The Ultimate Treehouse Adventure
Luxury Ocean View Villas that offer a bird’s eye view of Costa Ballena
Sunsets over the Pacific, the call of toucans greeting you in the morning, and days filled with the rich tapestry of culture and adventure- this is the essence of Costa Rican dream living. Set on an elevated terrace overlooking the ocean, each of the villas on this property is nestled in the rainforest with expansive views of the ocean. It is a lifestyle that gives you the luxuries and conveniences of a secure gated community, with the freedom to revel in the best of Costa Rican living whenever you wish…
A lazy morning at The Terraces at San Martín is like a mix of Modern Home and National Geographic. After disconnecting from the Internet and the modern décor of your luxurious split-level townhouse, a few steps through a patio door takes you into a whole different world of worlds. To the west, a ridge overlooks Malibu-style vistas of the Pacific coastline and its protected waters and marine life. In the blink of an eye, the descent of toucans into the rainforest canopy shifts your presence into a different room of Mother Nature’s abode.
Life at your Luxury Ocean View Villa integrates into the fabric of the surrounding culture and lush landscape. Built on bluffs overlooking San Martin beach, on the very edge of jungle preserve lands, The Terraces at San Martin immerse you in Costa Rica’s natural wonders. The townhouses form an exclusive community embedded in the emerald rainforest, where inspirational Pacific sunsets are just part of a daily routine. A system of trails offers passage through the surrounding rainforest, with options to hike to a nearby waterfall or descend to the sands of San Martin Beach.
The development’s seamless blend of modern architecture into the rainforest canopy has given rise to life in a luxurious treehouse, bordered by the unrestricted passage of vibrant rainforest life. Privacy design features separate community life from a meditational outward focus, with floor-to-ceiling windows that frame breathtaking views of the rainforest canopy and Costa Ballena shore.
It seems almost impossible to imagine a collision of worlds that leaves no trace, but luxurious treehouse life at The Terraces proves that multiple environments can blend together without disrupting the balance. To get a true sense of what luxurious treehouse living is all about, take all of the above and indulge in it from the comforts of your own private pool, built in the back yard of your luxury ocean view villa featuring all the modern features and amenities one can imagine.
A creative visionary and detailed taskmaster, Blake’s approach to development comes from his diverse background as a designer and a master planner.
Tel +1 786 230 2990 / +506 4001 2343
FREQUENTLY ASKED QUESTIONS:
You have passed the “viewing stage”, and are ready to get serious. Your question is “How do I proceed?” Here is a list of questions that probably come up, accompanied by general guidelines on how to proceed. Feel free to let us know if you have any questions that are not listed here and we will gladly guide you further and in more detail, based on your individual case
Unlike some other countries, foreigners have the same rights when purchasing a property in Costa Rica as locals do. You can own property outright in your own name or in the name of your corporation. (A corporation set up locally by you or an existing corporation in your country.) You do not need a local partner.
All ADG developments have been reviewed and approved by MEIC – Ministry of Economy, Industry and Commerce of Costa Rica. ADG has gone through a long process and a guaranteebond to be able to build and sell during construction or preconstruction. MEIC is an entity that was established to protect the buyers and to make sure the developers finish and deliver what they have promised. We can provide copies of the authorization process, if requested.
All units are sold unfurnished and as agreed in the corresponding Sales and Purchase Agreement (SPA). We can, however, refer you to some furniture packages with different companies, that have worked well for previous buyers.
Costa Rica’s higher-end property market continues to grow rapidly as foreign homebuyers flock in. The average listing price of homes has been increasing since 2011 at a rate between 3.6% and 6.2%. Costa Ballena is currently an area in development and the best deals can be found in new developments, like the ones of ADG. At the same time, this popular location is experiencing increase in demand, which in turn will create higher return on investment (ROI).
Costa Rica has proven to be attractive to foreign investors for its relatively open investment and trade policies, as well as being the most politically stable country in Latin America. Costa Rica’s property market is expected to remain vibrant and robust, according to local property experts.
The market in Costa Rica is simply too strong to wait too long, particularly in the Costa Ballena area, not to mention the properties of ADG. There is nothing like it in the area.
Note: Real Estate is not guaranteed. As any other investment, there is a risk involved and we recommend you do some research to decide if this type of investment is right for you. We will however add that history shows, this quote by Will Rogers to be true: “Don’t wait to buy good real estate, buy good real estate and wait.”
Not necessarily, but we do recommend you open one. We recommend looking into working with E&T Escrow Trust Solutions. They have proven to be reliable, easy to work with, bilingual and have offices in both Uvita and San Isidro. They are also recognized and authorized by the Financial Sector of Costa Rica, through an entity known as SUGEF. E & T Trust Solutions Mrs. Jeimy Quesada Delgado E-mail: email@example.com T. +506.2771.6789
You may also choose any other escrow company that you wish to work with, however, please make sure to do your research and due diligence when choosing a different option. You may also choose to make your payments directly to ADG, in the end it’s your final decision and at the end of the day, no matter which option you choose, you will have to provide a series of legal documents to proof the origin of funds. Costa Rica is against money laundering, drug money, and/or money earned through any illegal activities and ADG is responsible to ensure that the money received for the purchases of real estate is cleared.
First, we need to know who you are and therefore, we will provide a Knowledge of Client form is to be filled out by the potential buyer. We will also request a copy of your passport (all pages), and a copy of your Driver’s License, if you have one. The rest of the documents depend on the value of your purchase, the information you provided in the Knowledge of Client form, and your preference of payment option. Therefore, the process to be followed from this point onwards, can vary from case to case.
Yes. The contractor, under Costa Rican law, provides a 5-year guarantee on the structure of the buildings.The 5-year guarantee, is valid from the official day of delivery to the developer, who in turn, passes the remaining time of guarantee over to the buyer upon closing.
Yes, they are under guarantee for a period of 1-year.
When you buy a property at ADG, you own the property entirely and you will possess both the deed and title. This also means that in the future, you will be able to transfer your property to others.
Upon signing the deed transfer, your notary will proceed to register your name on the National Registry. All titled properties are registered in the National Registry and all registered surveys are found in the National Cadaster; part of the National Registry. The National Registry is now almost completely digital. Certifications of a property, as well as powers of attorney of a corporation and copies of the survey can be bought online.
Three working days after signing the SPA (more details about this in “I am ready to proceed. When do I receive- and sign the Sales and Purchase Agreement?”) you will be required to deposit 10% of the unit sales price. Within three working days, we will send you a notice to schedule the closing, which can be as early as thirty calendar days. Two weeks before closing you will receive the corresponding Closing Statement, which details the balance to be paid at closing and the details of how the money will be distributed. Five days before closing date, the remaining balance (90%) is to be deposited in Escrow. (more details about this in “Do I need to open an Escrow Account?”)
All closing costs are shared equally between ADG and the buyer. Closing costs in Costa Rica are relatively low; less than USD 2,000 per USD 100,000 of the sale price. Closing costs include: Transfer Tax (1.5% of the registered value) Public Registry Fee (0.05% of the registered value) Tax Stamps, which ad up to around USD 60 per transaction and include the municipality stamp, hospital stamp, agrarian stamp, bar association stamp, fiscal stamp and a national archive stamp. A notary fee of USD 1,250, based on 1.5% of the first million Costa Rican Colones of the sales price and 1.25% of the remainder.
If you still have questions and/or doubts on the cost of closing a real estate deal with ADG, feel free to contact: E & T Trust Solutions, Mrs. Jeimy Quesada Delgado E-mail:firstname.lastname@example.org T.+506.2771.6789
Locals, residents and non-residents should hire an attorney for their Real Estate purchases. Don’t just hire any attorney for your ADG purchase(s). We recommend you hire a good, bilingual real estate attorney / notary public and someone who specializes in real estate, so you are well represented in the process. Only a notary public can record a purchase in the National Registry through a protocolled deed that will be registered in the National Registry. We have listed some referrals below, but feel free to do your own research as well:
- Uvita Law Firm Kristi Penland
- E-mail: email@example.com T.+50627438619
- CV Firm Casimiro Vargas
- E-mail: firstname.lastname@example.org T.+50627438416
- CMF CR Law Fernando Montero
- E-mail: email@example.com T.+50622237711
- Cresco Legal Adrian Obando
- E-mail: firstname.lastname@example.org T. +50688606873
- EY Law Alberto Saenz
- E-mail: email@example.com T. +50688805252
Sign a “Reservation Agreement” and make a one-time “Reservation Deposit” of USD 5,000, fully refundable for the first ten calendar days. The cooling period, as we call it, helps you to think about your decision, and protects both parties from it being a heat-of-the-moment decision; at the same time, it serves as a guarantee that we will hold the unit of your choice. If you haven’t yet; talk it over with your spouse, partner, advisors, lawyer, family and friends and at the end of the ten days, you can continue the process or write us to cancel and request the refund of your “Reservation Deposit”. The “Reservation Deposit” can be paid by credit card (we accept Visa, Master Card, and American Express) or by wire transfer. We do not accept cash payments of any kind.
Congratulations! You have made a great decision and we are here for you all the way. Three days after you sign the Reservation Agreement you will receive the Sales and Purchase Agreement (SPA) via e-mail. Depending on the fact that you bought a finished unit, a unit on pre-construction or in construction, the document will vary.
The SPA for a finished unit is a simple, short form, modeled on a United States-style purchase agreement. This agreement does not formally pass the title of the property from ADG to the buyer, but it sets out the terms and conditions that must be satisfied prior to closing and establishes the obligations of both the Buyer and Seller during the due diligence period of the transaction.
If the unit is bought under pre-construction or in construction phase, ADG will provide a document that has been reviewed and approved by MEIC (see “How do I know that Axiom will finish the development(s)?” mentioned above) that protects the buyer. This document, known as “Receipt of Deposit and Purchase and Sale Agreement”, is an agreement authorized by MEIC, that sets all the terms and conditions for both the seller and the buyer. After you receive the SPA you have a period of 7 working days to review it and sign it. After you sign the SPA, you have an additional three working days to make your payment of the first 10% contract payment and formalize the purchase. Once this is done, ADG will continue the construction process until the unit is finished and you will make the scheduled payments as outlined in the SPA. (See “What is the payment schedule for a purchase in pre-construction or under construction?” for guidelines.)
The points mentioned above, serve as a guideline. Should you have any doubts, questions and or would like to know more, please do not hesitate to contact one of us any time. We are here to assist you through the process and find ways to accommodate you to the best of our ability.
Property tax in Costa Rica is extremely low. The current rate per year is 0.25%, in other words ¼ of a point of the recorded value. For example, if a home costs USD 500,000, you would have to pay only USD 1,250 per year. In Costa Rica, you have the option of paying this tax either annually or quarterly
There is a 3% property transfer tax. This tax is based upon the registered value placed on the property transfer deed at the time of sale. At the time of transfer, the transfer tax is shared equally between Axiom and the buyer.
If you are a local citizen or a permanent lawful resident, your best option is to contact your account manager at your bank. ADG developments have already been pre-qualified by Banco de Costa Rica, Banco Nacional and Scotiabank. Bank financing is not available for foreigners. For non-residents, a financing option could be a personal short-term loan, available only for 1 to 5 years, with an interest rate between 11% and 18% per year. Should you decide to go this route, we can help you find the right option. Foreigners also have the option of finding financing at their bank in the country of origin. You might be eligible for a “Self-directed IRA”. For more information on this last-mentioned option, feel free to contact:
The Entrust Group
- Munzer Ghosheh – Business Development Manager
- E-mail firstname.lastname@example.org
- T. +1 877 310 3967 or +1 480 469 0788
- 4742 N 24th Street, Suite 300, Phoenix, AZ 85016
When you purchase on a construction-phase or pre-construction phase, there are pre-approved payment schedules, that provide a “self-financing” option, of roughly around eighteen months, depending on the construction progress of your unit, (it can be a couple of months less or more), without interest. For more details on how this works, see: What is the payment schedule for a purchase in pre-construction or under construction?” Depending on the construction progress of your unit, you can “auto-finance” the purchase of your new home!