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What To Expect > The Purchase Process
If this is your first time investing in 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 timber 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: Step 1: Reservation & 15% depositOnce you're ready to make an offer on one or more plots in one of our timber plantation or development land projects, you will need to pay a 15% deposit to officially hold the plot(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 PaymentAs 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 TitleThe process of transferring land title to your name will take approximately 12 weeks. Upon transfer of title the balance of funds are payable and transfer of title is handled by a Costa Rican Notary Mortgage CoordinationIf 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 Management ProgramThe 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. Columbus Heights management fee is 10% of the Jatropha Oil revenue. Additional Costs - NatureWalkNatureWalk closing costs are 1.5% 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 Additional Costs - Columbus Heights / Renewable Energy Farm Southern ZoneColumbus Heights closing costs are 3% of the purchase price, plus a $500 legal fee. Columbus Heights Lot Owners Association fee is US$50 per month All lots in Columbus Heights are already held in individual Costa Rican SA's (Limited Companies) and there is no requirement to establish one |
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