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I am looking to purchase a peice of property with 2 others. When I find suitable properties, is it feasable to negotiate a purchase price and then hold the property in escrow for a period while awaiting final approval from the other two, as well as doing title research?
In the US this can be accomplished with a “Purchase option” or even a “Purchase agreement” that contains the appropriate contingencies. How’s it done in CR?
wmorgan
That is what it is called in Costa Rica… “Purchase Option”.
Work out the details with the seller, then contact your lawyer, seller can contact his lawyer. Set an appointment to write the “Purchase Option” with all parties and their lawyers. Bingo…
It’s that simple.
Pura Vida
Bill MaesThat may work for you but if you don’t get approval from the other two, you will lose your option money.
An alternative plan ‘B’ might be to consider signing a formal agreement to buy the property (and close at a date in the future which would be the same length of time as the option might have been) but include a well written contingency that states that this purchase is contingent upon you and your partners obtaining financing and getting a full title search done (or whatever it is) and that if this does not go ahead as planned then your deposit monies would have to be returned to you.
You may have to pay a larger deposit with plan ‘B’ but, you would be assured of getting it back if things fall through.
Wouldn’t that work Bill?
Scott Oliver – Founder
WeLoveCostaRica.comDefinately Scott, this would work, also.
Agreement with the seller and the buyer to terms that are agreeable, and in writing, as you stated.
Pura Vida
Bill MaesI found a great $75 electric water smoker. Want one??? Send an e-mail.
Bill
I’m in the middle of moving (tenth time in ten years) and opening up a new office and have so much on my plate I can’t think at the moment but, my mouth is watering so I guess I need to listen to my instincts and as – is there a website address where I could take a look at this smoker?
Scott
Whether you take either of the avenues suggested above, BE CERTAIN that whatever money you put up/down is held in an escrow account by YOUR attorney. Otherwise, if it ends up in the hands of the seller, it could get spent. Then, even if you won a lawsuit to recover the money, the seller might not have the means to pay.
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