Standard Rental Terms in Costa Rica
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Many expats prefer to rent than own a house in Costa Rica as it allows more flexibility and the option to "test drive" a particular area before deciding if it's a place where they want to stay permanently. The rental laws in Costa Rica often differ significantly from what the tenant is used to in their home country: - Contracts are valid for 3 years, unless you violate the contract in some way - Landlords are entitled to a 15% annual rent increase if you pay in Colones, but cannot increase the rent for 3 years if you pay in dollars. - Landlords must give you a min. of 3 months notice if they want to cancel the contract at the end of 3 years. - For rents under $1400/mo., increases can be arbitrated without a lawyer - If the property is sold, the new owner must respect the current contract - Tenants are allowed a 7 day grace period for payments - The landlord may inspect the property once a month
Submitted on Mar 21, 2014 - Category: Real Estate, Network: Costa Rica
Submitted By
CREnvy
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