Closing Day
Congratulations, you’re almost there! Closing day in Costa Rica is the final step to owning your property, but a few key tasks remain to ensure a smooth transition.
Final Walk-Through Inspection.
Typically conducted a day before or on the morning of closing, the final walk-through confirms the property’s condition matches what you agreed to purchase. You’ll verify that everything is in working order, no unexpected items have been left behind, and all inclusions (e.g., appliances or fixtures specified in the contract) remain. For foreign buyers unable to attend in person, your real estate agent can arrange a virtual walk-through or coordinate with a trusted representative to inspect the property on your behalf.
Home Services and Utilities.
After closing, you’ll need to set up utilities and services such as electricity, water, internet, and property management (if applicable). Your real estate agent will provide a list of local contacts, including utility providers like ICE (Instituto Costarricense de Electricidad) for electricity and internet, AyA (Acueductos y Alcantarillados) for water, and any relevant HOA or property management companies for gated communities or condos. If you’re purchasing a vacation or rental property, we can also connect you with trusted local caretakers or rental management services.
Be Prepared.
Unexpected issues, such as a minor property defect or last-minute paperwork glitch, can arise. Don’t worry—our experienced team is ready to handle these challenges efficiently. We’ve navigated Costa Rica’s real estate processes many times and will work with your notary public or attorney to resolve any issues quickly, ensuring a stress-free experience.
Closing.
In Costa Rica, the closing is overseen by a licensed notary public (who is also an attorney), as required by law. The notary will prepare a settlement statement (or closing statement) detailing all financial transactions, including the purchase price, transfer taxes, notary fees, and any other costs. You and the seller will review and sign this statement, and the notary will certify its accuracy.
If you’re paying cash (common for foreign buyers), you’ll need to transfer funds to the notary’s escrow account via an international wire transfer or provide a certified bank check in the amount specified. Ensure funds are sent in advance, as Costa Rican notaries require cleared funds before finalizing the transfer. If you’re financing through a private lender or home-country loan, you’ll sign any related documents.
If you can’t attend the closing in person, you can grant a power of attorney (poder) to your lawyer or a trusted representative to act on your behalf, provided arrangements are made in advance with the notary. The seller will provide all property keys, access codes (e.g., for gated communities), and relevant documents, such as HOA bylaws or utility account details, at closing. The notary will then register the property transfer in the National Registry (Registro Nacional), officially transferring ownership to you.
Your agent and notary will guide you through every detail to ensure a seamless closing process, leaving you ready to enjoy your new Costa Rican property!