If you need an appraisal in Costa Rica but don’t know which type, this guide helps you decide in 3 minutes. Instead of explaining by type, we group them by real situation. Find yours below.
Quick decision tree
What do you need the appraisal for?
- For a bank (mortgage loan, machinery-secured credit) → Check your lender’s appraiser panel
- For a court (divorce, contested probate, litigation) → Judicial appraisal
- For Hacienda or municipality (inheritance, donation, Solidarity Tax) → Tax appraisal
- For an insurer (policy or loss event) → Insurance appraisal
- For a probate (notarial or judicial) → Probate appraisal
- For buying/selling a property → Real estate appraisal
- For IFRS accounting revaluation → Tax or machinery appraisal
- For machinery or industrial equipment → Machinery appraisal
Comparative matrix of the 6 types
| Type | Where it is submitted | Typical timeline | Recommended appraiser |
|---|---|---|---|
| Real estate | Notaries, private, National Registry | 3-7 business days | Licensed |
| Judicial | Courts, as expert evidence | 3-7 business days | Licensed (court list if the judge appoints) |
| Probate | Notaries, courts, Hacienda | 3-7 business days | Licensed |
| Tax | Hacienda, municipalities | 3-7 business days | Licensed |
| Insurance | Your insurer, to set the sum insured or in a claim | 3-7 business days | Licensed |
| Machinery | IFRS auditors, insurers, private | 3-7 business days | Licensed |
Common cases, with real examples
Bank case: I’m getting a mortgage loan
Type: Real estate appraisal.
Important: For bank loans, each lender works with its own panel of appraisers. Some private lenders accept independent appraisals: check with yours.
If your lender accepts independent appraisals, it usually asks for:
- Report signed by a licensed appraiser with incorporation number
- Methodology: market comparison (primary) + cost (complementary)
- Cadastral plan + registry study attached
- Property photographs
- Recommended update: every 6-12 months (lenders may ask for a recent one)
Second opinion: an independent private appraisal gives you a technical reference to compare against the value your lender assigns.
Court case: I’m going through divorce with assets
Type: Judicial appraisal (family court).
Particularities:
- Judge may appoint the appraiser, or each party proposes one
- Report must withstand cross-examination (more extensive than a commercial appraisal)
- If the judge appoints the appraiser, they usually turn to Judicial Branch experts or its expert list; a party may also submit an existing appraisal, and the judge decides whether to admit it and weighs it together with the other evidence (Family Procedure Code)
- Appearance at hearing if judge requests
Legal framework: Family Code (marital property liquidation), Family Procedure Code.
Hacienda case: inheritance transfer
Type: Tax appraisal (in parallel with probate appraisal if applicable).
What Hacienda requires:
- Well-supported technical market value
- References to National Registry comparables (auditable)
- Licensed appraiser signature and clear date
Avoid: using municipal cadastral value (usually outdated, Hacienda rejects or adjusts upward with penalties).
Insurance case: taking out policy or post-loss
Type: Insurance appraisal.
Key difference pre vs post:
- Pre-policy: replacement value + actual cash value → basis for insured amount
- Post-loss: damage quantification + cause-and-effect
Legal framework: if, after a loss, you disagree with the insurer on the value of the property or the amount of the loss, Law 8956 (art. 73) allows both parties to agree on an appraisal; our report provides the technical support for the value.
Probate case: family member passed
Type: Probate appraisal.
Critical particularity: in judicial probates, retrospective valuation as of date of death applies, not current value. This requires researching comparables from that specific period.
Common cases:
- Testate probate (with will)
- Intestate probate (no will)
- Voluntary partition among heirs
Buy-sell case: buying or selling
Type: Real estate appraisal (no additional legal component).
Useful for:
- Negotiating with information (not overpaying, not underselling)
- Technical support for the declared price in tax procedures (reduces the risk of future adjustments)
- Comparing against realtor listing
IFRS case: corporate revaluation
Type: Tax appraisal (for real estate) or machinery (for operational assets).
Applies:
- IAS 16: revaluation of property, plant, and equipment
- IAS 36: impairment testing
- IFRS 5: assets held for sale
External audits require an appraisal by a licensed appraiser with reference to official depreciation tables and accounting close date.
Machinery case
Type: Machinery and equipment appraisal.
Three values reported:
- Market value: probable price in normal sale
- Replacement value: cost of equivalent new equipment today
- Forced liquidation value: price at auction or rapid sale
Uses: IFRS, insurance, buy-sell, import, liquidation.
Common mistakes when choosing type
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Hiring a real estate appraisal for a lawsuit: courts require more robust format. Hiring a cheap “commercial appraisal” for a lawsuit typically results in the judge rejecting it or being successfully challenged.
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Using cadastral value for Hacienda: rarely matches actual value. Hacienda may adjust with penalties.
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Post-loss appraisal without inspection within 72h: insurer can question damages that have already been altered.
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Submitting a party expert report without confirming the appraiser can defend it: the judge weighs the report together with the other evidence and may call the appraiser to the hearing.
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Asking for “just the value” without complete report: useful for private discussion but not for formal procedures.
FAQ
Can the same appraiser do all 6 types? Yes, if licensed by their professional association (for example, the CFIA) and experienced in each area. A generalist CFIA appraiser usually covers real estate, probate, tax, and insurance. In judicial matters, the Judicial Branch expert list matters when the judge appoints their own expert; in a civil case, a party expert report does not need to come from an appraiser on that list (Code of Civil Procedure, art. 44.1). Specialized machinery calls for specific experience. We explain how to check all of this in our guide to appraisers in Costa Rica.
Can I use the same report for two purposes? Sometimes. Example: a recent real estate appraisal may work for a private sale and for a tax procedure if both procedures are close in time. Not always. Consult with appraiser by case.
How much does each type cost? Depends on asset and complexity. An appraisal costs from approx. ₡150,000 (USD 300); the final amount is set in the quote. Judicial appraisals are usually more expensive than commercial appraisals due to evidentiary responsibility. See what affects the price.
What’s the difference between “avalúo” and “peritaje”? In Costa Rica, “avalúo” usually refers to the valuation of a specific asset. “Peritaje” is broader: it includes the complete technical investigation resulting in the appraisal. Terms are used almost as synonyms in the market.
Conclusion
The right appraisal depends on the purpose, not the asset. Before hiring, define: who will accept the report? (court, Hacienda, insurer, notary, buyer). That determines type and format.
Díaz Peritajes offers all 6 types with nationwide coverage from Pérez Zeledón and Curridabat. Over 20 years of experience. Quote: WhatsApp +506 7272-7270.