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Financial & Legal Information

by Thomas Massmann last modified Oct 08, 2014 10:47 AM
This financial and legal entry section obtains all pricing and legal information about the property. - Costa Rica MLS Example

Add & Edit Listings   Select Financial Legal Tab

Financial & Legal

For Lease/Rent Properties

Management Office Commission

Only applicable for residential or commercial rentals. Here you should include the percentage of commission of the total rental price for the office managing the rental property, in most normal long term rental cases it will be equivalent to the first month’s rent. This percentage is limited to one year of rent. For leases longer than one year apply the percentage for the first year of lease. Commission are entered in whole numbers with two decimals i.e. "3.75".

Rental Office Commission

Only applicable for residential or commercial rentals. Here you should include the percentage of commission of the total rental price for the office/agent that produces a tenant, in most normal long-term rental cases it will be equivalent to the first month's rent. This percentage is limited to one year of rent. For leases longer than one year apply the percentage for the first year of lease. Commission are entered in whole numbers with two decimals i.e. "3.75".

Deposit

Applicable for residential or commercial rentals. Here you should include the amount of the deposit in US$ the renter must pay/deposit before he/she can occupy the unit for any potential damages.

For Sale Properties

Folio Real (Matricula)  -  "Costa Rica MLS only"

Applies to all for sale listings/properties. This is very important as the system will not accept the completion of a listing without this number. It is also important to note that this is a unique number given to each property in Costa Rica by the government, they cannot be repeated and if they do not exist then a property may not legally be sold (does not hold title).

The Folio Real Number needs to be entered in a certain format. For a detailed look at the Folio Real Number click here.

A Closer Look at the Folio Real

The folio real is broken into 5 potential parts: The provincia, the finca, the duplicado, the horizontal, and the derechos. Even though all parts are included in our examples below, most folio real numbers will not include all these pieces. 1-123456-000 is the most common format.

  • Provincia

    The first number in the Folio Real designates the province that the property is located in.

    • 1 = San José
    • 2 = Alajuela
    • 3 = Cartago
    • 4 = Heredia
    • 5 = Guanacaste
    • 6 = Puntarenas
    • 7 = Limón

    All Folio Real numbers will require this number.

    1-123456-A-F-001

  • Finca Number

    This 6 digit number is simply a way of differentiating one property from the next.  As of this time, no province in Costa Rica has more than 1 million registered properties, so a six-digit number is sufficient for this task.

    Note:
    If Folio Real numbers are stored in an Excel spreadsheet, Excel will drop the zero in a folio real that begins with zero (e.g. 012345 becomes 12345). Remember to add the zero back onto the Folio Real number before entering it into our system. The Finca number will always be 6 digits. No exceptions.

    1-123456-A-F-001

Add & Edit Listings   Financial Tab Folio Real

Additionally, the MLS will not accept duplicate folio real numbers so please use the handy folio real checker before entering a property into the system. Propertyshelf has developed a Folio Real Checker available from the Agent Dashboard as illustrated as follows:

Folio Real Checker

Financial Information

Here one can enter relevant financial information such as more detailed information on the legality, ownership, or financial situation of the property not previously mentioned.

Agent to Agent Notes

These notes are only visible to other members who use the MLS.

Pricing Information

For residential rentals the screen will appear as seen below.

Add & Edit Listings   Financial Tab Pricing

In case either and/or daily, weekly, monthly rentals do not apply simply enter a 0 where not applicable. We strongly suggest for those people that only want to do short term rentals to simply apply the daily/weekly rental and multiply by 30/4. This should be common sense.

Financial Information

For residential and commercial sales.

Buyer Commission

Any Agent is required to commit to these commission splits. This commission percentage can be numbers with 2 decimals i.e. "3.75". This is the percentage of the total Sales Price that the Listing Agent offers any other Member Agent that produces a willing and able Buyer. If this information is changed, the original commission stated on the listing when the Buyer agent contacted the Listing Agent will be in effect. Make sure this information is correct as you will be held accountable.

Payment Schedule of Association Fees

Define if the Home-owner, Condo, Community Association Fee charge is payable weekly, monthly, annually or specify under other.

Ownership Type

Please select all that apply. Note: In all cases more than one applies, i.e. Concession, Personal or Titled + Fraction, + Legal Entity (if the property is a fractional sale, of a titled property that is owned by a corporation).

Government (Municipality)

Here one should enter the name of the municipality of which the property is registered and pays taxes. Oftentimes this is the County the Property is located in.

Governance Comment

Here one can enter comments or other important information about the municipality, i.e. water permits can be obtained from xyz, Building permits from yzd. etc.

Add & Edit Listings   Financial Tab Part 1 Add & Edit Listings   Financial Tab Part 2 Add & Edit Listings   Financial Tab Part 3

After this step you are completed and could click the Add button. In case one want to add the Owner Information to make use of our future CMS and Owner Management Tools proceed by clicking on "Next Tab".