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CURRENT
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.
OWNERSHIP ALLOCATION and COMMON ELEMENT FEES
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.
See Matrix: Current Status. Lease / Purchase
| House number Unit # |
Number
of
Shares |
Percentage
Ownership |
Per Unit Basic Prop. Mgt. Fee |
Variable Cost per Share per Budget |
Variable Cost/Unit |
Per Unit Total Monthly Common Element Fee |
| 101 |
4 |
2.0% |
$100.00 |
$10.25 |
$41.00 |
$141.00 |
| 102 |
4 |
2.0% |
$100.00 |
$10.25 |
$41.00 |
$141.00 |
| 103 |
6 |
3.0% |
$100.00 |
$10.25 |
$61.50 |
$161.50 |
| 104 |
6 |
3.0% |
$100.00 |
$10.25 |
$61.50 |
$161.50 |
| 105 |
4 |
2.0% |
$100.00 |
$10.25 |
$41.00 |
$141.00 |
| 106 (A) |
2 |
1.0% |
$100.00 |
$10.25 |
$20.50 |
$120.50 |
| 106 (B) |
2 |
1.0% |
$100.00 |
$10.25 |
$20.50 |
$120.50 |
| 106 (C) |
2 |
1.0% |
$100.00 |
$10.25 |
$20.50 |
$120.50 |
| 106 (D) |
2 |
1.0% |
$100.00 |
$10.25 |
$20.50 |
$120.50 |
| 107 |
6 |
3.0% |
$100.00 |
$10.25 |
$61.50 |
$161.50 |
| 108 |
8 |
4.0% |
$100.00 |
$10.25 |
$82.00 |
$182.00 |
| 109 |
11 |
5.5% |
$100.00 |
$10.25 |
$112.75 |
$212.75 |
| 110 |
9 |
4.5% |
$100.00 |
$10.25 |
$92.25 |
$192.25 |
| 111 |
12 |
6.0% |
$100.00 |
$10.25 |
$123.00 |
$223.00 |
| 112 |
9 |
4.5% |
$100.00 |
$10.25 |
$92.25 |
$192.25 |
| 113 |
10 |
4.5% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 114 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 115 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 116 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 117 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 118 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 119 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 120 |
9 |
4.5% |
$100.00 |
$10.25 |
$92.25 |
$192.25 |
| 121 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 122 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 123 |
10 |
5.0% |
$100.00 |
$10.25 |
$102.50 |
$202.50 |
| 124 |
2 |
1.0% |
$100.00 |
$10.00 |
$20.00 |
$120.00 |
| 125 |
2 |
1.0% |
$100.00 |
$10.25 |
$20.50 |
$120.50 |
| |
200 |
100% |
|
May 1, 2006
Note 1:
While the Management Fee portion of the common element fee is expected to remain fixed over the life of the mgt. contract, the Variable Cost Per Share is expected to change. For example, the Property Tax element is based on the current annual assessment of approximately $900. When the property is reassessed due to additional buildings, this expense is expected to increase and to be apportioned according to share ownership.
Note 2:
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.
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