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Deciphering the Costs: How Much Does a House Transfer Cost in Costa Rica?
Before taking the leap into buying a house in Costa Rica, it’s crucial to comprehend the costs associated with property transfer. Generally, the factors to consider are stamps, transfer taxes, professional fees, and value-added tax (VAT).
Costs Associated with Buying Property in Costa Rica
Here’s a table outlining the percentages mandated by the law.
| Type | Percentage |
|---|---|
Stamps | 0.8% of the property value. |
Transfer Tax | 1.5% of the property value. |
Professional Fees | Variable, ranging from 1% to 2%. |
Value Added Tax | 13% |
Property Transfer Price Estimates
Here’s a table with property transfer estimates based on property value:
| Property Price | Total Transfer Price |
|---|---|
¢10,000,000 | ¢467,145 |
¢12,000,000 | ¢553,695 |
¢15,000,000 | ¢675,045 |
¢17,000,000 | ¢754,532 |
¢20,000,000 | ¢867,407 |
¢25,000,000 | ¢1,055,532 |
¢30,000,000 | ¢1,249,157 |
Buying and selling a property, whether with a house or just the land, involves different processes. We recommend obtaining quotes for property transfer services from a notary lawyer and, with us, for the remodeling or construction process.
Essentials in Property Transfer in Costa Rica
Transfer Taxes:
In Costa Rica, property transfer comes with taxes that can vary based on property value and location.
Legal Fees:
Hiring a lawyer is crucial for a legal and smooth transfer. Legal fees can fluctuate, so it’s advisable to get quotes beforehand.
Property Registration:
Registering the property in your name involves additional costs, ensuring you’re legally recognized as the new owner.
Notary Costs:
In real estate transactions, a notary’s involvement is essential. Notary costs vary and cover the drafting of crucial documents.
Certifications:
Obtaining certifications about property taxes and outstanding debts is necessary and may have associated costs.
Additional Expenses:
Consider other expenses, such as those associated with property inspection, valuation, and any necessary improvements.
By understanding these costs in advance, you can plan financially for the transfer of your new home in Costa Rica. Remember, these costs can vary, so seeking professional advice for an accurate estimate is advisable.
Who Pays for Property Transfer in Costa Rica?
In Costa Rica, both sellers and buyers are responsible for equal parts of the total tax. However, an agreement is often reached between both parties during the negotiation of the sale price.
How Long Does Property Transfer Take in Costa Rica?
Typically, property transfer procedures in Costa Rica take around 15 days, thanks to the convenience of digital processing. However, it can take a few extra days in some cases, depending on the complexity of the situation.
Already Completed Your Property Transfer?
We remodel it or build it to your liking.
We’ll remodel or build it to your liking. At JH Arquitectos, we offer comprehensive home design and construction services, as well as the remodeling of existing properties. Explore some of our projects today.
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At Arquitectos JH, we are prepared to address all your queries. We will guide you throughout the construction process, and if you need a professional to help you find the ideal land, you’ll be in good hands. Contact us and let’s embark on this exciting journey.
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