Our mission is to make your experience of buying a property as easy and pleasurable as possible, from the moment you decide that you want a property in Costa Rica until the final documents are signed.
From your initial search until you take possession, we know how to get it done.
We know the properties that are available, from our own research and through working with other agents, and we know the value of those properties. We are delighted to show you the properties you want to see – that fit your requirements and desires – and acquaint you with the neighborhoods they are located in.
Once you’ve found the property you love, we will assist you with the negotiations, purchase agreements and guide you through due diligence and the closing process. We work closely with the attorneys and agents representing all parties in the purchase to ensure it goes smoothly.
As for any real estate transaction, in Costa Rica it is highly recommended to use a neutral – Escrow – account to wire the Earnest money deposit (down payment) as well as the final balance for the purchase of a property. The use of an Escrow account allows for secure transactions and confident buyers and sellers.
Until Due Diligence has been finalized and approved, the legal closing has taken place the neutral third party will maintain custody over the funds, only releasing them under the conditions stated in an Escrow agreement (closing statement), signed between seller, buyer and Escrow company.
The requirements for opening an Escrow account differ per country and documents to be provided are different for seller versus buyer and for corporations versus individuals.
Funds, including deposits and final balance, can only be wired to the Escrow account once all documents have been received and approved by the appointed Escrow company.
In Costa Rica, it is the purchaser who chooses the Escrow company to work with. We, at Hidden Coast Realty usually include this in the initial written offer.
Once an offer has been accepted and fully executed, the Escrow Company will be contacted, and the process of opening the Escrow account will get started, and all parties involved communicate directly with the Escrow Company representative assigned for the particular transaction.
Naturally, your local attorney and the Escrow company representative will guide you in the process.
Overview of main documents required:
Escrow Agreement – Agreement between the ESCROW company and both the buyer and the seller stating the general and detailed terms and conditions for holding, releasing and regulating the payments of the funds and the cost for using Escrow (the “Escrow fee”)
Know Your Customer (KYC) form – to be completed by each individual buyer and/or depositor and each individual shareholder of the buying corporation.
Two different proofs of identification – such as a passport, an ID card or a driver’s license – these must be issued by a government entity and valid to date. The passport copy must be notarized or certified.
Proof of current physical address – such as a utility bill less than 3 months old or a driver’s license stating current address.
Proof of income – supporting minimally the amount of the transaction. This can be a Tax Return form, a W2 Form, IRA statement, Audited Financial Statements or an equivalent, all less than one year old.
Bank statements of the last 3 months
Power(s) of Attorney – granting legal authority to the authorized signatory to act as the legal representative for the entity or the individual for the matters related to the Escrow agreement and to sign on behalf of the entity or the individual.
For corporations or legal entities only:
Good Standing Certificate – stating shareholder participation up to physical person or equivalent.
Corporation Resolution – shareholders’ assembly authorizing the sale or purchase.
Articles of Incorporation/Association or Company – the legal documents of the corporation that wires the funds.
Stock Shareholders Certificate
Trust Agreement- If the funds will be wired from a Trust account, the Trust Agreement has to be provided.