About Closing and the Process of Settlement - Osa Peninsula Real Estate Facts

By Jeff Lantz | 35-Year Osa Veteran & Founder of Osa Land Office

About Closing and the Process of Settlement — You’ve found the property you want and negotiated a price with the help of your agent. During the Osa Peninsula Real Estate Closing Process, you’ll need to engage a good lawyer — one who speaks your language. Get a solid recommendation before choosing one. All relevant documentation will be in Spanish, so make sure your lawyer can provide translations for the pertinent parts so you can understand and approve.
Osa Peninsula Real Estate Closing Process
Puerto Jiménez property closing requires a clear title search and municipal verification.

LEGAL DUE DILIGENCE

In Costa Rica, all lawyers are notaries and vice versa. The lawyer is tasked with the title search that will show any encumbrances, liens, mortgages, and the land usage certificate. Also verify that the taxes are paid up to date. It’s important to check whether the land falls within areas affected by environmental restrictions and to request a land-use certificate issued by the local Municipality.

Other due diligence in the field is where a competent agent comes in. The seller will usually consult their own lawyer and pay any corresponding fees. The buyer’s lawyer will execute the deed transfer at closing. If an escrow company is involved, closing can be done remotely once the deed is signed.

CLOSING COSTS

Unless agreed otherwise, it is customary for the buyer and seller to equally share the closing costs. Fees paid for attorney/notary services are based on a published scale, though this can be somewhat negotiable. The cost can vary between a San José lawyer and a small-town lawyer. It’s always good to get a quote before you get started.

Titled Property Recording Fees (National Registry):

  • Attorney’s fees: 1.25%
  • Recording fee: 1.5% for transfer tax
  • Documentary Stamps: 0.86% for institutional taxes

ESCROW SERVICES

Using an escrow company is now the preferred method to arrange closing due to the new regulations concerning funds entering the country from foreign sources. Gone are the days when a foreign buyer would send funds directly to their lawyer or agent. Planning a closing around these scenarios can create banking delays and force you to start over.

RULES OF THE ROAD GUIDE

Successful Osa Peninsula Real Estate Closing Process navigation requires specific banking paperwork. Our full guide covers the exact SUGEF regulations you need to meet to open your escrow account.

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There are competent escrow services in Costa Rica that will help you and your lawyer set up your escrow account in advance of closing. Escrow will receive the funds and distribute payments to the seller, pay off mortgages, and handle agent commissions. The buyer must provide certified documentation to establish the origin of funds — such as letters and statements from their bank — along with other details requested by the escrow service before opening the account.

Read Next: Facts About Buying and Owning Beach Property

JEFF'S GROUND-TRUTH FAQ

Can a lawyer and notary be two different people in the Osa?

In Costa Rica, the roles are combined. Every lawyer is a notary, which means they have the legal authority to authenticate the deed transfer. When you hire your legal counsel for the Osa Peninsula Real Estate Closing Process, they handle both the legal advice and the official protocol of the National Registry.

What happens if my funds are delayed in reaching Escrow?

This is why we start 30 days early. If funds don't arrive by the date specified in your purchase agreement, you could be in breach of contract. Using a registered escrow service ensures that once your "Know Your Customer" paperwork is approved, the wire transfer is the easiest part.

Is the land-use certificate really that important for a simple house?

It is everything. Even if a house is already standing, you need a fresh Uso de Suelo to ensure there are no new environmental restrictions from SINAC or SETENA that could prevent you from remodeling or legally insuring the property. We never close without a current one.

Put 35 Years of Osa Experience to Work

I enjoy what I do — connecting people to the land is something I’m truly passionate about. Helping people who come for the same reasons I did 35 years ago comes naturally. It’s not just about buying property — it’s about investing in a whole new lifestyle. Whether you are navigating the Osa Peninsula Real Estate Closing Process or just starting your search, I’m happy to help.

Start Your Osa Journey: Contact Jeff

Connect with Osa Land Office

Looking for expert guidance in Osa Peninsula Real Estate and Puerto Jiménez Real Estate? Contact Jeff Lantz and the Osa Land Office today!

Discover top Osa Peninsula homes for sale, beachfront property in Puerto Jiménez, and eco-lodge investment opportunities with expert local guidance. Start your journey to Costa Rica property ownership today!

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