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Vellano Realty Group
knows that pursuing a real estate opportunity in a foreign
country may be a new experience for you. We're here to
answer all of your questions and provide all the necessary
information for you to make the most informed and best
decision. |
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This section contains information, photographs and
answers to frequently asked questions.
Be
patient for this page to load, as it contains over
150 photographs. Amongst the answers to questions,
[about how Vellano Realty Group can assist you in finding your
dream property in Costa Rica], are numerous photos of
properties and outtakes from recent trips made to the southern
region of Costa Rica with
clients.
As you view this
photo gallery, join Martha Vellano and the rest of the Vellano
Team as they show properties to clients in beautiful Costa
Rica.
Please Note: We
highly suggest that you print this page as a handy guide to
many of the most important issues regarding purchasing real
estate with Vellano Realty Group in Costa
Rica.
  
8 How do we find the
right property since we've never been to Costa
Rica?
First and
foremost, Vellano Realty Group will assist you. We will
discuss with you what types of property you are interested
in. Whether it be an existing home or land, we have a
large number of properties. Our experience in the area
makes it possible to make the most out of your trip to Costa
Rica. Once we've located potential properties of
interest, the next step is to research the property.
Here's where our expertise comes in.
  
 
Sellers will provide you with the latest version of
the property map. This will give you measurements, boundaries
and topographic details of the property. If they don't have an
official map, one can be obtained at Catastro Nacional
(National Cadastre Office).
If no map exists, you can have a registered surveyor
draw a property map and register it at the Catastro Nacional.
The process can be completed in two to four weeks.
Make a close, personal inspection of the property, note the
boundaries, the location and condition of fences and/or
property markers. If you think it's necessary, you
can bring in a surveyor to look things over.
 
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8 Are Costa Rican
laws different for contracts, closings, titlings and
what
I'm used to in the United States?
Yes, but we have experience here as
well. In addition to finding the right property for
you, Vellano Realty Group will help
the transaction. It's one of the main reasons why
you want an experienced real estate company at your
side.
General Information
In matters of land and property ownership, foreigners and
Costa Rican citizens have equal rights under the law (unless
the owner bought the land as part of a government program). In
these cases, the land can be traded or sold to foreigners only
after the original owner has held it for certain period of
time.
Foreigners do not have to live in Costa Rica to own
property.
  
Registration of a
Property
Costa Rican properties are registered at the Registro de la
Propiedad (Property Registry) which keeps track of all the
title registrations. It is a great resource for verifying the
status of a title or claim associated with a property.
Once you buy a property, we will make sure the
sale is properly registered at the Registro de la Propiedad,
proof that you are the new legal owner.
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8 How long is this
going to take?
Generally from the time you have decided to
buy a property, you can close on the property in 6 - 8
weeks. Many of the properties we can show you have been
previously researched and all of the information you need to
evaluate a deal has already been prepared. Depending
upon whether you are buying an existing home or land for
investment and/or to build on, even the most complicated deals
take no more than 3 - 4 months.
Vellano Realty
Group will
assist you every step of the way. Our mission is to
complete your real estate transaction in the least amount of
time and deliver you the highest level of service and
satisfaction.
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8 Am I committed to buying with
Vellano Realty Group?
Arranging a visit to Costa Rica to view property
does not represent a formal committment to purchase any
property. Although it is very important to spend time
enjoying and seeing as much of the surrounding areas as
possible, this trip is planned to determine your interest
in a home or land purchase. We require that all client
prospects be forthright in their financial ability to
participate in a real estate transaction. This
exclusive service is best suited for real estate investors
that already have a basic understanding of Costa Rica and
the outstanding real estate values in this less
traveled paradise.
Even if you know very little about
Costa Rica, the thing to remember is that property prices are
low, buyer demand is only now starting to increase and the
U.S. Dollar is very strong. When you add "location,
location, location" to the equation you get opportunities
that are truly worth a
look.
Contact
us, all the subtleties of this service can be addressed in
person with our staff.
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Vellano Realty Group and
Clients Tour Properties in Costa Rica!
Lots of great photos...
read on.
  
8
What are the Real Estate
Regulations?
Zoning
Building and subdivision plans must be:
A. Signed by a registered local engineer
B. Approved by the local Ministerio de Salud (Health
Department)
C. Approved by the Instituto de Vivienda y Urbanismo (INVU)
(Housing and Urban Development Department
  
Taxes
Property taxes vary from 0.5% to 1.5% of the declared value
of the property.
The closing costs of a sale include a transfer land tax, a
stamp tax, and legal fees. Closing costs run about 5% or 6% of
the sale price, an expense divided evenly between buyer and
seller. Transfer land tax and stamp tax assessments are based
on the declared value. Legal fees are based on the selling
price of the property.
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Transactions may be conducted in U.S.
dollars
Costa Rican lawmakers have drawn up very strict rules
governing the development of ocean front property along both
coasts.
First, according Costa Rican law, the beaches belong to
everybody and everybody has a right to use them. The first 50
meters (164 ft.) above the mean high tide line are public
land. No one can restrict access to a beach or claim a beach
is privately owned, exceptions being landholdings in port
areas, old land grants or by some agreements made prior to
1973.
Second, along 80% to 85% of the coastline, the 150 meters
(492 ft.) after the 50 first meters (164 ft.) are called the
Maritime Zone and are controlled by the government. A
foreigner must establish five years of residency to own more
than 49% of a lease in this zone. Foreigners can evade the law
by assigning the lease to a corporation that is wholly foreign
owned or by assigning 51% of the ownership of the land (on
paper) to a Costa Rican citizen. Take a careful look at the
zoning laws before you start development in any of these
areas.
  
If there is no zoning plan for land you want to develop,
hold off on the celebration. If a zoning plan has not been
developed, then it's up to you to create one on your own and
submit it to ICT (Tourist Board), the INVU (Housing and Urban
Development Department), and the local municipality for
approval.
The "zoning of land" plan you submit must address questions
regarding – among other things – public use areas, roads,
water and electricity.
If your development dream is located on the 15% or 20% of
the coast land not in a Maritime Zone, then you may develop
the property without filing a regulating plan. However,
developments geared to the tourist industry must be approved
by ICT (Tourist Board), anything else requires building
permits.
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8
What else do I need
to know about buying Real Estate?
Vellano Realty Group knows that this is not an
investment you want to leap into blindfolded. We respect your
investment.
By law all properties must be registered in
Registro Publico. Most properties have a title registration
number called the "Folio Real." Once you have this number you
can search the database. The Registro Publico's Report, called
the "Informe Registral," contains information such as the name
of the title holder, boundary lines, tax appraisal, liens,
mortgages, recorded easements, and other records that could
affect the title. Stewart Title can assist with the
title services.
  
Costa Rica follows "first in time, first in right" rule.
Additions to a property title are prioritized according to the
date they were recorded. So be sure the attorney searches your
title back to the beginning.
Writing of a transfer deed.
This is the document that transfers ownership of the
property. The transfer is made with the buyer and seller
signing the transfer deed (called an "escritura") in the
presence of an attorney. The attorney then drafts the transfer
deed and registers the sale at the Registro Publico.
  
Custom dictates that if the buyer pays in cash, he selects
the attorney to draft the transfer deed. If the purchase is
financed, then the transfer can be made in various other
ways.
A. If a large percentage of the purchase price is financed
by the seller and a mortgage needs to be drafted to guarantee
payment, the seller's attorney may draft the transfer deed
upon seller's request.
B. If a property is purchased 50% cash and 50% financed,
the buyer's attorney and seller's attorneys can draft the
transfer deed and mortgage in a single document. This process
is called a co-notariado.
C. Buyer may have his attorney write the transfer deed and
let the seller's attorney draft a separate mortgage
instrument. Since the mortgage agreement is being drafted
separately, registration fees are higher.
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Closing Costs
By custom, buyer and seller split the closing costs, but
the split may be adjusted up or down to fit the occasion.
What they want is –
  
Taxes
Take a deep breath.
You must buy Documentary Stamps – Agrarian, Hospital,
Municipal, Bar Association, National Archive and Fiscal –
totaling 0.55% of sale price. You must pay a Real Estate
Transfer Tax at 3% of the sale price and a Registration Fee of
0.5 % of sale price.
Plus
  
Notary Fees
1.5 % of the first $5,000 (million colones) and 1.25 % of
the balance
And
Mortgage Registration Fees
Usually, the person getting the financing pays for the
costs of drafting and registering the mortgage instrument. A
mortgage may be issued at the time of the sale by adding a
mortgage clause to the transfer deed. A mortgage within a deed
costs 0.25% in registration fees and approximately 0.53% in
documentary stamps. For drafting the document, the notary
receives between 0.5% and 1.25% of the amount of the
mortgage.
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Registering the transfer deed.
To register your transfer deed you or your attorney must
bring to the Registro Publico (Public Registry) the following
documents:
A. Proof of payment of all taxes and registrations fees
B. Certifications issued by: a) Finance Ministry,
confirming that all seller's property taxes were paid; and, b)
the local Municipality, stating that buyer and seller areup to
date on municipal taxes.
C. Proof that all prior mortgages, liens and judgments (if
any) have been resolved
Once all fees are paid, make sure that the attorney who
drafted the transfer deed registered it in the Property
Section of Registro Publico. It should be registered by the
Registro Publico 45 to 60 business day after presentation.
Check with the notary to make sure the deed has been properly
filed.
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8 What about building
our own home?
You
want a home of your own in Costa Rica. You've looked around
but found nothing that suits your fancy. You ask yourself: why
don't we just build a house, save ourselves all this
grief?
  
Our Developers
The developers in Costa Rica have been
developing projects on the island for more than 15 years.
Since the beginning, a portion of every sale has been
allocated to humanitarian and environmental projects. The
company was integral in bringing water, roads and electricity
into nearby villages and allocated funds to be spent on school
projects and reforrestation efforts.
With this giving philosophy and historical dedication to
Costa Rica, our developers have established relationships with
key organizations on the island that support current and
future growth. The developer is a debt-free corporation with a
portfolio of land holdings and options in excess of $10
million.
  
Why Costa Rica?
More than 1 million tourists visit Costa Rica
each year and the natives refer to it as PURA VIDA – the pure
life. Located in Central America, Coasta Rica is one of the
most bio-diverse countries in the world. Known as The Jewel of
Central America, it has more natural wonders than most
continents. Only 51,000 square kilometers, it is surrounded by
both the Pacific and Atlantic Oceans. Costa Rica is attractive
to Americans because of several factors:
Extraordinary scenic beauty and a
Consolidated System of Protected Areas
Social and political stability
High literacy and education levels and
efficient infrastructure
Strategic position in the heart of the
Western Hemisphere
Access to international markets and potential
tax benefits
Government’s positive attitude toward foreign
investment
Ideal political climate to establish
off-shore companies or operations
This peaceful, Spanish-speaking, democratic nation has been
awarded the Nobel Peace Prize. Its health and education
systems are comparable to those of North America and
Europe.
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Our Properties –
Location, Location, Location
Our developer is the largest in the country
and has been developing property in beautiful southern Costa
Rica since 1988. Endless sandy beaches and lush tropical rain
forests dominate this spectacular landscape with breathtaking
views. Perched in the spectacular mountains, overlooking the
Pacific Ocean, our location is the essence of Costa Rica’s
natural beauty.
Directly in front of the properties are 3
internationally known beaches, Playa Tortuga, Playa Ventanas
and Playa Ballena. Travelers come here from all over the world
to enjoy the beaches, as well as, the turtles, whales and
dolphins that frequent here.
Rushing waters, majestic mountains and golden sunsets will
inspire your thoughts and give you the enthusiasm to plan your
home immediately. All lots have electricity, water and roads,
so you can begin construction as soon as you are
ready.
  
COSTA RICA PROPERTIES
Luxury Living
Imagine living in a community nestled in an
oasis of coastal bluffs and pristine forests on the southwest
coast of enchanting Costa Rica. Magnificent views of
sun-drenched beaches, blue waters of the Pacific Ocean and
lush tropical forests fill your windows with the exotic beauty
that only southern Costa Rica offers. The jewel of Central
America – Costa Rica, has more natural wonders than most
continents. It’s the perfect setting to build memories and
traditions.
Each property offers you unique building options. The view
and the terrain are important areas to consider in the initial
home design process. Our architects and contractors will help
you create the perfect Costa Rican home to suit your unique
setting. Property consists of Estate Lots and Desirable
Community Lots all with roads, water and
electricity.
  
 
  
  
Income Property
Informed travelers are choosing Costa Rica as
the perfect location for a primary or secondary home. Costa
Rica has followed environmentally sound practices for decades
and its unspoiled beaches, rainforests, rivers and mountains
are the delight of naturalists, divers, bird watchers,
adventurers and boaters.
 
With so much to offer and tourism increasing,
Costa Rica is attracting the world’s attention from property
investors, entrepreneurs, and exotics destination seekers. As
a homeowner, you can benefit from international travelers
seeking private home rentals.
Because of the longstanding reputation as a
quality homebuilder, our developer attracts many visitors who
are looking to rent luxury homes in their tropical settings.
Currently, they have a waiting list of qualified renters, and
if you decide to rent your home, they can provide you with
immediate rental income.
We can also manage and take care of all necessary rental
agreements, and as rental rates continue to increase, so will
your cash flow. Discover southwest Costa Rica, not only a
valuable investment, but also a respite from the hectic pace
back home.
  
  
Outlook for the Future
Costa Rica Real Estate Board reports that
land values have increased 300% the last few years
The Ministry of Foreign Trade predicts
exports will rise 400% by 2005.
International companies have divisions of
their companies in Costa Rica including: Colgate, Intel,
Coca-Cola, Century 21, Panasonic, ReMax, Gerber, Dole, 3M,
Firestone, Sony, Motorola, and Johnson & Johnson
Strong, secure and tangible investment
Through prime location and strong management
of properties, land values have increased 32% annually since
1998. Rental properties with a house have appreciated at 65%
annually.
International Airport to be built within 30 minutes of the
development.
  
  
  
Quality and Service
Quality is a word we hear everyday. It is a
word used by many, but few are able to achieve it. Our
developers employ and work with the most professional and
highly skilled people available. Their designers, builders,
electricians, architects, landscapers, cabinet makers,
plumbers, service staff and interior decorators provide you
their expertise, commitment and personal pride in their work.
Standards are set far above familiar industry standards and
it is their commitment to deliver this value to homeowners and
ensure they receive a quality home at the right price. In
addition to the developer’s valuable employees, Vellano Realty
Group has built relationships with a network of companies,
suppliers and key individuals.
  
  
  
Be Our Guests
We invite you to experience Costa Rica by
staying as our guests in an on-site guest facility. Here you
will truly discover what it is like to live in luxury in
beautiful southwest Costa Rica and to explore what has become
one of the most desirable investment property locations in the
world today.
Contact
Vellano Realty Group Today to receive more information
and to plan your visit to Costa Rica and get on the VIP list
for our exclusive offerings.
CALL
(561) 585-3330 TO GET ON THE VIP
LIST!
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7570 South Federal Highway, Suite 3
• Hypoluxo, FL 33460 • 561-585-3330 •