Frequently Asked Questions
1. How long does it take to transfer legal ownership once the remaining balance of funds are received?
a. Legal transfer initiates with the signature of the transfer documents and their presentation to the Registry. The complete process can take up to 4 to 5 weeks, but once the document is stamped as received by the Registry, then you control the rights over the property.
2. How long does it generally take to transfer funds?
a. Typically just 2 to 5 days
3. What sort of buyer's representation should I have when purchasing real estate in Costa Rica?
a. You should hire a lawyer to assist with your real estate transactions. You will negotiate the fees with your lawyer but in general they are about 3% of the value of the property, including transfer stamps and other legal fees. We have streamlined the process to where you do not need to hire a lawyer but additional legal advise can give peace of mind.
4. When buying property in Cabo Caletas, will I need to perform a title search in the Public Registry? If so, what information do I need?
a. In general the lawyer will research the title's legal standing as part of their service or you can request a title company to do this for you. Cabo Caletas already has the appropriate documentation in place and works directly with Commonwealth Title of Central America.
5. What documents will be provided prior to purchasing?
a. A letter of intent by which you reserve your property for a limited period of time prior to signature of the sales and purchase agreement along with three photo copies of your passport. There will also be official forms from SUGEF which is the National Regulatory agency who oversees banking and escrow services. We will be more than happy to assist you with completing these forms.
6. Is there a deposit required on pre-construction purchases?
a. There is a reservation deposit required which is placed in Escrow with Commonwealth Title of Central America. The terms of the escrow account will be in the sales and purchase agreement. After the reservation deposit, you will be required to make additional payments. With Camino Real, there will be a 15% deposit and then the remaining funds will be due at closing which will be scheduled. Bella Esterillos has a schedule of Progress Payments based upon completion of the building which will be part of the sales and purchase agreement.
7. What are the property taxes?
a. Property taxes in Costa Rica are 0.25% of the value of the property. This value is typically lower than the sale price as the value is determined by the Municipality.
8. Are there property management services with Cabo Caletas that will monitor the security of my home while I'm not there?
a. Yes. Cabo Caletas is a private and gated community offering a level of security to put an owners mind at ease. The homeowners association decides the level of security for each condominium under the advice of Cabo Caletas. The monthly HOA fee covers this cost.
9. What rights do I have if the Master Plan is not fulfilled by Cabo Caletas the way it was presented?
a. The CC&Rs for Cabo Caletas will detail all the commitments that are being made and will outline how you are protected.
10. Is there a homeowners association for each project or for the entire Cabo Caletas resort community?
a. Both. There is a Master Condo Association which is responsible for the maintenance of roads, common areas, security, insurance, electric, landscape, etc. There is also the Sub Condo which represents each individual community and is responsible for maintaining common areas, landscape, irrigation, lighting, etc. for that particular project.
11. What are the fees associated with the homeowners associations?
a. The fees vary amongst the different communities within the master plan. They are in any case determined by the HOA once the properties are transferred.
12. If I purchase a product pre-construction, can I sell it to another party before it is complete?
a. With the approval of Cabo Caletas you can assign your rights for the property to a third party, but the transfer will only occur once construction is completed.
13. Should the purchase of a home site or condominium be held in a Costa Rican corporation?
a. Every property that is sold from Cabo Caletas will actually be the sale of shares of a corporation which owns the right to a specific condominium, villa or home site. This is a very typical practice which makes the process for resell more streamlined and avoids the transfer tax which is nearly 2.5%.
14. With my purchase in Cabo Caletas, will I have access to the Beach Club and Golf?
a. Every new owner in Cabo Caletas will have full access to enjoy the Beach Club and Golf Course. Green fees and Cart Fees are additional but owners are welcome to come to the Club House and Practice facility.
15. Golf Course Membership
Memberships to the Ocean Golf Course can be purchased separately on an annual basis
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