S-T-U

S

Sale pending – A real estate transaction for which a contract between the parties has been signed but the deal hasn’t been closed. Una venta que no se ha cerrado.

Seller financing – In Costa Rica, this is when the seller of a property accepts a portion of the amount being asked for the property on closing and subsequent agreed-upon payments at specified dates. Usually, if a buyer wants to use this type of financing to buy a property, his or her leverage to lower the asking price. Financiamiento por vendedor

Seller’s market – Economic conditions that benefit sellers in the real estate market. Mercado que favorece a los que venden

Single-family house – A type of residential building that consists of a dwelling for one family. Vivienda de familia única

Spec house – A single-family home built in anticipation of finding a buyer, as research leads the owners to believe there is demand in the area. Una casa construida para el mercado especulativo

Squatter – A person or people who live on or work the land of an absentee owner. In Costa Rica proof of a certain number of years of working the land will give squatters certain possession rights. Precarista

Statute of Limitations – A legally specified period of time outside which certain claims cannot be made by suit. Estatuto de limitaciones

Subdividing – Breaking up a piece of land into smaller parcels, often for selling as home sites. Subdividir

T

Title – Evidence that the owner of the land is in lawful possession of that land. Title to land does not only show the person with the title has the right to possession. It is more than that, as someone may have a right to possession but no title for the land they claim as their own. Escritura

Title Company – A company in the business of investigating property titles and issuing title guarantees. Compañía de títulos

Title Guarantee (insurance) – A policy that protects title holders of a specified property from defects in the title, or their loss of that title. Garantía de título

Title search – Investigation undertaken by a title company through public records to ascertain whether or not a title is clear and is able to be guaranteed. Estudio de título

Topography – The state of the land surface; could be flat, undulating, hilly, mountainous etc. Topografía

Transaction costs – The fees involved with purchasing a property. Costo de transación

Transfer tax – The tax levied by the government for transferring a property from one owner’s hands to a new owner’s hands. In Costa Rica, that tax is 1.5% of the value of the property. Cargo de traspaso

Turnkey – A completed project or house, ready to move in. Being ready to use. In Spanish it is contrato llave en mano.

U

Utilities – Services such as electricity, telecommunications, water and sewers that are needed to operate a house or building.