06/09/2022
Acquiring a Property in Costa Rica.
If you work in the Real Estate business, or you are interested in knowing how to carry out a real estate transaction safely, this post can be very useful for you. Here you will find an approach to what a due diligence is and its importance for Real Estate development.
Due Diligence is a process, a comprehensive evaluation of a business undertaken by a prospective buyer, especially to establish its feasibility and determine potential implications. Among other factors, the report shall include verification of:
• Availability of public services / utilities.
• Land use certifications and zoning regulations.
• Property registration status (liens, encumbrances, historical background, topographic/survey review).
• Legal review of seller.
• Potential implications (municipal obligations, taxes)
• Other specifications depending on the case (environmental viabilities, municipal permits, environmental restrictions…)
• Drafting and reviewing of purchase and sale agreements (and any related matters such as setting up escrow accounts)
• Closing documents.
Due Diligence can be used for any kind of business. In the specific case of real estate, it allows to identify the pros and cons of acquiring a property, as well as the potential of that property for the specific use that was chosen. In short, if a due diligence procedure is carried out, you can have security in your real estate business, buying in a safe and informed manner.
In Consorcio Jurídico SLS we are pleased and willing to help you acquiring your property in Costa Rica.
Contact us for more information:
+506 8898 7632
[email protected]
