An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.
Property in Costa Rica, much like in many other countries, has many different layers besides the initial astonishing view, that can later bring out issues that someone who is inexperienced with the local legal system, could not notice. This is why inspections and appraisals are vital in the quest of purchasing a piece of paradise.
Outlier Legal, with the interest of protecting your investment, ensures a very detailed investigation of not only the physical property, but also all of its legal and administrative details. This report is usually referred to as the “Due Diligence Report“, and we cannot stress enough its importance to all our current or future clients, if they want to become property owners in Costa Rica. Outlier Legal’s Real Estate Team will guarantee that all of the procedures are done according to Costa Rican Law.
While the property may be beautiful, it can have a myriad of different complications or legal problems that are unfortunately widespread. We have seen constructed homes with no official access to basic utilities (water or electricity), properties that were built without proper permits from the municipality (local government), homes that encroached on a neighbor’s property (or vice versa when the neighbor’s pool encroaches onto the buyers), land that has no right of title and would be subject to a lengthy process of adverse possession, land that has not yet been subdivided, etc. The seller of the property could be late on paying property or luxury taxes, or may not have filed their value declaration. These issues, according to Costa Rican law, will carry over to the new owner of the property if he/she buys it.
If a survey has never been done, or the last one was done more than 5 years ago, we will put you in touch with a surveyor we trust to ensure the lot lines are where they should be, and if not, provide the possibilities for correction.
If a water letter is not available, we will provide the options for getting one done, or will warn you of the ramifications of not getting one before closing.
We know that the purchase of your home in Costa Rica is an emotional process. We also believe that knowledge is power, and the more you know, the more sound of a decision you will be able to make when purchasing your slice of Pura Vida.
If you are looking at a property and not sure whether you should go down the road of making an offer to purchase, let us know. We are happy to help you with a free health check of the property. If we see any initial red flags, we will let you know right away so you know the next steps to take. We are on your side. Contact Outlier Legal today.