 |
||||
 |
||||
|
||||
Real Estate Transfer Costs It is customary for the buyer and the seller to come to terms regarding closing costs, but usually the buyer ends up paying for the transfer costs and Notary fee, and the seller pays any real estate commission. Sometimes the the buyer and seller will share equally in the closing costs, when this is the agreement they come to. Closing costs involve government taxes and fees, notary fee, and mortgage costs, where applicable. Real Estate Transfer Tax. - The Costa Rican government collects a property transfer tax (Impuesto de Traspaso de bienes inmuebles ) which is equal to 1.5% of the value of the property. (The transfer tax was reduced from 3% to 1.5% by Law No. 7764 effective May 22, 1998) Documentary Stamps - The government also requires payment of documentary stamps. These stamps include the following: Municipal Stamp: (Timbre Municipal); Legal Bar Association Stamp (Timbre del Colegio de Abogados); Agricultural Stamp (Timbre Agrario); National Archives Stamp (Timbre del Archivo Nacional); Fiscal Stamp:(Especies Fiscales). The Public Registry also imposes its own tax of .05% on documents presented for registration (Derechos de Registro). Notary Fees- The Notary is entitled to a fee for his services. The fee schedule that currently applies is the one published on August 2005. The fee is about 2% of the property value. As an example, on a property worth ten million colones, the Notary fee would be 200,000 colones. Mortgage costs. It is customary for the person who is receiving financing to pay the costs of drafting and registering the mortgage instrument. A mortgage can be created simultaneously at the time of sale by adding a mortgage clause in the transfer deed. Or, a separate mortgage instrument can be drafted. A mortgage document pays registration fees of 1.00 colon for every 1,000 colones, plus documentary stamps. Please contact us for further information on closing costs.
Contact information:
"...Investing in Costa Rica can be done
|