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I´ve found a piece of property outside of Santa Teresa and have agreed on a price with the developer. My real estate agent has just told me that I have to pay for the closing costs ( 3% of the cost of the land). Scotts book mentions just one line about the fact that those fees are usually absorbed by both the buyer and the seller. But my agent says the deal is that it is solely up to me.
If anyone has any details please let me know how I should handle this before I go through with the deal!
Thanks
AveryLike all the other terms of the sale, closing fees are negotiable; however, if there’s enough demand for the property in question, the seller may be in a strong enough position not to bargain but to offer you a “take or leave it” deal. Three percent is not an unreasonable closing cost if it includes legal fees, transfer taxes, registration in the National Registry, etc.
David is right, it does depend exactly what is included in those “closing fees…”
In the first printing of my book the “average” closing costs (page 119) work out to about 3.7% which are normally SHARED by the buyer and the seller.
Attorney Roger Petersen wrote ‘The Legal Guide To Costa Rica’ and you might want to see attorney Roger Petersen’s article at
In his article he states that:
“4. Notary Fees.
For all acts and contracts that are authorized by a Costa Rican Notary Public the fee schedule is based upon the actual value of the transaction involved according to the following minimum schedule. (This schedule would be the one that applies to real estate closing transactions)
Up to 10 million Colones = 2%
On the excess of 10 million Colones and up to 15 Million Colones = 1.5%
On the excess of 15 million Colones and up to 30 million Colones = 1.25%
On the excess of 30 million Colones = 1%The law also states that for acts or contracts that are complex in nature may result in a 50% surcharge from the above.
Furthermore, the sliding Notary Fee schedule is set as the minimum which may be charged. The Notary may charge more than the fee schedule so long as the client agrees.”
Scott Oliver – Founder
WeLoveCostaRica.com
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