In 2022, our team had the opportunity to manage an escrow transaction for the purchase of a vacation property in Costa Rica. The buyer, an elderly American citizen, dreamed of a peaceful retirement in Costa Rica. However, the purchase process presented a series of challenges that tested our ability to adapt and our commitment to exceptional service.
Challenges:
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- Validation of Source of Funds: Being a retired person, the verification of funds was not limited to her current pension, but it was necessary to go back in time and validate the income that generated it. This process involved tracking and presenting quite old documentation.
The client was unfamiliar with these regulatory requirements and felt overwhelmed at first, which led us to improve our assistance and support efforts. - Technological Difficulties: In a context where digitization streamlines procedures, our client faced a significant barrier, which was her limited experience with technological tools.
She did not handle email very well, nor did she know how to request essential documents online, such as bank statements or certifications.
The lack of quick access to this documentation repeatedly delayed the collection of key information to complete the Escrow process. - Understanding Barriers: The complexity inherent in legal and financial requirements generated confusion in our client, who was not familiar with the terms used in this type of transaction. In general, the Escrow service was something very new to her.
It was essential to find ways to explain each step in a simple and accessible way, ensuring that she understood all the requirements.
- Validation of Source of Funds: Being a retired person, the verification of funds was not limited to her current pension, but it was necessary to go back in time and validate the income that generated it. This process involved tracking and presenting quite old documentation.
Implemented Solutions:
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- Flexibility in Communication: Understanding that emails were not the best way, we prioritized phone calls and virtual meetings to accompany her in each step of the process.
We explained each aspect patiently, using clear examples and avoiding unnecessary technicalities, ensuring that she felt comfortable and in control of her investment. - Personalized Assistance and Proactive Management: Aware of the technological difficulties, our team offered direct assistance in obtaining and managing documents.
We provided step-by-step support for document requests, even communicating directly with her financial institution to facilitate the collection of necessary information.
We implemented agile strategies to accelerate the process and minimize stress for the client, ensuring that each procedure was resolved in the most efficient way possible.
- Flexibility in Communication: Understanding that emails were not the best way, we prioritized phone calls and virtual meetings to accompany her in each step of the process.
Conclusion:
This case study is a clear example of our commitment to excellence and adaptability. At Pura Vida Escrow & Trust Services, we understand that each client and each transaction is unique, and we are prepared to face any challenge that arises. Our experience in managing complex situations, combined with our personalized approach and our dedication to customer satisfaction, allows us to offer effective and efficient solutions, even in the most demanding scenarios.
If you or your client are facing a complex situation in an escrow transaction, do not hesitate to contact us. Regardless of the level of complexity, our team is ready to provide the support and experience necessary to achieve your goals. Let us show you how our adaptability and commitment to exceptional service can make a difference in your next transaction.
