Tag: money

Real Estate FAQ | What do to with the Earnest Money Deposit?

Estimated Reading Time: 4 Minutes What you should do with the earnest money deposit is a real estate FAQ or frequently asked question in Costa Rica real estate. This question arises all the time because, in Costa Rica, it’s custom for the buyer to give the earnest money to the seller. Costa Ricans rarely use…

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Do you still have to pay the mortgage after your house was destroyed?

Most homeowners in Costa Rica don’t even think about fire and earthquake insurance and if they still have to pay the mortgage after their house was destroyed. You own(ed) a house in Costa Rica. This house was destroyed by a natural disaster or fire and you are paying a mortgage. What should you do? Can…

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Is the mortgage rate in Costa Rica damaging the economy?

Did you know that the mortgage rate in Costa Rica is outrageous? I pay 9.5% interest rate on my mortgage in U.S. dollars! Politicians have been debating, due to the elections 2018, about economic solutions for the last few months. Because the government needs money. Don’t we all? Now that Carlos Alvarado of PAC was…

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Double accounting customary on investment property in Costa Rica

Many businesses and investment property in Costa Rica have a double accounting system. One is for the tax authorities and another for the business owner. Naturally, there is a significant difference between the official records and the reality. Investors who find an interesting investment property online, first send an email to the listing agent. That…

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What to expect from a bank appraisal in Costa Rica

Are you buying a house in Costa Rica and needing bank financing to purchase? In that case, you need to qualify for a mortgage first. And you will also need a bank appraisal. The Spanish name for a bank appraisal is “avalúo bancario” and an appraiser is “perito valuador”. There are many more steps involved…

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