Suggested reading: How to buy Costa Rica Real Estate With out Losing your Camisa. An excellent book by Scott Oliver

Explanation of process when buying property in Costa Rica:

The process one goes through when purchasing property in Costa Rica is a relatively simple one and similar to the United States and other countries. For the most part there are no restriction on foreigners owning property in Costa Rica.

When someone finds a property they are interested in they will make an offer to purchase. Upon acceptance of the offer a purchase agreement will be initiated, typically accompanied by a deposit equal to 10% of the purchase price. This typically is placed in an escrow account.

A closing time frame of 30 days is typical, but there is no set or required time frame for closing. The amount of time for closing can be agreed upon between the seller and buyer and will be written into the purchase agreement.

Almost all property purchased is placed under a Costa Rican corporation that can easily be set up with your attorney. A corporation can be set up ahead of time, but most attorneys will have generic corporations ready for clients to purchase if they have not set up one in advance.

We always advise clients to consult their attorney on any questions regarding the buying process and to get an understanding of the countries laws, as it pertains to buying property in Costa Rica.