What To Expect > The Purchase Process
If this is your first time investing in or purchasing overseas real estate, or if you’re an experienced overseas buyer who has never purchased investment real estate in Costa Rica before, or if you’re new to the land and/or agriculture investment process, we understand that you will have many questions regarding the process and legalities. The following text will help to understand the details of investing in Costa Rica in practical terms. As in most countries, the purchase usually takes place in 3 stages:
Purchasing in Naturewalk
Step 1: Reservation & 15% deposit
Once you're ready to make an offer on one or more lots in one of Naturewalk, you will need to pay a 15% deposit to officially hold the lot(s) until the act of sale. This deposit is fully refundable (less an administration fee of $250) prior to the date agreed for balance of payment in the event the sale does not go through. Coordinates will be given to wire transfer the reservation deposit to the bank account.
Step 2: Offer to Purchase and 15% Further Payment
As soon as the reservation deposit has been received, the developer will write up the offer to purchase (contract) for your Costa Rican building plot and obtain all necessary signatures. The contract will be sent to you within 5 days after the plot has been reserved. The contract must be signed and returned within 10 days with a further 15% of the purchase price paid. Coordinates will be given to wire transfer the reservation deposit to the bank account.
Step 3: Transfer of Land Title
The process of transferring land title to your name will take approximately 4 to 8 weeks. Upon transfer of title the balance of funds are payable and transfer of title is handled by a Costa Rican Notary
If financing is required, Costa Rica Invest is happy to refer our clients to a variety of external finance providers. Please note that the deadline for balance of payment in sales which require financing are the same as those without. Buyers should be aware that during the approval process, the bank will ask you for various documentation, including statements regarding your income, assets, debts, and identification. Once the bank has all their paperwork in order, you will be given an approval letter. (please note in NatureWalk developer finance is available for up to 50% of the purchase price
The Nature Walk Plantation is currently being thinned and maintenance of the teak on your lot is carried out by the onsite management program for your tropical hardwood plantation plot. Maintenance of your teak costs US$100 per 1,000m2 per year. Please note that there is no charge for the maintenance of non-teak / non-forestry plots as the Naturewalk farming company takes a share of the crop yield in return for management (this is fully detailed in your farming agreement)
Additional Costs - NatureWalk
NatureWalk closing costs are 3.2% of the purchase price.
You may wish to hold your land in a Costa Rican SA and we can refer you to various providers to set this up for you
Purchasing outside of Naturewalk
Perhaps Naturewalk does not suit your particular locational or other requirements, in which case one of our general real estate or associate general real estate offices will be better placed to assist you.
Typically the process for purchasing real estate consists
- Choosing your perfect property
- Payment of a deposit
- Full due diligence on title and property
- Closing and payment of the balance