The Legalities of Contracts to Buy & Sell Real Estate with Special Guest Licda. Valeria González

Video link: https://youtu.be/Vxg7EhhcRC8

I recently sat down with Licda. Valeria González, Senior Lawyer with Terra Law Costa Rica, specializing in real estate law.

For those of you who may be new to Costa Rica real estate - especially Buyers - I think you'll find this video very informative. ¡Pura vida!

We found a good table in Playa Hermosa, Guanacaste, upstairs at the Hotel Playa Hermosa Bosque del Mar to have a chat. We went through one of my standard Purchase Sale Agreements (PSA's), or Contracts to Buy & Sell Real Estate, highlighting the important points for both Buyers and Sellers with more detailed legal input from Valeria. Here's an outline of our 20-minute conversation. (Captions in English included in video).

Intros

• Mike Poynton, Tres Amigos Realty Group
• Valeria Gonzales, Terra Law Costa Rica

Walk-through of a typical PSA

• Initial deposit (10%)
• Escrow
  • KYC and supporting documentation
• Due Diligence Period (30 days)
  • Property and Corp Taxes
  • Plano
  • Water, Electricity
  • Other utilities
  • Inventory
  • Inspection
  • HOA fees
  • CC&R’s
  • Corporate taxes and filings
  • Attorney approval
• Closing Costs
  • Buyer responsibilities
    • Escrow, legal, transfer taxes, etc.
  • Seller responsibilities
    • Escrow, legal, capital gains tax
• Holdback

We tried to keep the legalese out of things and keep things plain, simple, and easy to understand. Hope you enjoy! ¡Pura vida!