Bad Title – The title of the property has unsettled liens or encumbrances, or other claims which prevents an owner from selling. Título imperfecto
Bali style architecture – The type of tropical architecture similar to that found on the Indonesian island of Bali, featuring wooden structures, the use of natural ventilation and incorporates the concept of inside-outside living. Arquitectura Balinesa
Blueprint – The document created by an architect as a detailed set of plans, which is used in the construction of a building. Copia heliográfica
Broker – The person who facilitates the sale and purchase of a property between two parties. In Costa Rica these people do not have to be professional to offer this service, unlike in North America and Europe. Corredor
Building Permit – A permit given by a local government approving your application to construct a building on a piece of land you own. Permiso de construción
Bylaws – Regulations under which an entity, such as a condominium, controls its activities. Reglamentos internos
C
Cadastral Map – The official map recording the lines, boundaries of a property. In Costa Rica, these can be found in the National Registry. Plano Catastrado.
CAFTA – The Central American Free Trade Agreement (TLC in Spanish) – The free-trade agreement between the U.S., Costa Rica, El Salvador, Honduras, Guatemala, Honduras and the Dominican Republic. At the time of writing, only Costa Rica was left to ratify. The decision was to be made through a national referendum in October, 2007.
CCR – Conditions, covenants and restrictions. These are often applied in condominium developments and dictate how the property can be used.
Clear Title – When the title is clear of any liens or encumbrances, or other claims on or to the title. Título libre de gravámenes
Closing Date – The day on which the deed is passed and the buyer pays for the property after which the title of the property is transferred. Fecha de cierre
Co-Brokering - When more than one broker (usually from different brokerages) is involved with the sale of the property and share the commission. Comisión compartida
Code of Ethics – A set of rules those subscribing to the code must follow. In Costa Rica, the CCCBR has a code of ethics its members are supposed to follow. Código de ética
Commission – The percentage of the value at which the property is sold that goes to the broker who arranged the sale. Comisión
Commission Split – The practice of sharing commissions between brokers. Comisión compartida
Condominium – A type of ownership of single units in a multi-unit structure or community, such as a mid or high-rise tower, or a gated community. Condominio
Condominium Owners Association – An organization of which all members of a condominium must join, it ensures bylaws are followed and common needs are addressed. There is usually a monthly charge that covers costs incurred by the association.
Condotels – A combination of a condominium and hotel. Usually the developers sell units of the condominium to individuals who then rent their units out as part of the hotel complex.
Contract – An agreement between two parties. Contrato
Covenant – An assurance in a deed or other contract to adhere to certain restrictions on use or building on the property. These are often found in condominium bylaws. Convenio
Credit History – An individual’s banking history, showing how many times and how much they have been in debt and their use of credit cards. The assessment of an individual’s creditworthiness will go a long way to helping a banking officer determine if a person should be given a loan or mortgage. Historial crediticio
Credit Rating – An evaluation of a person’s ability to pay back debt. Capacidad de pago
Culture shock – A form of depression that manifests when a person is trying to adapt to another culture. Choque cultural
Culvert – A ditch or pipe,, usually on the side of a road, that helps drainage. Desagüe
