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We are presently in CR and want to buy a property. Is it safe to make online transaction from bank to bank, it would be with HSBC?
There should be no problem with HSBC or any of the major banks but you have done all your research on the property you are buying yes?
Scott Oliver – Founder
WeLoveCostaRica.comWe are in the process of doing the research on the property. The realtor will be giving us the property plans tomorrow. We will then research the National Registry to make sure everything is clear and after that we will meet with a notary/lawyer. Do you think it’s a good way to go about it?
We received an answer from HSBC and they say that we cannot transfert more than $10,000 a day! Do you know of anything different?
If you are interested, we could post all of the steps we are taking in this process so others can learn as well.
Thanks
Micololo
I guess that should work perfectly as long as the property is less than $10K (???) Does your real estate attorney not have an escrow account that could be used?
Scott
According to: [ http://www.investorglossary.com/escrow-account.htm ]
“An escrow account is an account designated to hold escrow funds. The escrow accounts purpose is to keep funds held under an escrow agreement segregated from any other account of the escrow agent. The escrow agent has fiduciary responsibility to disburse the funds in the escrow account according to the agreement. An escrow account is often used in real estate transactions. The buyer’s contract deposit is held in the escrow account until closing. For example, in New York City, the seller’s attorney usually handles the escrow account. That fiduciary duty to handle the escrow account legally supersedes the attorney’s loyalty to the seller. Thus, the seller’s attorney cannot release the buyer’s funds from the escrow account to the seller before the closing. If the deal fails to close, circumstances dictate who is legally entitled to the escrow account funds… In one famous case, $2 million sat in escrow throughout litigation until a judge ruled that the buyer had forfeited the funds by backing out. Escrow account interest can therefore be meaningful.”
The best attorneys in Costa Rica will offer their clients this facility …
Scott Oliver – Founder
WeLoveCostaRica.comBefore you commit to this purchase, please have YOUR OWN attorney research the National Registry and review the entire matter. Also, be certain that the utilities you will depend upon (electricity and water) and those you will certainly want (telephone and probably Internet access) are actually available.
You should also have your own architect evaluate the site if it is your intention to build on it.
Dear Scott, how can i support your customers?…i am able to assist this one.
Your feedback is greatly received.
Thanks,
We don’t allow commercial postings in the Discussion Forum as you know but if you wish to refer to explain how your ‘your title company’s’ services could help this customer we would certainly allow that…
The more educated people are about title services would be good for your industry in general, right?
Scott Oliver – Founder
WeLoveCostaRica.comScott, we do understand your rules…that is why i asked you in advance to avoid ethical issues.
In regards to our services, we have had such service in the market for a long period of time, we are very familiar with it and local & international accounts are available to receive the funds. As you describe it, we will follow the instructions given to us on the sales agreement.
As for the educated people, certainly they are more structured and conscious about the risks involved (they are investing high $$$) but we are ready to assist anyone.
Regards,
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