Buying Property
To buy a vacation home in Altos los Robles normally requires a $10,000 down payment. A buy/sell agreement must be signed, in English, which is governed under Costa Rican real estate law. Construction will start when the first $70,000 have been paid, or negotiated amount depending on the size of the house and overall cost. There are additional payments of $ 40,000 to $70,000 each, when the construction of the home is at different stages of completion. During construction, the house will be able to be inspected by the owners. Final payment and title passing occurs when the construction is completed. The construction is estimated to take 8 months, from the contract day to final delivery of the home.
Property Financing
With a good personal credit rating, our homes are often financeable with most North American banks. Rates are moving up quickly in North America, but financing can be an attractive option though normally a minimum of 25% of the purchase price down is required. Local banks, such as Scotiabank Costa Rica also offer financing. The property developer in some instances may be able to close a financing gap on a low percentage of the purchase price with a short term loan to the buyer. Terms and interest rates are negotiable. Having clear title to the lot and new house is essential for obtaining a loan from any bank, local or international.