F.A.Q.What I Should Know About Purchasing a Property in Buena Vista
How can I finance my property in Costa Rica?There are two options available for financing home construction. The first option is for the homebuyer to secure secondary financing (line of credit, second trust note) in their home country. This money, once deposited into escrow, will be held by Title Insurance by LandAmerica Commonwealth Title Of Central America® and will be released in accordance with a pre-defined fund release procedure. The second option is for the buyer to secure completed home (or take out) financing. This option requires approval in advance by the builder and would require the buyer to make deposits into the escrow account during the construction of the home. At the opening of escrow, application is made by the buyer to secure financing against the home once the house is complete. At home completion, the balance owed to the developer would be paid and the buyer ends up with a mortgage in Costa Rica for the house. Is this a timeshare or full ownership purchase?Buena Vista properties are entirely full ownership. You will own the property outright (fee-simple title). I am an all cash buyer. How will my money be protected and handled during the construction process?Your funds will be deposited into a Title Insurance by LandAmerica Commonwealth Title Of Central America® escrow account. The funds will be released in accordance with the escrow instructions. Fund control will be managed by Title Insurance by LandAmerica Commonwealth Title Of Central America®. How much are property taxes?Property taxes are very low in Costa Rica compared to that of the United States and Canada. The property tax in Buena Vista is an annual rate of 0.25 percent of the assessed value. The assessed value is determined at the time of the sale. The municipality is responsible for collecting the municipal government property tax. There is also a local community government charge for municipal services. This is based on the frontage of the property and varies in each area, but should not to be over $10 per quarter per residence. How is my property insured in Costa Rica (theft/damage, etc)?The INS (National Institute of Insurance), a Costa Rican government-owned entity can provide many options for insurance services such as fire, theft, damage, etc. How do I know that my property purchase is safe?LandAmerica Commonwealth Title Of Central America® offers title insurance for property in Costa Rica to ensure you have free and clear title, just like when you buy real estate in the US or Canada. Title insurance fees are paid only once, at the time of purchase. Title insurance assures the marketability of your title and gives you no-fault recourse in the event of any problems. When you purchase title insurance, an extensive title search is performed. We have made an arrangement with Title Insurance by LandAmerica Commonwealth Title Of Central America® to secure your purchase by offering title insurance for every property at the Buena Vista sites. What is the building quality of the homes?Structural, electrical and mechanical systems have been rigorously studied and certified by the Costa Rican College of Engineers, which has to approve all new structures in excess of 30 square meters to ensure the safety and durability of new construction in Costa Rica. Construction is also overseen by an experienced North American construction manager. Our homes are designed and engineered to withstand the elements of nature. They are set on reinforced concrete piers and joined together by reinforced concrete beams. The entire base acts as one unit and the steel superstructure of the house is welded to plates which are tied directly to the footings. Aside from the main steel carrying beam, the entire structure is galvanized steel, essentially a post-and-beam type construction, where the weight is transferred to the structural piers. The exterior consists of a fiber-cement type board covered with a wire mesh with 1.5 cm. of mortar, which is then covered with a stucco finish. The windows and doors are a superior-quality, European-designed reinforced vinyl. The steel roofing is enameled inside and outside. Outdoor decking consists of heartwood teak planking. Ceramic floors for both kitchen and bath are imported from Italy and the fixture and appliances are all American. The interior floors are teak. Walls are insulated and dry walled. Kitchen cabinets and bathroom vanities are handcrafted locally using Costa Rica woods. Is there a property management company? How is the property maintained when I am not there?There will be a management company on the property hired by the HOA which will handle: landscaping, all rentals, and concierge services. You can rent the property as long as it is accordance with the homeowners approved by-laws (CC&R's). The management company will assist you with your arrangements. Homeowner fees to manage the property are estimated to be $200.00 per month per homeowner. What is included in my home?
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