Close of escrow
You’re almost there—congratulations are in sight! However, a few final steps remain to ensure a smooth closing for your property sale in Costa Rica.
Final Walk-Through Inspection.
Typically conducted the day before or on the morning of closing, the final walk-through allows the buyer to confirm the property’s condition matches the purchase agreement. They’ll verify that all systems (e.g., plumbing, electrical, septic) are operational, no unexpected items have been left behind, and any agreed-upon inclusions (e.g., appliances or furniture) remain. For foreign buyers unable to attend in person, your real estate agent can coordinate a virtual walk-through or arrange for a trusted representative to inspect the property, ensuring transparency in Costa Rica’s market.
Cancel Home Services and Utilities.
After closing, you’ll need to terminate utilities and services like electricity (e.g., with ICE), water (e.g., with AyA), and internet, as well as notify any HOA or property management company if applicable. We’ll provide a list of key contacts to simplify this process. For vacation or rental properties, we can also assist in transferring management agreements or caretaker services to the buyer, if relevant.
Be Prepared.
Last-minute issues, such as a minor property defect or delays in the buyer’s fund transfer, can occur. Rest assured, our experienced team is ready to handle any challenges efficiently. We’ve managed similar situations in Costa Rica’s real estate market and will work closely with your notary public to resolve issues quickly, ensuring a stress-free closing whether you’re local or abroad.
Closing.
In Costa Rica, the closing is overseen by a licensed notary public (also an attorney), as required by law. The notary prepares a settlement statement detailing all financial transactions, including the sale price, transfer taxes (1.5%), notary fees, and any other costs. You and the buyer will review and sign this statement, with the notary certifying its accuracy.
If you’re unable to attend the closing in person, you can grant a power of attorney (poder) to your lawyer or a representative to sign on your behalf, provided arrangements are made in advance. Funds from the sale will typically be transferred to your bank account via international wire transfer from the notary’s escrow account, or, in some cases, a certified check can be issued. Ensure your bank details are provided to the notary to avoid delays. At closing, you’ll hand over all property keys, access codes (e.g., for gated communities), and relevant documents, such as HOA bylaws or utility account information, to the buyer. The notary will then register the transfer in the National Registry (Registro Nacional), finalizing the sale.
Our team will guide you through every step, ensuring a seamless and successful closing in Costa Rica’s unique real estate landscape.