—Legal Structure and Financing—
The Purchaser becomes a shareholder in the corporation which owns the property. The shares entitle the owner /shareholder to the "right of exclusive use in perpetuity" of a specific house and the common element property.
The administration and operation of the corporation is as a condominium in North America . A Board of Directors is elected from the shareholders and hires a property management company to execute the day-to-day management.
"Exclusive use" property is clearly defined as well as is common element property. Monthly common element fees are payable and Resident association rules and regulations which are commonly found in condominiums in North American are clearly stated. The legal documentation is modeled on Canadian / American condominium laws modified to fit Costa Rican law.
Each house has been allocated a set number of voting shares out of a possible 200 shares. These shares can be re-sold or gifted without restriction.
For absentee owner/investors who wish their property to be leased and managed on their behalf, an additional charge will be applied between Residencias Property Management and the share holder.