[BUYING AND SELLING REAL ESTATE IN COSTA RICA]
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budgeting, condominium fees, repairs and maintenance, and other issues of general interest which will be voted on in the assemblies or meetings that will be called. There is also an administrative entity that will be in charge of the administration of the condominium, including the collection of condominium fees, maintenance of the common areas, minor repairs, and the judicial and private representation of the condominium. Such functions may be carried out by a person, or a corporation appointed by the Assembly. ❖ Condominiums in the Shoreline Zone Condominiums may also be constituted in concession areas within the Shoreline Zone. The essential requirement for this kind of condominium is that the respective Municipality must have validly granted the concession and that it has been registered in the Concession Registry for it to be submitted to the Condominium Property regime. Expenses such as the payment of the annual concession fee are distributed amongst the condominium owners, and compliance with the dispositions included in the concession contract and provisions of the Shoreline Zone Act will be the responsibility of the Condominium Administrator, who may carry our actions against condominium owners who in any way violate such dispositions. The Gulf of Papagayo Tourist Development Project ❖ General Bahía Culebra was designated as an area of public interest in August 1979. This declaration created a major tourist development project in June 1982, whose stated purpose was to develop an area dedicated exclusively to tourism projects such as hotels, residences, golf courses, marinas, and other major tourism activities. The land is leased to applicants in the
legal form of a concession, much like those granted for the Shoreline Zone described above, but with the special regulations detailed below. This tourist development is known as “Papagayo Gulf Tourist Development” or “Polo Turístico del Golfo de Papagayo.” ❖ Master Plan The project has been developed in strict compliance with the regulations and restrictions of the Master Plan to develop the area. Any new projects or developments must comply with such regulations and restrictions, which vary depending on the location of the project and the tourist activity to be developed. Investors should consult legal counsel before engaging in any activities in this special area. ❖ Managing Council for the Project A Managing Council to oversee the project was also created in the Papagayo Development Law, under the authority of the Costa Rican Tourism Institute. This council reports directly to the Board of Directors and oversees directing, coordinating, administering, and controlling the project's development. The council has five members: three representing the Tourism Board and two from the private sector with experience in tourism, who will be elected by the Tourism Institute's Board of Directors. ❖ Term of the Concession Concessions may be granted for a minimum term of ten years and a maximum of fifty. These terms can be extended for equal periods as those granted as long as the beneficiary of the concession has complied with the obligations stated in the specific concession contract and the laws and regulations that govern a project.
ILN Real Estate Group – Buying and Selling Real Estate Series
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