Are there any property taxes that we must pay?
Yes. Property taxes are 1% of the property’s recorded value.
Are there monthly maintenance costs in the resort?
Yes. Casa de Campo® Resort charges all property owners an HOA fee, referred to locally as “Infraestructura.”
What are the maintenance fees like HOA?
The HOA is calculated based on the size of your land and the size of construction of your property. Exact HOA cost for any property that interests you can be provided.
What are typical closing costs?
The basic costs are covered by your HOA fees. The seller will have to pay the attorney fee, real estate commissions, and capital gains taxes.
How long does a closing usually take?
You can close a transaction as soon as 5 days. The typical closing time is 45 – 60 days.
What are the steps involved in closing?
Once the buyer and seller have verbally agreed to a purchase price, all parties sign a one page Property Reservation Form. When the Property Reservation Form is signed, the buyer wires a fully refundable 10% deposit into the escrow company’s account and the seller takes the property off the market for 10 – 15 days. Once the deposit is in escrow, the buyer’s attorney and the seller’s attorney discuss the legal terms of the transaction, and prepare an initial sales contract, which is executed no later than 15 days following receipt of the deposit. Once the initial sales contract is signed by all parties, the deposit becomes non-refundable and the seller has a binding commitment to sell upon completion of the due diligence process. Once the due diligence is complete, a definitive sales contract is executed between the parties. Final payment is made and the property is transferred to the buyer.
As property owner, are we allowed guests and family to visit us in the resort? If so, is there a cost?
Yes, you are allowed as many guests and family that you want to visit. After all it is your house, and you have full, un-restricted use. If you rent your house, the renters will have to pay a per-day resort fee.