Real Estate Purchase Contracts | Costa Rica Real Estate | Homes for Sale

Contracts in Costa Rica only state what is not regulated by law and are far less complicated than the common law contacts most foreigners are used to. Contracts should include:
1. Names and ID numbers of buyer and seller, whether held by a corporation or personally.

2. Description of the property, including boundaries and size (if known at time of sale), and all numbers identifying the property in the National Registry. Properties being subdivided from a larger property can be sold based on agreed upon boundaries, or based on the square meters of land to be divided off.

3. The total price in either colones or dollars, the deposit amount and the escrow account location. Escrows are usually held by one or both of the attorney´s prior to the sale. More ...

4. The closing date or the period for the option.

5. An agreement to the payment of closing costs, taxes, bills, etc. Closing costs generally are split between the parties. (See Closing Cost)

6. Any other agreements, or clauses that apply to a land purchase contract are often achieved through an option to purchase. Options to purchase gives the buyer the right to purchase a described property in a set amount of time. Typically 10-20% of the purchase price is paid to the seller through a broker or attorney (after verifying the property can be legally transferred), for the purchase of the option. Most closings can take place in a matter of days if the property is already registered in the National Registry; however, most options are written for 30-90 days.

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