Hello Everyone
If you or friends are buying property be aware that a certain
property might have a mortgage that is Government subsidized.
The program is to help people in low income levels buy. If
you wish to buy this property there are some conditions you
need to be aware of. The period is usually ten years and
the person may not sell within that ten year period. If you
buy and are not aware the registro can reject the transfer
deed due to the Gov subsidy.
There are different scenarios-I know one person who wanted
to buy such a property and there was one year left on the
ten year period. The loan was paid off ,letters were written
for permission to sell,permission was not given ,the buyer
waited a year,then bought the property.Another case-permission
was given to sell but the new owner inherited the three year
time period remaining from ten years and could not re-sell
until the three year period was up.Another the bank gave
permission to sell and granted permission for the new owner
to sell . You can readily see there are quirks depending
on the situation and who you talk to.
Welcome to Costa Rica.
My point is to have a property investigated thoroughly and
be aware of all legal matters that may affect the property.
If anyone has a similar experience-please share.
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