Don’t make any verbal offers.
Although there is no established procedure, your real estate agent will write up the offer and take it to the seller. Once agreed on, your lawyer will write up a formal purchase-sale agreement.
However, a due diligence process should take place to protect the purchaser’s best interests.
Your Costa Rican lawyer will:
- Draft a promissory purchase agreement, preventing seller to engage the property with third parties
- Address a due diligence process to confirm there are no inconveniences that may affect the property and that the property is up to date with the adequate taxes
- Verify the property use of soil
- Verify any other restrictions that could affect the desired project to be developed by the purchaser,
When signing the promissory purchase agreement, the 10% down payment will be delivered to the seller through a transfer in escrow to guarantee the funds will be returned in case the due diligence result is not positive.
Finally, the specific balance shall be provided at closing.