one of our agents to go over your questions, your goals, and your
expectations, so we can educate and guide you accordingly.
Submitting an Offer
This is getting exciting. You are educated, confident with the process, with the decision and you
are ready to make an offer on a property. Great, when you are ready to submit an offer it is
usually a written offer that consists of a 15-day due diligence period for you to review everything
you need to in order to feel confident and comfortable to then commit with a deposit held in
escrow. Total closings are typically 30-45 days.
Offer Accepted, What's Next?
OMG, this is really happening! Ok congrats on getting the offer accepted, now we go to work.
This is when we want to get the attorney involved and begin with due diligence on the property.
If you wish to have an inspection done we want to have that scheduled at this time as well. You
will also begin to open escrow, this can sometimes be burdensome and require a lot of
paperwork, if funds are coming to Costa Rica the trail of funds needs to be legit and extensive
so just take a deep breath and brace for some patience there.
Due Diligence Checks Out
Clean title, clean property, escrow is open, you are good to go. If you have not yet made the
initial deposit you are probably doing this now. From here you just need to schedule a closing
and prepare to send the balance of funds to escrow. A closing statement for both you and the
seller will be drafted a few days before closing so you can review and see the final amount to
send.
Some Additional Notes and Common Questions
What Should I Expect in Closing Costs?
Typically the buyer is going to be responsible for all closing costs which will run around 4%.
This includes attorney fees. You then might have a small amount to cover if you decide on
forming a corporation or having an inspection.
Does the Buyer Need to Be Here to Close?
Not necessarily, depends on ownership structure but in most cases you can set up a power of
attorney.
Should I Hold the Title in My Personal Name or in a corporation?
There are some pros and cons to both and would advise you to consult with your attorney as to
which is best fit for your needs.
We recommend looking into our professional services page for further help.
