When you buy a Tamarindo Condos or Condos in Costa Rica there are many reasons you can be buying in the wrong place. We had some potential buyers come into town this past week to see our ocean view condos and some of the surrounding communities including Real Estate in Tamarindo and Real Estate in Flamingo. In some of the Tamarindo Condos I showed them so that they could have something to compare to our condos.
You need to know also what the condo fees are and the financial stability of the condo association for for any Tamarindo Condos before considering purchasing it. When you look at the different options of Tamarindo condos in Costa Rica on the market, you have to do your due diligence before you purchase.
The reason I am writing this blog about Tamarindo Condos for sale is that most buyers do not know how to compare the different condos for sale and what to look for. You should look at the legal side of what is involved when buying real estate in Tamarindo or real estate in Flamingo before you decide to purchase. For next week, I will have a blog about a variety of non-legal concerns.
In this blog we will cover the 18 legal issues you will need to check on before you purchase a Tamarindo Condo.
1. Is the condo Costa Rica titled? Does the parking have its own title? How many parking spots? Are they next to each other or behind each other? Is the storage area titled?
2. If the parking and storage are titled do they have their own survey?
3. Are the parking and storage visibly numbered?
4. If the parking and storage are common areas, how is it organized? Are they described in the bylaws with a map describing each area and who they belong to?
5. Many condos in Costa Rica do not allow any pets. Do the bylaws describe what pet you can have and what not? How many? Are there any rules about barking dogs? About cleaning up after them? You might not have a pet but your neighbor might.
6. Are there any restrictions on how and when to use the common areas like swimming pool or party room?
7. How much is the monthly condo fee? The condo fee is always calculated per square foot private area.
8. How much is the reserve fund of the condominium?
9. Have there been any annual special assessments since the condoCosta Ricawas built or legally created?
10. Is the use of water included in the condo fee?
11. Ask to see a balance sheet of the condo finances so you can see what the money is spent on.
12. Before the closing you need to get a letter from the condo administrator showing that the condoCosta Ricayou are buying is up to date in its payments.
13. How will the fees of non-paying condo owners in the complex be recovered?
14. Does the developer still hold any condos and is he paying his condo fees?
15. Can you remodel the condo without permission of the home owner association and what are the restrictions?
16. Does the condo you want to purchase subject to the Luxury Tax
17. If you take over the corporation that owns the condo, check if the corporation tax is paid up to date.
18. AND of course check if the property tax and municipal tax is paid up to date and ask for a certified letter from the municipality.
All condos in Costa Rica have bylaws, no matter if they are luxury condos or not. Before you make an offer on a Costa Rica condo for sale, ask your realtor or broker for a copy of the registered CC & R’s or bylaws of the condominium.
Many condominiums do not have an English version as the bylaws only have to be filed in English so you may need to ask for a translated copy. Stay tuned for our next Blog!