www.CostaRicaTicas.com

I'm considering buying one or more properties in the San Jose area. [my situation is a bit different than most single giuys simply planning to retire & live here] The initial purchase will be a house, condo or apartment. We currently rent a condo in the Rohrmoser area and will likely buy something in a similar area - Rohrmoser, Sabana, Curridabat, San Pedro, Santa Ana, Escazu or similar (no Barrio Mexicos....).

Is there a particular advantage or disadvantage to a condo vs apartment vs house? (trying to understand the CR culture vs the USA culture with regards to real estate)

What is the traditional mortgage in SJO - 80/20?

What are the typical closing costs associated with the purchase?

How long from the offer to the closing, typically?

What's the going interest rate for both a tico purchase and a gringo purchase (we can structure it either way)?

What are the typical insurance costs per year?

Is there a lawyer you would recommend that is honest, fair & bi-lingual?


Thanks in advance.


/dddick

What is the traditional mortgage in SJO - 80/20?
Typically it is very difficult for a expat to get finance in CR, however in the last few weeks both Banco National and Banco Costa Rica have very publicly announced changes to their lending practices both making it easier for Ticos and expats to seek financing. However, the downstroke remains in the 25to50% range.

What are the typical closing costs associated with the purchase?
Closings costs in our projects are averaging around 9.5%, and you will pay the closings costs up front and not be able to roll them into the mortgage in about99% of any mortgage. Legal fees are about 50% of the closing costs for the banks lawyers, your lawyer may charge upto 3% of the purchase price on top of this. You need and should put your purchase in a corporation for liability reasons. You will also need to have a life insurance policy in CR. Fire insurance is required by law but is very inexpensive. Home owner's insurance is a question that was brought up to me last week and something I personally need to know about and will add as soon as I know the answer. Property taxes are 0.25% annually.

How long from the offer to the closing, typically?
There is no way to answer this, I just closed (finally!) an easy sale on a condo to a Tica client and it took almost 6 months of run around from the bank to finally get the paperwork correct. They have no check list of paperwork needed and it is done in a one by one manner. If you have an appointment to review paperwork, the first thing they notice missing your appointment is over and you have to come back for the next appointment only to find something else is needed, then when you finally have all that they require you show up again and something has expired and is no longer valid so the process just keeps going and going. I have done many mortgages in CR and even with experience and my own check list from these experiences no mortgage is ever the same.

What's the going interest rate for both a tico purchase and a gringo purchase (we can structure it either way)?
Currently mortgages in the national banks are being closed in the 9% range fixed for 5 years and then you have to re-apply and go through the process again and pay closing costs again.

What are the typical insurance costs per year?
I added these above as I had not noticed this particular question

Is there a lawyer you would recommend that is honest, fair & bi-lingual?
Many bi-lingual lawyers are available to assist. PM if you would like the name and contact information for the lawyers I use... they have offices in Playas del Coco, San Jose, and Panama City. I have them on retainer so I cannot fairly comment on costs, but several of my clients chose to use them as well because of their bilingual staff (except for the receptionist)

Thanks in advance.

Sorry, but this is too funny.

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

The one in Playas del Coco is smoking hot! Don't think she will be there too long, one of the clients is likely to put her on scholarship soon.

What types of work do they do? The company I work is looking for a lawyer for various things. The one we've been using isn't really working out.