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We have decided to proceed with the reservation and I am looking forward to visiting the property in December.
The developer is using Chicago Title as their Escrow Agent for the reservation deposit. This is a reputable firm and I feel comfortable with this. Chicago Title will also handle the closing for you if you so choose. However, I have been told that Chicago Title charges 4% of the purchase price for closing costs. This seems VERY high to me.
Would it not be better to have my lawyer perform the legal review and then the closing work as well? Would it be as safe (assuming 100% trust in your lawyer) and would it not be more cost efficient?
Any relative comments would be greatly appreciated.
Please see attorney Roger Petersen’s articles:
Buying or Building Real Estate in Costa Rica? What You Need To Know About Closing Costs. Part one at https://www.welovecostarica.com/members/999.cfm and…
Part two at https://www.welovecostarica.com/members/1003.cfmScott Oliver – Founder
WeLoveCostaRica.com[quote=”grifz77″]I have been told that Chicago Title charges 4% of the purchase price for closing costs. This seems VERY high to me. [/quote]
My 2014 estimated attorney fee is also 4% of purchase price. I guess it’s been consistent for the last 7 years.
If you haven’t yet ‘visited’ the property I would advise you to wait until you have done so. Do not put any funds ‘up front’ of said visit.
Use your own lawyer [i]not[/i] the sellers or developers.[quote=”costaricafinca”]If you haven’t yet ‘visited’ the property I would advise you to wait until you have done so. Do not put any funds ‘up front’ of said visit.
Use your own lawyer [i]not[/i] the sellers or developers.[/quote]Definitely agree. We actually visited the site several times, met personally with the attorney, and investigated the broker as much as we could. She had quite a long list of successful sales and allowed us to contact a couple of her clients. Having never purchased without a bank involvement, it is still a little scary to contemplate a closing process where you are not sitting across from all the parties involved.
Much thanks for the advice.
-Dan
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