This is a list of documents needed to apply for Owner's Finance.
1. Purchase agreement (or earnest money contract. A copy of the proof of funds in escrow will be required later also.
2. Copy of passport (a copy of all pages of the passport will be necessary as this is a Costa Rican regulation, even if the majority of the pages are blank).
3. All pages of the last 6 months to date of personal bank statements. If you are a business owner, please provide a copy of business bank statements and personal bank statements. Please also provide a copy of asset account statements for 6 months as well.
4. 1 months worth of pay stub copies (wage earner only)
5. If self employed, a letter from a CPA verifying the last 12 months gross and net income will be required. This letter must be signed by a CPA on company letterhead. A CPA letter is normally written after analyzing the total income one earns.
6. If regular employed, a letter from employer stating time with company, salary and position on official letterhead signed, will be required.
If documents required are satisfactory, then the following steps will be taken:-
The Buyer will be required to sign a release form authorizing Tropical Felgate to make a credit check on the
Buyer with the recognized Credit Agency.
The Buyer will be required to deposit US$70.00 which would cover a credit check on the Buyer with the
recognized Credit Agency.
1. The Buyer shows the proof that he/she has a downpayment of 25-30% in escrow account;
2. The seller and the buyer sign a sale/purchase contract;
3. The Seller and the Buyer sign PROMISSORY INSTALLMENT NOTE and SECURITY AGREEMENT;
4. The Buyer releases the downpayment to the Seller.
After that the Buyer is paying by monthly or quarterly installments during 3 or 5 years term.
Aftre releasing the downpayment to the Seller, the Buyer has the right to live in the property or sub-let it to the
The lease will be made with Tropical Felgate as a manager of the property and subdivided in 3 months
If the Buyer keeps up with the schedule of the monthly or quarterly payments and there is no problems
whatsoever, the lease automatically extended for the next three months and so on.
The Buyer receives the full title of the property or the share, in case of the condominium rules, only after the full
amount of the purchase price and interest (if any) is paid up.
All property ownership documents are kept "in Trust" with the local lawyer/notary until the full amount of the purchase price and interest (if any) is paid up.