Guías
Common Mistakes When Buying Property in Costa Rica and How to Avoid Them
The 7 recurring mistakes we see every month when closing sales — from not requesting a recent property certification to underestimating closing costs.
After years of handling closings in Costa Rica, the mistakes are recurring. Most are cheap to avoid and expensive to correct. Here are the seven we see most often.
1. Trusting an old property certification
A PDF issued six months ago doesn’t protect you against a mortgage registered the day before yesterday. Always request a certificate less than 30 days old, and if the closing is delayed more than a month, ask for a new one. The National Registry charges only a few thousand colones — it's affordable peace of mind.
2. Underestimating closing costs
The published price is not what you will pay. Add between 3% and 4% for legal fees, stamps, transfer tax, and registration. On a USD 200,000 property, that’s an additional USD 6,000–8,000. See the full breakdown in the buying guide. If you don't have liquid cash, the deal tightens just when it’s not convenient.
3. Not verifying the actual condo fee
"The fee is ₡85,000 monthly" is what the seller tells you. What matters: request the condo’s financial statements for the last year, meeting minutes, and spending plan. If there’s an approved special assessment to replace the building’s roof, you inherit it upon signing.
4. Not reading the entire purchase agreement
The purchase agreement is binding. If it states that the deposit is nonrefundable when due diligence reveals issues, you lose it. Have your attorney draft protection clauses: make the closing contingent upon approved financing, a clean property certification, and the survey matching the actual property.
5. Inspecting the property only once, in sunlight
Leaks, drainage, neighborhood noise, and odors appear at specific times. Visit at least three times: once during the day, once at night, and once when it rains. A property that looks good on Instagram might show a different side on Monday at 11 pm.
6. Comparing only with properties from the same agent
If the only comparables shown come from the same broker, the price may be skewed. Ask your agent for verifiable comparables from public portals (Encuentra24, MercadoLibre, MLS if applicable) and check prices per m². A difference of 10%+ against the area warrants an explanation.
7. Rushing due to emotional pressure
"There’s another offer," "you need to decide today" — typical phrases. Sometimes they’re true, sometimes not. The useful rule: always sleep on it one night. If the opportunity is real, it will survive 24 hours. If not, you’ve avoided a problem.
Quick checklist before signing
- Property certification < 30 days old
- Survey matches actual property
- Condo’s financial statements for the last year
- Utility and condo fees up to date
- Property tax up to date
- No pending special assessments
- Three visits at three different times
Legal and property verification must be done with up-to-date documentation before signing any contract.