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If you're buying property in Costa Rica, understanding the escrow process is essential. Escrow provides added security and peace of mind for both buyers and sellers. Here's a brief overview of how it works:
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What is Escrow? Escrow involves a neutral third party, the escrow agent, who holds funds and documents until all sale conditions are met. This ensures both parties fulfill their obligations before the transaction is
finalized.
How Does Escrow Work?
- Agreement: Both parties agree to use an escrow agent.
- Opening the Escrow: Buyer deposits funds into an escrow account, and the agent collects necessary documents.
- Review and Verification: The agent reviews documents and ensures all sale conditions are met.
- Closing the Escrow: Funds are released to the seller, and ownership is transferred to the buyer.
- Final Steps: The agent files necessary paperwork and ensures all outstanding bills are paid.
Why Use Escrow?
For buyers, escrow ensures the seller receives payment only after meeting all conditions. For sellers, it guarantees payment upon fulfilling sale conditions. Escrow also helps prevent disputes by providing a neutral third party to manage the
transaction.
Using a reputable escrow agent familiar with local laws ensures a smooth and successful property transaction in Costa Rica.
Looking to Buy Property in Costa Rica? Contact
us today for more information on how we can help you navigate the escrow process and find your dream property in beautiful Costa Rica!
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Warm regards,
Kelly, Susu & Carmen
I Love Monteverde Team
