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buying a condo


sherrie
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  • 10 months later...
The link no longer works. Can you please list who you had your bad experience with and why? I am nervous about my home.

Hi blonde,

I am just now looking at this BB again and just happened to see your post.

Since last year, we have bought our condo and are very happy with it.

I don't even remeber what the li8nk I posted said.

Have you alread bought a home there?

Are you living there or rneting it out?

#1 have a good attorney.

I am not sure exactly what your concern is.

 

The problems we had were with "realtors" that were not

very knowledgable. For example, we were told the condo was already under "condominium law"

and it was not. We wasted a trip and when we waited at the suggestion

of our attorney for it to be under this law, we ended up having to pay $35,000 more!

I do not regret waiting however.

If something had happened it was not approved under this law, we

would be in real trouble if we went to sell it.

Another thing we bought about 2 blocks off the beach.

I can not believe how many people buy in the maritime zone and

don't even know what that means!

Please let me know what exactly you wanted to know.

Thank you, sherrie

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Exactly what does that mean? THanks!

It is my understanding that when you buy in the maritime zone, you are not actually "buying".

It is on "concession". Here is something I copied from just one website I looked up to see if there is a better way to explain it. from: http://www.costaricaweb.com/realest/realinvest.htm

The Law concerning the Shore line – Terrestre or Shoreline Zone Law states that the first 50 meters above the high tide line is public property and nothing can be built on it. The next 150 meters can be leased for private use. All leasing is done through the municipality. Certain construction is allowed in this zone but at the termination of the lease ownership of any improvements reverts to the municipality. In most cases, some payment is made for the improvements. This law applies to islands also. The only exceptions to this law, where land within the so-called "maritime zone" is titled, date back to colonial times or can be found with certain urban property next to the sea.

 

Leases of land within the maritime zone are granted for from 5 to 20 years. The lease is registered in a special Concession Registry in the Public Registry and a yearly fee must be paid to the municipality for the duration of the lease to keep it valid. They are renewable through negotiation or as the parties may stipulate in the original agreement.

 

Leases in the maritime zone have certain restrictions concerning foreigners. To hold a lease personally, a foreigner must have lived in Costa Rica for at least 5 years. For a company to have title to a lease, it cannot have more than 50% foreign ownership.

 

It is more complicated than I fully understand, but this states it pretty clearly.

Does this help?

Sherrie

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For this info, you might like to read this.

 

TG

Yes, I have been to your webiste before. I am going to read more of it when I get back. great information!

What I don't understand is this...after you "buy" your beachfront lot in the maritime zone, and you get a concession, let's say 5 years, How do you know what it will cost you at the end of that 5 years to keep your lot? And can the goverment decide not to give you a concession again?...given that you are in complete compliance with everything.

Sherrie

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Sherrie... my post was for an article wriitten by a lawyer and he wrote it for ARCR.

 

I do not know the answer but I would STRONGLY urge you not to gather information like this on Forums or bulleting boards... even ARCR's forum.

 

Retain a GOOD real estate attorney who can explain your rights and obligations on a specific property, or contact ARCR and speak directly to Ryan.

 

There is just too much bad advice on stuff like this and as I am no expert either... I'll just shut up right now :)

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Sherrie... my post was for an article wriitten by a lawyer and he wrote it for ARCR.

 

I do not know the answer but I would STRONGLY urge you not to gather information like this on Forums or bulleting boards... even ARCR's forum.

 

Retain a GOOD real estate attorney who can explain your rights and obligations on a specific property, or contact ARCR and speak directly to Ryan.

 

There is just too much bad advice on stuff like this and as I am no expert either... I'll just shut up right now :)

Hi TicoGrande,

I am not used to this board...can I just click "fast reply" or "add reply" if I don't need to quote?

Oh well, I agree with you TG. I have a good attorney for about 2 years now...you have to trust somebody sometime...but at least I checked her out. I am not actually interested in beach property. I was really just curious.

My original post here was actually from a year ago. My problems was in trying to buy a condo that was represented as already being registered under the "condominium law" and it was not. My attorney advised not to buy unless it was registered this way. She said it all might be fine, but if anything went wrong and it could not be registered this way we would own a fraction of the whole property and not a specific condo.

Well, we waited and it cost us $35,000 more because it was "pre-construction"and the later we waited the higher the costs. The architect acted like it was no big deal, but my attorney said otherwise. Well, it did allturn out well and was registered under the condo law, so it costs us a great deal more, but I think we made the best decision.

Other owners bought without any clue that the condos had not been properly registered yet. under the condominium law.

The other owners used the realtor's attorney who was selling the property. Now, I may not be a genious, but I am not using the same attorney as the guy selling the property. Well, I tried to be smart and it cost me a lot more money than if I had been ignorant. But, that's how I have to do things...research. It has always served me in the long run.

I just wonder if others have looked inot this in buying condos, especially with all this "pre-construction". I understand that the property should be registered under the condo law first thing.

Anyway, I off in the morning to Liberia!

just for a week...talk when I return I hope. hasta luego, sherrie

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