|
|
|
|
It is very common in Costa Rica for the buyer and seller to share in the closing costs equally unless otherwise agreed. Before the transfer deed can be placed into the Registry, all transfer taxes, stamps, notary fees, mortgage costs and property taxes must be paid. The Registro Nacional will not record a transfer deed unless everything has been fully paid. Property transfer tax (Impuesto de Traspaso) comes to 1.50% fo the registered value of the property so expect to pay 3.40% of the total declared transfer purchase price to complete the transfer. You also have to pay stamp duties. The government requires that documentary stamps be affixed to the deed as evidenced of this process. These stamps include the following: Municipal Stamp (Timbre Municipal), Legal Bar Association (Timbre del Colegio de Abogados), Agricultural Stamp (Timbre Agrario), National Archives Stamp (Timbre del Archivo Nacional) and Fiscal Stamp (Timbre Fiscal). The Registro Nacional also imposes its own tax of 0.50% on all presented documents to be recorded in the Public Registry (Decretos de Registro).
Estimated Closing Costs on $200K Property
| Purchase Price |
|
|
| Valor de Venta (Sales Price) |
$200,000 |
|
| Valor Registral (Registered Price) |
$200,000 |
|
|
|
|
| Transfer Taxes & Stamps |
|
|
| Property Transfer Tax (Ley 7293-7543) |
1.50% |
$3,000.00 |
| National Public Registry Fee (Ley 6575) |
0.05% |
$100.00 |
| Municipal Stamp (Ley 6890) |
0.20% |
$400.00 |
| Fiscal Stamp (Ley 7535) |
0.20% |
$400.00 |
| Agrarian Stamp (Ley 5792-6735) |
0.10% |
$200.00 |
| Bar Association Stamp (Decree 20307-J) |
|
$1.98 |
| National Archives Stamp (Ley 7202) |
|
$0.04 |
| Fiscal |
|
$1.38 |
|
|
|
| Subtotal Closing Costs |
|
$4,103.40 |
|
|
|
| Notary Fee |
|
|
| 1st Million Colones (Decree 20307-J) |
1.50% |
$30.00 |
|
Remaining Purchase Price (Decree (21365-J) |
1.25% |
$2,475.00 |
| Subtotal Notary Fee |
|
$2,505.00 |
| Total Closing Costs |
|
$6,608.40 |
|
|
|
| Total Paid by Seller (50%) |
|
$3,304.20 |
| Total Paid by Buyer (50%) |
|
$3,304.20 |
* Information Extracted from Scott Oliver's Book "How to Buy Costa Rica Real Estate Without Losing Your Camisa" |
|
|
|