THAMA077

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Condos In Costa Rica.

What is a condominium?
A condominium is a type ownership where certain parts of the property (the units) are owned by individuals, and certain parts (the common elements) are owned in common by the unit owners, all of whom are members of the condominium corporation (the organization responsible for the operation of the condominium). Ownership of a condominium means you own the specific unit plus individual interest in the common property. You have ownership over all space and improvements within the walls of your unit.
It is very important to know that you are buying the condominium building first and then the unit, so make sure you like the building and its financial position. I will assist you with this.
What are condo fees and are there property taxes for condos as well?
A condo fee is a fee that each owner is charged to cover the expenses of the complex and individual unit. For example, in a high-rise condominium, the condo fee includes all utilities, plus building insurance, management and reserve fund contributions. When the plan is registered at Land Titles for a condominium, a separate title is created for each unit. And shown on each title is the owners share in the common property, which is expressed in "unit factors". This "unit factor" can be based on the units proportionate square footage or the initial market price in comparison to the rest of the complex. A budget is prepared for a condominium complex, and the fees are allocated according to the unit factor of each condominium unit.
There are also property taxes for condominiums, and they are also calculated based on the unit factor.
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