How Is Condominium Living In Costa Rica?
The term “Condominium” in Costa Rica refers to a legal property entity registered in the National Registry as such, having specifications on a Master Plan as to the dimensions, location, and the number of condominium lots, or sub-units known as “finca filiales”, that the Condominium is divided into. The balance of the Condominium property outside of the condominium lots, such as interior roads and green spaces, is known as the “common area”. This is a relatively new way of living in Costa Rica, unlike countries such as Canada and the U.S., where condominium developments have existed for some time.
Condominium Ownership and Governance
A Condominium Property Regime is governed by the Condominium Law and Regulations. In a Condominium, it is only the condominium lots that are able to be owned by individual owners, either personally, or through a registered owner corporation, with a common interest in the common areas held by all owners in the project. These condominium lots are registered in the National Registry and the property title is able to be encumbered with mortgage financing, or such other annotations as might be applicable and the ownership transferred between a Seller and a Buyer in the same manner as other registered titled properties.
The condominium lots can take one of three different forms, being apartment-style in multi-story buildings, townhouses, or individual family homes on independent building lots. Each Condominium entity has a registered set of By-laws, known as the “Reglamento”, which an individual condominium lot owner must adopt and agree to be bound-by, at the time of the property purchase. An Administrator is appointed under the By-laws to carry-out their enforcement, which extends to the use, enjoyment, and the maintenance of the common areas and restrictions on the use and enjoyment of the individual condominium lots, such as noise pollution restrictions and the like. After registration in the National Registry, these By-laws may only be amended by a two-thirds majority vote in favour taken at a General Assembly Meeting (HOA), of all of the condominium lot owners in the particular Condominium project. An Administrator’s powers extend to the levying monetary penalties against condominium lot owners who are delinquent in their HOA dues, or don’t otherwise abide by the By-laws.
Condominium Construction Considerations
Most condominium developments are relatively modern in their construction techniques, catering to North American architectural styles, with open floor plans and other similar amenities. However, one major consideration is with some of the older apartment, or townhouse-style units, where it was common to construct single concrete block walls between adjoining units. This, of course allows for increased sound transmission between such units. Newer condominium developments have adopted a double concrete block width for adjoining unit walls. This has greatly diminished noise transmission between units in such developments.
Security
An attractive part of Condominium living in Costa Rica is the twenty-four hour security provided in Condominium projects. Condominiums are gated and guarded communities, providing owners with the flexibility to come and go as these please, without the requirement for security concerns. The Condominium life-style affords the most secure form of living in Costa Rica.
Depending upon the size of the Condominium, the development can offer a complete range of life-style opportunities, with swimming pools, gymnasiums, and a Club House catering to various social functions, all within a secure community setting.
