QUESTIONS BUYERS SHOULD ASK BEFORE INVESTING IN PROPERTY IN COSTA RICA


1) Does the developer have completed projects to view?

Finished projects enable a buyer to see the developers building style and construction expertise.

2) Does the developer's web site and promotional material list the developer's names and Costa Rican telephone numbers?

This information enables a buyer to know who is involved in the construction project
and how to contact them.

3) Is the infrastructure for the development in place?

Check on the water supply. Is it public, private or shared well, or spring fed? Electricity hook up should be in place. One or two telephone lines should be installed for Internet access and fax machine usage. Check if the access road is public or private. If private, what will the buyers maintenance share be?

4) Is the developed property close to schools, medical care, supermarkets, restaurants
and other amenities?

Generally, the closer a property is to the above amenities the more desirable it is. This information will also aid a buyer to compare developments in different areas.

5) Is a local bank financing the project? Are funds available for buyers?

Banks have strict criteria for loans to development projects, and only loan to reputable developers. Financing is available to qualified buyers.

6) How are escrow funds deposited?

The earnest money should be deposited in a Costa Rican bank escrow account or with an escrow service and payable upon closing.

7) How are the property closing documents prepared?

In Costa Rica it is customary to have a lawyer draft the legal closing documents.
The purchaser chooses the lawyer and negotiates fees. The closing fees should be split fifty-fifty between the seller and buyer.


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Contact Orlando Hidalgo, International Business Consultant:
orlando@realestatehidalgo.com