P-Q-R

P

Parcel – A piece of land under one ownership. Parcela

Permit – A document issued by a central or local authority that allows the holder of the document to carry out a specified action, such as building a house. Permiso

Power-of-attorney – A document that legally allows a specified person to act as an agent for the person granting it. Poder legal

Possession rights – A certain hold or control over a property. This is an issue in Costa Rica and you need to be sure that your property doesn’t have any possession rights over it by anyone before you make your purchase. Derechos de poseción

Prepayment penalty – A fee charged by a bank or financial institution as a penalty for paying back a loan ahead of the specified schedule. Castigo por prepago

Presale – The sale of proposed properties, often condominiums, before construction has begun. Preventa

Property Management – A professional who takes responsibility for looking after a property for a fee while the owner is absent. That could include paying taxes, utilities, maintenance, collecting rent among other things. Administracíon de una propiedad

Property tax – A levy placed on properties, calculated by a percentage of its value. In Costa Rica, it’s 0.25% of the value recorded in the National Registry. Impuestos de propiedad

Q

Quitclaim - A quitclaim deed is a term used to describe a document by which a person disclaims any interest the grantor may have in a piece of real property and passes that claim to another person. In Spanish the term is renuncia a título.

R

Rafter – A structural beam supporting a roof. Viga

Raw land – land that hasn’t had any improvements made on it, such as drainage, streets and other infrastructure. Terreno sin mejoras

Real Estate Investment Trust (REIT) – A fund in which you can buy shares in real estate. Fondo inmobilario or fidecomiso para la inversión en bienes inmuebles

Referral – The act of suggesting the use of a certain broker or lawyer. Referencia

Renewal option – The right of a tenant to renew a lease on specified terms. The tenant isn’t obligated to honor the option. Opción renovable

Rental Income – The amount of money collected from a tenant for the use of someone’s property, whether long or short term. Ingresos por alquiler

Replacement cost – The amount of money needed to reconstruct a building to serve its original function. Costo de reemplazo

Resale price – The estimated value a property could sell for at the end of a projected period. Precio de reventa

Rescind – to withdraw a contract or offer. Rescindir or retirar una oferta

Retaining wall – A vertical wall used in the construction of a building to restrict the movement of soil and water. Muro de contención

Return on Investment – The financial gain from investing in something such as real estate, and is normally expressed as a percentage of the original investment. Rendimiento de inversión

Right-of-way – The right to use a specified path or road for access, or for public use. Servidumbre