In Costa Rica, the Condo Property Regulatory Law (Law 7933) is the law that regulates life in a condo. It establishes some basic guidelines so that coexistence in a condo is the best possible among the people. Here are 3 important things to know about this law if you live or plan to live in a condo in Costa Rica.
Definitely, in order to live comfortably in a condominium, in healthy coexistence, assuming the guidelines and appreciating the work of the administration, it is important to know the bases of the law that regulates these properties. You do not have to be a lawyer to understand most of the provisions therein. Likewise, since the law empowers each condominium to develop its own regulations, a valid advice is to request it before evaluating your investment.
Ciany Devoto – Nativu Cartago
1. Own and common goods
The second chapter of the law, regulates how the common areas should function vs. the homes of each owner.
If your condo has common areas, you should know that according to the law, these belong to the owners of the hole condo. However, its use is general and with the function that all people in the condo have access to them under equal conditions.
The law also establishes with areas must be common without prejudice to the existence of others. But these areas are lobbies, stairs, security premises, central services, elevators and in general, everything intended for the enjoyment of the owners.
2. Rights and Obligations
The law also give some rights and obligations of the condo owners.
Among the rights are the possibility that each property is used for what people want. As long as they don’t harm others. It also allows each owner to carry out works and repairs inside the home at their discretion. But it obligates the owners to respect the innovation or modification that affects the structure or essential elements of the condo. It also prohibits common ares from being modified by the owners.
Even within this same section of the law, it establishes sanctions that the Homeowners Assembly can apply in the event that any of the owners violates any of the limitations in the law.
3. Common expenses
It is important that before making the decision to buy a house in a condo, take into account the extra expenses that this implies.
The law of Condo Regulatory Property set some common expenses such as municipal taxes and fees that affect common property. These expenses are separate from the bills and taxes paid by each of the subsidiaries.
It also says that the expenses of administration, maintenance, repairs and cleaning of the condo are common expenses. It is essential that before deciding to live in a condo you take all this expenses into account, because they have to be to paid monthly and you may be penalized if you don’t pay them on time.
Living in a condo brings with it many benefits. They can generally offer lifestyle, safety, and comfort appeal.
Remember that Law 7933 establish basic guidelines and different amounts according to the specific expenses of the condo. That is why before making the decision to live in one, you have to take a look into your finances and take into account this aspects that are essential when choosing to buy a condo property.
