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Villa Kanda – $1,095,000

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Hidden away in the forest, just 15 minutes by car from Tamarindo, Villa Kanda is a perfect example of a fine, modern, luxurious paradise home. The feeling as you walk into the home is instant zen and peace and is designed in such a way to care for its guest/owners. It is a contemporary design that gives an emphasis on indoor-outdoor living, comfort, and privacy…more info.

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Finding the best property

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Our local real estate market is not huge, or very structured and regulated. There are several actors in it as well. Over a dozen agencies have presence in the area. Just like in any other modern economic activity, knowledge or the access to information could be the one and only key to success. ABC Real Estate is a reputable agency with close to two decades of presence in Tamarindo. The way we work and gather basic information of our line of work has proven to be very effective.

Looking into the most recent transactions I have closed, I´ve found myself in the seller´s side of the equation representing my own listings, in the buyer´s side, selling in-house listings, other agencies´ listings, and even properties that were not on the market.

In any case, our goal is to make deals happen putting the buyer and seller parties together. Looking into the human nature behind these financial transactions, what we are producing is satisfaction to people because they have achieved their own goals. The case might be that of a seller whose last barrier from moving on to his next adventure is selling his home in Costa Rica. I recently had the case and my selling customer couldn´t be happier as his home in Costa Rica sold successfully faster than what he expected. The other case is that of a buyer who finds with us his dream property in the tropical paradise we live in. You can tell how grateful they are with you in closings.

Every day, colleagues from most of the other agencies in the area approach us bringing in their buyers to see our listings. They know we have high ethical standards and are accessible to work with. On the other hand, recently a buyer client assured happily that I had managed to show her all available properties matching her wish list and budget. She made an informed decision and bought the best property for her needs. This was a co-brokerage deal.

In the end, it is hard to describe how pleasant it is to make these deals happen and run into former clients in town and see how happy they are because we sold their home, lot, condo, etc or because they bought something we found for them or a fellow realtor found for them in one of our listings. That is what we are here for.

Credits to: Federico Fernandez

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New Water Hook Ups on Stand By

For the next couple of months or so, Tamarindo and the surrounding communities are going to have some dificulties obtaining new, or renovating water letters. Here below you can find an official report from the Asamblea Legislativa of the AYA regarding the water situation in Tamarindo and surrounding areas.

Durante los próximos meses, Tamarindo y las comunidades aledañas tendrán algunas dificultades para obtener nuevas cartas de agua o renovarlas. A continuación, puede encontrar un informe oficial de la Asamblea Legislativa del AYA sobre la situación del agua en Tamarindo y sus alrededores.

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New Listing – Tamarindo Hilltop #6 – $139,000

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Hilltop Estates, or its official name ¨Condominio Paseo por los Arboles¨, is the ultimate master planned gated community located right in Tamarindo. Featuring paved roads, underground electricity, water hookup and  a perimeter fence it is a unique option to acquire a homesite in a splendid place…more info.

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Lote Pura Jungla – Lot in Playa Langosta – SOLD

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This residential lot is one of the last ones available in Playa Langosta. Bordered by a green zone on one side and the National Park “Parque San Franciso”  and the estuary on the other. This is a very rare and special location located at the end of a cul-de-sac road. Lots of wildlife like Iguanas, many species of birds including Hummingbirds and especially Howler monkeys are coming by frequently…more info.

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Sunset Hill #8 – Ocean view at a great price, perfect for a vacation rental – SOLD

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Ocean view Condo with a great price at quick walk to the beach and center of town. Nestled in the Tamarindo hillside this unit provides a beautiful ocean view, a shared pool, secured parking, and shared laundry, all inside a 12 unit gated complex with a relaxing and tranquil tropical setting. This cozy 1 bedroom, 1 bathroom unit comes turnkey making it perfect to be your vacation retreat and/or a rental. Enjoy a day on the beach, or a fun tennis match (the Tennis Club is just down the road), then return to your private deck…read more.

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New Listing – The Oaks #5 – $155,000

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Welcome to The Oaks, a beautiful gated community with 96 spacious units, just outside of Tamarindo! With amazing landscaping, gardens, four pools, a private dog park, and a hiking trail, this makes the Oaks stand out like no other community.

Unit #5, which measures 98.89m2 (1064 sq.ft.), is located on the second floor and is ready for it’s new owner. The spacious two bedroom unit comes fully furnished. Count with high-speed internet, air conditioning, and cable TV. Excellent opportunity for someone who’s looking for a cozy condo for yourself, or even as a vacation rental income producer.

If you want to get out and enjoy the beaches like Tamarindo, Conchal, Flamingo, or Avellanas, it’s just a short drive away!

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New Listing – The Oaks #16 – $159,000

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Welcome to The Oaks, a beautiful gated community with 96 spacious units, just outside of Tamarindo! With amazing landscaping, gardens, four pools, a private dog park, and a hiking trail, this makes the Oaks stand out like no other community.

Unit #16, which measures 98.89m2 (1064 sq.ft.), is located on the first floor and is ready for it’s new owner. The spacious two bedroom unit comes fully furnished and has just been recently painted. Count with high-speed internet, air conditioning, and cable TV. Excellent opportunity for someone who’s looking for a cozy condo for yourself, or even as a vacation rental income producer.

If you want to get out and enjoy the beaches like Tamarindo, Conchal, Flamingo, or Avellanas, it’s just a short drive away! Act now before its too late!

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ESCROW in Costa Rica

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Are you ready to make an offer on your dream home or to purchase a piece of paradise in Costa Rica, and would like the process of transfer and release of funds to follow the same Pura Vida flow as life at the beach in Tamarindo? Surf that wave at ease by trusting your funds to a neutral and reliable third party!

As for any real estate transaction, also in Costa Rica it is highly recommended to use a neutral – Escrow – account to wire the Earnest money deposit as well as the final balance for the purchase of a property. The use of an Escrow account allows for secure transactions and confident buyers and sellers, allowing them both to lay back, relax and keep enjoying as their money will be safe and the release will be secure.

Until Due Diligence has been approved and the legal closing has taken place this neutral third party will maintain custody over the funds, only releasing them under the conditions stated in an Escrow agreement, signed between seller, buyer and Escrow company.

The requirements for opening an Escrow account differ per country and documents to be provided are different for seller versus buyer and for corporations versus individuals.

Funds, including deposits and final balance, can only be wired to the Escrow account once all documents have been received and approved by the appointed Escrow company.

In Costa Rica, it is the purchaser who chooses the Escrow company to work with. Ideally, this choice could already be mentioned in the written offer.

Once an offer has been accepted and fully executed, it is recommended to take action immediately by contacting the Escrow Company, starting the process of opening the Escrow account, and assuring that all parties involved communicate directly with the Escrow Company representative assigned for this transaction.

A real estate offer agreement usually also states the time frame in which an Earnest Money Deposit into Escrow account needs to be executed. As many buyers leave Costa Rica again shortly after putting in the offer on a property, it gives peace of mind to be well informed beforehand on the legal requirements and documents to be provided in Costa Rica to open the Escrow account. Even more so, can one rest assured when these requirements are fulfilled or ideally, when Escrow set up is complete, before leaving.

By providing all documents in a timely manner, all parties involved in the real estate transaction contribute to assuring a smooth closing on the scheduled date and peace of mind for everyone in the course of the process.

Naturally, your local attorney and the Escrow company representative will guide you in the process. Yet, knowledge is power, therefore, and as a guideline only, an overview of the main documents required for opening an Escrow account in Costa Rica, in accordance with Costa Rican law 8204, is offered below. Some of the documents need to be apostilled* and additional information or documents may be required.

Table 1 and Table 2 more specifically show which documents need to be provided by the buyer and which by the seller, and the difference when buyer and/or seller are legal corporations versus individuals.

Overview of main documents required:

Escrow Agreement – Agreement between the ESCROW company and both the buyer and the seller stating the general and detailed terms and conditions for holding, releasing and regulating the payments of the funds and the cost for using Escrow (the “Escrow fee”) , the

Know Your Customer (KYC) form – to be completed by each individual buyer and/or depositor and each individual shareholder of the buying corporation.

Two different proofs of identification – such as a passport, an ID card or a driver’s license – these must be issued by a government entity and valid to date. The passport copy must be notarized or certified.

Proof of current physical address – such as a utility bill less than 3 months old or a driver’s license stating current address.

Proof of income – supporting minimally the amount of the transaction. This can be a Tax Return form, a W2 Form, IRA statement, Audited Financial Statements or an equivalent, all less than one year old.

Bank statements of the last 3 months

Power(s) of Attorney – granting legal authority to the authorized signatory to act as the legal representative for the entity or the individual for the matters related to the Escrow agreement and to sign on behalf of the entity or the individual.

For corporations or legal entities only:

Good Standing Certificate – stating shareholder participation up to physical person or equivalent.

Corporation Resolution – shareholders’ assembly authorizing the sale or purchase.

Articles of Incorporation/Association or Company – the legal documents of the corporation that wires the funds.

Stock Shareholders Certificate

Trust Agreement- If the funds will be wired from a Trust account, the Trust Agreement has to be provided.

Table 1. For individuals

Documents to be provided by Individuals Buyer/Depositor Seller
Escrow agreement Yes Yes
Proof of Identification ( 2) Yes Yes
Know Your Customer Form Yes No
Proof of Physical address Yes No
Proof of Income Yes No
Bank Statements Yes No
Power of Attorney When applicable When applicable

Table 2. For Corporations/ Legal Entities

Documents to be provided by Corporations Buyer/Depositor Seller
Escrow agreement Yes Yes
Proof of Identification ( 2) Yes Yes
Know Your Customer Form Yes No
Proof of Income Yes No
Bank Statements Yes No
Corporate Resolution

( Asamblea de Socios autorisando la venta/compra)

Yes Yes
Good Standing Certificate

( Certificación de Personería Jurdídica)

Yes Yes
Articles of the Corporation, Association or Company

(Pacto Constitutivo de la Sociedad)

Yes No
Stock Shareholders Certificate

(Certificación de Capital Accionario)

Yes Yes
Power of Attorney When applicable When applicable

*An Apostille is simply the name for a specialized certificate, issued by the Secretary of State. The Apostille is attached to your original document to verify it is legitimate and authentic so it will be accepted in any of the other countries part of the Hague Apostille Treaty.

Credits: Karen Fabré, Nidia Zuñiga

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New corporation tax law, required on all CR corporations.

d140 formThe new corporation tax law, 9428, imposes a D-140 registration requirement on any and all CR corporations.

The deadline for submitting the D-140 Form to the Tax Administration depends on the last number of your Corporate ID: (Pursuant to the Regulations to Law No. 9428)

– 1 y 2: before October 31st, 2017.
– 3 y 4: before November 30, 2017.
– 5 y 6: before December 31st, 2017. – 7 y 8: before January 31st, 2018.
– 9 y 0: before February 28, 2018.

Example:
3-101-222222 Must submit the Form before October 31st, 2017.

Form available in the following link: Click Here

Failure to comply with this requirement, will be sanctioned with a penalty that will be calculated based on the delay in payment (but never exceeding the amount equivalent to three base salaries: USD$ 2300, approximately).

Below, please find the step by step process:

1. Fill out and sign the Form.
2. Authentication of the signature by a Costa Rican Notary Public (stamps must be attached)*.
3. Submit the Form before the Tax Authority.

For this specific case, it is possible to submit the Form before any Tax Authority Office “Oficina de Administración Tributaria**”.

People outside the country, must grant a POA in order to be able to submit the Form on time.

GM Attorneys was so kind and had sent out this info. They are a Law Firm with offices in Flamingo Beach, Tamarindo and San Jose. For more info please contact your attorney, accountant or GM Attorneys