3/5 Guide series. Purchase in Monteverde (CONTRACT Execution)

Published: Wed, 01/29/25

Updated: Wed, 01/29/25

3/5 Your Guide to Buying Property in Monteverde (Contract Phase) 😀👍

Welcome to the third edition of our series! Now that you’ve successfully navigated the pre-contract phase, it’s time to dive into the Contract Phase. This is where all the critical details come together to ensure a smooth and secure transaction.

Third Edition: The Contract Phase

The contract phase involves multiple steps that require precision and diligence. Here’s how to approach this phase with confidence:

1. Open an Escrow Account

An escrow account is a neutral third-party account that holds funds securely until all contractual obligations are fulfilled. To open one:

Work with a reputable escrow service in Costa Rica.

Provide the necessary documentation (passport, proof of funds, property details).

Ensure transparency regarding disbursement terms.

2. Perform Due Diligence

This step is crucial to confirm that the property meets all legal and technical requirements. Key aspects include:

Property Title Review: Confirm that the title is clear and registered correctly.

Survey Verification: Ensure that the property boundaries align with the registered survey.

Municipal Records Check: Verify that taxes and permits are up to date.

Utilities Assessment: Check access to essential services like water, electricity, and internet.

3. Review and Finalize the Contract 🧑‍⚖️

Your real estate attorney will draft and review the purchase agreement, ensuring it includes:

Detailed property description.

Payment terms and timelines.

Contingencies and remedies in case of disputes.

4. Prepare for Closing

Before the closing date:

Ensure all due diligence findings are satisfactory.

Confirm funds are ready in the escrow account.

Coordinate with the seller to prepare necessary documents, such as the property title and tax receipts.

Why This Phase Matters? ❤️

A thorough and well-executed contract phase protects your investment and ensures the transaction proceeds without delays or hidden risks. Attention to detail here saves time, money, and stress later.

Our Expertise and Services as amomonteverde.com

Over the past three years, we have brokered numerous deals, successfully selling houses and lots. Our team has extensive experience working with both buyers and sellers, ensuring a seamless and efficient process. We offer personalized support, expert negotiation, and access to a trusted network of professionals, including attorneys, surveyors, and escrow services. Our goal is to make your real estate transaction smooth and stress-free while securing the best possible outcome for you.

Next Edition: The Closing

In our next and final edition, we’ll guide you through the closing process. Learn how to complete the transfer of ownership and handle post-closing tasks seamlessly. Stay tuned!