Real Estate

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

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CREnvy

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I'm on my third career in life that of being voluntarily unemployed! The first two were house construction and later hi-tech as a software engineer. I was fortunate to be able to retire early in Costa Rica back in '07. With my wife and younger son we bought land and built a dream house with that million-dollar view you hear so much about. We spend time raising coffee, bananas, and fruit trees. My wife is an accomplished artist and has discovered new media to express herself here including beautiful ceramic mosaics. Pura vida! P.S. Now, in 2021, planning our next move ... to México!