The Buying Process
Types of Properties
Condominiums
Condominium life-style in Costa Rica is not much different than in the U.S. It combines a full-amenity resort lifestyle and security with private ownership and investment. Living close to your neighbors could be a downside with loud children or barking dogs, but there are developments with different rules and regulations that may suit different buyers.
When buying a condo, you should do the same due diligence as when buying your own home. All condos must be listed in the National Registry. Costa Rican law states that the land condos are build on is common ground (finca madre) and is jointly owned by all residents. Each unit that stands on this common ground is individually owned.
A property owners' association is required for all condominium complexes and it must create bylaws which have to include:
- Maintenance fee schedule
- General Assembly meeting schedule
- An elected administrator
- A statement for the rights and usages for the common grounds
- Regulations and rules for the visible architecture and decor for homes or units
- Dispute and conflict resolution rules and sanctions
