It is a fund custody service in which a neutral and trustworthy third party is responsible for keeping the funds from a transaction secure until the agreed-upon conditions are met. The escrow service ensures that the funds are released and distributed according to the instructions of the involved parties.

Escrow services are used in real estate transactions due to their ability to provide security and protection to both the buyer and the seller.

By involving an impartial third party, the escrow agent acts as an intermediary to ensure that the transaction takes place fairly and transparently. Additionally, they handle coordinating payments and transfers securely, ensuring that the seller receives the agreed-upon payment and the buyer acquires ownership of the property.

The escrow agent plays a crucial role in the transaction by acting as an impartial intermediary. Their main function is to ensure the security of funds and documentation, guaranteeing compliance with the agreed-upon conditions and facilitating a secure transfer of the property.

To process an escrow service, the signing of the Escrow contract is required, along with documents demonstrating the identity of the parties and any documentation supporting the origin of the funds to ensure their legality and compliance with all regulations.

A trust is a contract in which the settlor transfers ownership of assets to a person or entity called the trustee (Pura Vida Escrow & Trust Services), who administers them for the benefit of a third party, known as the beneficiary. It serves to protect and manage assets properly, ensuring their use in accordance with the instructions and conditions set forth in the contract. It is an effective tool for estate planning, asset protection, and the administration of resources for a specific purpose.

A management trust is a type of trust in which the trustee is responsible for managing and overseeing assets on behalf of the settlor. The primary goal of a management trust is to ensure efficient and professional management of the assets, ensuring their preservation and benefit for the designated beneficiaries.

A guarantee trust is a contract in which one party, known as the trustee, is responsible for holding and managing certain assets or properties for the benefit of another party, known as the beneficiary. The primary purpose of a guarantee trust is to ensure the fulfillment of an obligation or guarantee the payment of a debt. The trustee acts as a custodian of the assets and uses them according to the instructions established in the trust agreement.

A testamentary trust is a contract that allows an individual, called the settlor or testator, to transfer their assets and properties to a trustee to be managed and distributed according to their wishes while they are alive and/or after their death. This type of trust helps avoid the probate process and can assist in protecting and appropriately distributing the assets of the deceased.

A trustee is an individual or entity appointed to manage assets or properties on behalf of another person or entity, known as the beneficiary. The trustee has the legal and ethical responsibility to protect and manage the assets or properties of the beneficiary appropriately, always acting in their best interest and in accordance with the terms agreed upon in the trust agreement.

A trust agreement is a legal contract involving three parties: the settlor (who contributes assets), the trustee (who manages the assets transferred into the trust), and the beneficiary (the ultimate recipient of the trust’s assets). This contract outlines the terms and conditions under which the transferred assets will be administered and distributed within the trust. The trust agreement delineates the rights and responsibilities of all involved parties and provides a legal framework for the proper management of assets.

One of the main purposes of fund custody is to ensure the security and protection of funds in a transaction. By depositing funds into an Escrow account, an additional layer of security is created, minimizing the risk of fraud or misuse of funds. Moreover, fund custody can facilitate transparency in transactions and ensure that payments are made as agreed.

The request for documentation regarding the origin of funds is a standard practice in trust and escrow services, aiming to comply with regulations and legal requirements established to prevent money laundering and terrorist financing. By seeking information about the origin of funds, the goal is to verify that the assets to be placed in the trust or escrow account are legitimate and not associated with illicit activities.

The time to credit funds to an escrow account can vary based on several factors, such as the transfer method used, the policies of the trust and escrow services entity, as well as the location of the funds. In some cases, crediting may occur within hours or days, while in other cases, it may take longer, especially for international transfers.

With Pura Vida Escrow and Trust, generally, the fund crediting process takes from 3 to 5 business days from the moment the bank receives the funds. However, it’s important to note that this timeframe may be subject to variations depending on individual circumstances.

We have extensive experience in trust management, supported by over 100 satisfied clients. Throughout our years working in trust sector, we have gained deep knowledge and skills to provide effective and secure solutions to our clients.

We rigorously follow the decision-making process outlined in the trust agreement for the administration and distribution of assets. Our priority is to ensure compliance with the agreed-upon terms and conditions among all parties involved. Through a transparent and diligent approach, we carefully assess the provisions of the contract.

We establish a relationship of trust by providing regular and clear updates on asset management. We offer access to relevant information, respond promptly to your questions, and maintain detailed transaction records.

At Pura Vida Escrow and Trust Services, it is not necessary for the person to be physically in Costa Rica to open an Escrow Account. We have sufficient technological means to carry out the process remotely, using communication technologies and electronic means to send and receive the required documentation.