Real estate Tip by Rudy

Hello Everyone

If you or friends are buying property be aware that a certain property might have a mortgage that is Government subsidized. The program is to help people in low income levels buy. If you wish to buy this property there are some conditions you need to be aware of. The period is usually ten years and the person may not sell within that ten year period. If you buy and are not aware the registro can reject the transfer deed due to the Gov subsidy.

There are different scenarios-I know one person who wanted to buy such a property and there was one year left on the ten year period. The loan was paid off ,letters were written for permission to sell,permission was not given ,the buyer waited a year,then bought the property.Another case-permission was given to sell but the new owner inherited the three year time period remaining from ten years and could not re-sell until the three year period was up.Another the bank gave permission to sell and granted permission for the new owner to sell . You can readily see there are quirks depending on the situation and who you talk to.

Welcome to Costa Rica.

My point is to have a property investigated thoroughly and be aware of all legal matters that may affect the property.

If anyone has a similar experience-please share.

Best Regards

Rudy Matthews-
Costa Rica real estate and retirement properties
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(506) 262-2083 (506) 839-6961

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July 30, 2005