30% down payment, taking advantage of a
Grace period during the construction term and
No payments until delivery .
Four easy steps to own your Home in Costa Rica:
1:
$10,000 fully refundable reservation deposit payment holds
your position..
2:
Next, Review and sign purchase agreement, apply for financing,
and place a total of 30% into an escrow account.
3:
When financing is approved, construction begins on your unit.
No payment is required during construction!
4: When your unit is complete, you pay closing costs of 4% and take delivery.
70% loan to Value
$10.000 holds your unit
5.5% Financing
NEED FINANCING? WE CAN HELP...
These Mortgage Plans only apply to those Customers purchasing units in the OceanGate Village Development, directly from the Developer starting May 29th, 2009. This is a limited time offer valid until September 30th, 2009 and cannot be in addition to any other promotional offers currently used by OceanGate Village Development and cannot be retroactive to previous purchases.
The financing here provided is in US dollars and is available to local customers in Costa Rica as well as foreign investors
that meet the loan criteria as defined by the OceanGate Village Development .
Customer must apply for a Title Guaranty with a Title Insurance Company.
Restrictions apply and the loans are subject to approval by OceanGate Village Development.
Closing Costs:
By custom, buyer and seller split the closing costs, but the split may be negotiated as part of the purchase contract.
What they want are:
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.
The good news...
It is customary in Costa Rica to register a property at a figure far less than its actual sale price. All transfer taxes and fees discussed above are figured as a percentage of the reduced sale price -- with the exception of the notary. He or she drafted the documents. He or she knows exactly how much money changed hands. He or she collects the full .5 to 1.25% of the mortgage.
