Q. Are pets allowed? |
A. Yes
|
Q. Are appliances included? |
| A.Yes! In the Kitchen the oven/range, microwave, dishwasher and refrigerator are included. In the laundry closet the washer and dryer are included as well. Basically, all appliances are included. |
Q. Can buyers obtain homeowners' insurance? |
| A. Yes. There is a National Insurance company (a monopoly in Costa Rica) that provides various types of insurance policies for homeowners. |
Q. Will homeowners' insurance be required by the bank? |
| A. If the owner has a mortgage, the bank will require loss coverage against fire and earthquakes. |
Q. How much do association fees run? |
| A. Association fees will run around $120 per month, perhaps a little less. They will cover landscaping, swimming pool maintenance, common area maintenance and 24-hour security |
Q. Will contracts be available in Spanish or English? |
| A. All documents will be available in both languages. A Spanish version will also be required in all instances for the title company, bank, insurance company, etc… |
Q. Can a buyer use a title company other than Stewart Title? |
| A. Yes, it is the buyer's prerogative after all. However, Stewart Title is the most prominent title company in Costa Rica. They have been well informed of La meridiana - hence, the process would most likely be easier and faster. |
Q. Can foreign buyers sign at a Stewart Title office outside of Costa Rica? |
| A. No. If you cannot be in Costa Rica, the documents will be sent to you. |
Q. Can funds be held at a foreign title company? |
| A. Yes, if the buyer has chosen not to use Stewart Title. |
Q. Should buyers purchase title insurance? |
| A. It is not required by La Meridiana but it is recommended for the buyer's own peace of mind - Stewart Title in Costa Rica provides this type of insurance. We recommend that you check with your financial advisor. |
Q. Will there be an Association Board? |
| A. Absolutely! Owners will have an option to be elected to the Board. |
Q. Can owners rent their units? |
| A. Yes. La Meridiana is working with local property management companies and will provide options to homeowners once construction is under way. |
Q. How much could I rent my unit for? |
| A. Tamarindo is one of the most popular beach areas in Costa Rica. Depending on the size of your unit, it could rent for approximately $1,600 to $2,000 per week for 15 to 20 weeks per year |
Q. Can an owner sell prior to completion of construction? |
| A. Yes, however it will be solely his or her responsibility. |
Q. What are Capital Gains in Costa Rica? |
| A. Costa Rica does not have Capital Gains tax. Furthermore, all units at La Meridiana will be owned by individual corporations - this significantly lowers taxes and fees at closing. See the section of our website which adresses corporate ownership. |
Q. Will foreign banks provide financing? |
| A. They can, however it will be up to the buyer to find a bank willing to do so. La Meridiana has negotiated preferential financing terms and rates with Banco Nacional, Costa Rica's largest bank. |
Q. Do you have a brochure available on La Meridiana? |
| A. Yes we do. To receive yours, please visit our Contact Us page and complete the inquiry form. We will mail one out to you promptly. |
Q. Will documents need to be signed in Costa Rica? |
| A. A buyer can sign documents in Costa Rica or abroad, however such documents would need to be notarized by the Costa Rica Consulate . Alternatively, a buyer can provide someone in Costa Rica with a Power of Attorney to sign on their behalf. |
Q. How secure is it to wire funds to and hold funds in Costa Rica? |
| A. Very secure.The Costa Rica banking system is well developed and all major banks (for example, Banco Nacional and Banco Interfin) are affiliated with US banks. |
Q. What is the connection process with electricity, water and gas? |
| A. La Meridiana will assist buyers with the connection process. Billing is on a monthly basis. |
Q. How much does title insurance cost? |
| A. La Meridiana has negotiated a rate with Stewart Title of 0.7% of the value of the property. This amount will be paid by the buyer directly to Stewart Title. |
Q. What is the cost for escrow account management? |
| A. If the buyer subscribes to title insurance with Stewart Title, escrow will be free of charge. Otherwise, Stewart will charge $450, paid directly to Stewart title by the buyer. |
Q. When are subsequent payments due? |
| A. For detailed information about the payment schedule, please visit the Financing section. |
Q. Can I get a refund after I've signed? |
| A. The sales contract is legally binding. However, if you change your mind, $1,500 of the initial $5,000 deposit is non-refundable and we can offer the unit for resale through our network. Do not simply avoid making payments as you will default on your purchase. |
Q. When do you expect construction to start? |
| A. We estimate contraction to start in May 2007. |
Q. Do you offer upgrade options on finishes? |
| A. We have not considered this as an option at this time, however if we get multiple requests we may revisit the idea. We will keep you posted with an update in our FAQ section. |
Q. When can I move in? |
| A. Construction is expected to take approximately 10 months, while construction on the swimming pool and exterior landscaping might take slightly longer. Approximate move-in date may be as soon as March 2008. |
Q. How much do I need to put down to secure a unit? |
| A. Upon signing, we require a $5,000 deposit. Funds will be deposited in a secure escrow account with Stewart Title and governed in accordance with the escrow agreement. |
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