Costa Rica Vacation Realty

About Us

FAQ

  1. I am looking for a rental property, who do I use to assist me with finding the right vacation home/condo? You will find in CR there are many individuals/companies who do real estate and/or property management and will be able to assist you in locating a vacation rental. Realtors do not require to be licensed in CR. This is why it is very important to hire a realtor who is familiar with the area where you wish to live and is experienced in the field of real estate.
  2. I live outside of Costa Rica and I am interested in purchasing property/land in Costa Rica; Are foreigners able to purchase real estate in Costa Rica? Yes, foreigners are able to purchase property in Costa Rica. Foreigners have most of the same property rights as native Costa Ricans. You need to retain the services of a real estate company and a good lawyer. Usually, the real estate company will be able to recommend a good lawyer who will explain the process of purchasing to you.
  3. How do I begin to find the right property/land? Once you have retained the services of your experienced realtor and explained to them what you are looking for; they will start sending you suitable properties by email and you will be able to narrow down the homes which you like. It is recommended that you make the trip to CR to view these properties as this is a big purchase and you want to make sure it is exactly what you are looking for.
  4. Now that I have found a suitable home, what is the next step? Your realtor will draft an Offer to Purchase/Agreement which will be presented to the seller(s) agent with a deposit. If the Offer is accepted by the seller, it now becomes a legal binding document. The Offer will be sent to your lawyer. There will be a period for due diligence in the offer, which basically means a "time period" provided for the purchaser to conduct it's inspection of the home and complete legal research of the property to ensure there are no liens, contingencies, legal issues on the property.
  5. Do I buy the property in my personal name? You can purchase the property in your personal name or in a name of a corporation. Purchasing property through a corporation is very common here in Costa Rica. The notary public will perform the transaction. Once the corporation has been created, you can proceed with the purchase of your home and, also the purchase of a vehicle. This process is a simple one and does not take too long.
  6. Who do I send the deposit to for the purchase of the home? You will have to set up an Escrow account. The Escrow company acts as a neutral party to hold the deposits and final amounts required for the closing. There will be a fee to be paid to the escrow agent. Your realtor will provide you with the escrow agent's contact information.
  7. Do I need to hire a home inspector and topographer? We recommend that you hire a home inspector and topographer. It is not customary in CR to do so. However, we believe it is an important step in your purchasing process. The home inspector's job is to go through the home inside and out and make notations of any defaults or necessary repairs which are required to be done in the home. The topographer's main objective is to identify any encroachments, determine property location, make boundary verification and make a boundary survey of the property. You will receive written reports from both the home inspector and topographer.
  8. What happens after I receive the reports from the home inspector and topographer? After you have received the reports from the home inspector and topographer, you will review the reports with your realtor and identify any major concerns such structural damages, termite infestation, electrical problems, plumbing problems, septic, drainage or roof problems. We recommend that these major concerns be inserted in your Offer to Purchase as a condition for purchasing the home.
  9. What happens after the purchase? Where do I pay my property taxes? Prior to the closing, your lawyer will ensure that the seller has paid all property taxes up-to-date. After your closing of your property, your lawyer will advise you as to where you can pay your property taxes. Property taxes in CR are extremely low compared to Canada and the US. You will pay 0.25% property tax on the value appraised and registered by the City, which is always a lot lower than the real value.
  10. How do I switch the utilities in my name from the previous owner? Before switching the utilities into your name, your lawyer will ensure that the Seller has paid all utilities up-to-date. Thereafter, the utilities can be switched into the Purchaser(s) name. This process is a lot different than the US & Canada. It's much more than just a phone call. You will have to attend at the Costa Rica utilities companies with the proof of ownership of the property, your official identification and, if the property is owned by a corporation, a power of attorney stating you have the power to request the service. The utility company needs to take away the old meter and, you may be without service for a while. You will have to be present on the property when the utility company is ready to install the new one which will be in your name.
  11. I am just renting and I need to pay utilities. Where do I go? You will need your contract numbers for the electricity, water, cable/internet. The contract numbers will be given to you by the realtor or property management. If you have a bank account in Costa Rica, you can pay your bills online; otherwise, you can attend personally at the BCR (bank of Costa Rica) to pay your bills. However, there are many supermarkets (mercados) and pharmacies where you will be able to also pay your bills. You can also pay your electricity bill at Coopenguanacaste.
  12. I would like to register my children in private school. Where do I find the schools? We are in the North Pacific Coast where there are a number of private schools. They are:

Please browse through their websites and see which school meets the needs of your child(ren). If you have additional questions, please reach out and I would be glad to try to answer them.