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lvlazarus

Buying Property held by SA

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I'm interested in purchasing a property held by an S.A. I have heard this is an "easier" transaction than when property is held in an individual's name, provided, of course, that both property and the corporation are without liens, encumbrances, etc. What would be involved? Without meaning to over-simplify, does the SA simply hand over their books or what? I'm sure there would be attorney fees, but would anything be done through the Registro? Has anyone out there had experience with this? Would appreciated any input from other's who may have experienced this or have knowledge of same.

 

Thanks!!

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when you buy the SA, the property is included therein, so you would save the transference tax which is 1.5% x the declared sale value or highest recorded value of property, whichever is higher - you can buy the existing SA and save approximately 30 days waiting time for your own SA to become live - those are the two primary advantages

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when you buy the SA, the property is included therein, so you would save the transference tax which is 1.5% x the declared sale value or highest recorded value of property, whichever is higher - you can buy the existing SA and save approximately 30 days waiting time for your own SA to become live - those are the two primary advantages

 

THANKS BOB!

Do you happen to know if this type of purchase would just be a matter of making the proper entries of sale and ownership/board changes in the corporate books (with atty supervision of course) prior to turning all books over to the new owner?

No registro involvement necessary?

 

Muchisimas gracias!

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What is an S.A.?

Avery,

 

An S.A. is a Sociedad Anónima or 'Anonymous Society'. It is equivalent in many ways to a corporation.

 

One uses S.A.s in Costa Rica to hold property (cars, houses) or as a place to house a business.

 

By putting those things into S.A.s one shifts the liability of ownership sideways, so to speak, onto the S.A.

 

Another benefit of setting up an S.A. is that one transfers the S.A. to another person and, if the S.A. is holding (owns) your house, then there are no transfer fees or taxes on the house, as it was the S.A. that changed owners, not the house.

 

My explanation of what is an S.A. is rather basic, I know, but that should still give you some sense of why people choose to use them.

 

HTH

 

Paul M.

==

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What is an S.A.?

 

For those curious about buying real estate in Costa Rica as well as different ways to hold title, I highly recommend Scott Oliver's "How To Buy Costa Rica

Real Estate Without Losing Your Camisa" (Camisa is shirt in Spanish). It has a multitude of information which will give anyone a heads-up on the how to, what to

expect, and where else to go for more information and resources. [www.welovecostarica.com]

ARCR also gives an abundant amount of information to those attending their seminars. If you come to Costa Rica, DO try to plan around the regular seminar dates. You will not regret it!

Another excellent source for Costa Rican law and legal information (including Real Estate transactions and the different types of corporations) is Roger Peterson's "The Legal Guide To Costa Rica" which can be purchased on the ARCR website.

These are among numerous very good resources that should be studied by anyone planning to make Costa Rica a part of their lives. Many of these are even available at your local library, book store, or your neighbors house; so you can check them out before you buy!

 

PURA VIDA!

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hola vegaslaz - no sir, everything MUST go to registro via notario and that is minimum of 30 days for hard copy - however, with an honest attorney/notary when you sign and change money, it is a "done deal" and should be visible on the internet in 10-14 days with hard copy a week or two later

 

FYI - we hold back some of the attorney/notary payment UNTIL the transaction is physically recorded - just an incentive so the notary doesn't "forget" to record the deal - that is where most property thefts occur, so caveat emptor

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I'm interested in purchasing a property held by an S.A. I have heard this is an "easier" transaction than when property is held in an individual's name, provided, of course, that both property and the corporation are without liens, encumbrances, etc. What would be involved? Without meaning to over-simplify, does the SA simply hand over their books or what? I'm sure there would be attorney fees, but would anything be done through the Registro? Has anyone out there had experience with this? Would appreciated any input from other's who may have experienced this or have knowledge of same.

 

Thanks!!

 

If the property is soley and wholly owned by the S.A., then - as I understand it; and I am not an attorney - yes, that would make the property legally your's and you would not have to re-register it as it is already registered to (now) YOUR S.A..

 

However, I have heard that you have to check the S.A. out fairly diligently just as you would check out a property title diligently, to make sure there are no liens or other problems against the S.A. you are buying.

 

As always, get a trustworthy attorney who knows the ins and outs of Tico property laws and S.A.'s. This is something you don't want to do sloppily or haphazardly!

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Would it be existing S.A. acquisition or opening new S.A. first and transfer afterwards?

What fee range to expect for the service?

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