Costa Rica real estate closing costs and information you must provide.
USD500 Property Purchase and Sale Contract, to prepare the Agreement prior to Closing with the Relevant Transaction Terms: parties’ identification, property description, purchase price, means of payment and closing date. If there is construction involved, a Property Purchase and House Construction Agreement can be customized.
1% of Purchase Price (non-refundable) Lawyer Closing Fee: (with USD800 minimum) due at Closing Date to close on the property and title under Buyer’s name.
Title Insurance: title insurance is an option, with the following costs instead:
– USD800 or 1% of the insured sum up to USD 500k, then .75%
– USD200 Property Transfer Taxes or 2.5% of Declared Value.
– These costs are split between Buyer and Seller unless agreed upon other wise.
– The Earnest Money Contract can be signed simultaneously in Seller’s and Buyer’s locations, with hard signed & notarized copies UPS/DHLed to our law offices in Jacó Beach for deposit and exchange.
– If buyer is not attending the closing, a Special Power of Attorney can be issued, emailed, signed, notarized and UPS/DHLed to us to protocolize and close on behalf of buyer. Fee 100USD.
Recording title term: approximately four to six weeks, depending on Registrar assigned to Document.
An LLC is optional (but ideal) to close on the property and hold title under Beneficiary Owner’s instructions and together with other relatives and/or partners. Corporate Survivorship arrangements can be customized after titling the Property and legalizing the LLC´s books.
– USD600 Lawyer Incorporation Fee.
– USD100 one time Incorporation Fees/Books´ legalization.
– USD100/per year, optional, to use our Law Offices as the Registered Office.
Information Needed is:
– Beneficiary Owners´ legible ID (passport or Drivers License), percentage of ownership, full name, last name, home address, fax, phones and email.
– Controlling Directors’ same information as Beneficiary Owners’, and Signing Power: independent or joint only.
– two alternative names for the LLC: can be in any language and must have six different syllables from existing 475,000 companies.
– recording Articles of Incorporation term: approximately four to six weeks, depending on Registrar Assigned to Document.
Lic. Jose Juan Sanchez
LL.M. International Law