March 22, 2024 in Tips for Sellers, Selling Process

The Ultimate Real Estate Seller's Guide in Costa Rica (From A Lawyer)

In the lush and vibrant real estate landscape of Costa Rica, selling property is both an opportunity and a complex process that requires thorough preparation. Alberto Sáenz, a renowned expert from Invicta Legal, has meticulously compiled a Sellers’ Due Diligence Checklist, an essential tool for sellers aiming for a seamless transaction. This article presents a condensed overview of the checklist's highlights, offering a glimpse into the detailed and critical steps involved in preparing for a property sale. However, it's important to note that this summary only scratches the surface of the comprehensive guidance provided in the full memo. For an in-depth understanding and to ensure you are fully equipped for the selling process, we encourage you to reach out to us at Osa Tropical Properties to obtain the complete memo.

Gathering the right documents and fulfilling specific obligations is crucial to not only showcasing your property in the best possible light but also to circumvent potential legal issues down the line. Here's a succinct overview of the key areas you should focus on, as per Alberto Sáenz's guidance:

Corporate and Tax Compliance

Ensure that your corporate books are in order, including the Shareholders' Registry and Board of Directors' Book, and that all tax obligations are up to date. This is crucial for establishing the legality of the sale and the legitimacy of the ownership.

Property Documentation and Compliance

Have your property's survey plan registered and ensure it's linked to the Real Estate National Registry. Verify that you're current with land taxes, municipal services, and have an up-to-date land use certificate. If your property qualifies as a luxury home, compliance with the Luxury Homes Tax is also essential.

Service and Operational Readiness

Provide proof of payment for utilities and public services. If there are any ongoing rentals or reservations, ensure they are clearly documented. Operational permits from the Health Ministry and local municipalities should be in place, especially if the property is used for business.

Financial and Legal Preparedness

Prepare an inventory of items included in the sale and disclose any judicial or administrative claims that may affect the property. Confirm the property's insurance status and ensure any employment relationships are resolved in accordance with Costa Rican labor law.

Additional Considerations for Condominiums

If your property is within a condominium, ensure compliance with Homeowners’ Association fees and have all relevant condominium documents, such as bylaws and financial statements, readily available.

Selling real estate in Costa Rica is a promising opportunity, but it requires meticulous preparation and understanding of local regulations. Alberto Sáenz and the team at Invicta Legal have crafted this checklist to assist sellers in navigating these waters with confidence.

For those interested in delving deeper into the nuances of selling property in Costa Rica, Osa Tropical Properties is here to provide further assistance. We invite you to contact our office to receive the full memo from Alberto Sáenz, which offers detailed guidance and insights for a successful real estate transaction.

Contact Alberto Sáenz at Invicta Legal for personalized legal advice:

Prepare your property for sale with the expertise of Osa Tropical Properties and the legal acumen of Alberto Sáenz. Together, we can turn your real estate ambitions in Costa Rica into a reality.

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