posted 06-30-2008 03:30 AM            

I am a designer and a builder in Costa Rica, and I can tell you a little about a mortgage process in the country.

Usually, a bank here would give you a loan, first, if you have enough earnings to pay the mortgage monthly amount and pay your personal expenses.

Second,the bank asks for the Municipality construction permission, in order to know there is no problem to go ahead building, otherwise there is no centainty you can complete the project.

Then, only the lot´s owner or someone with special power about it, can ask for the permission. It doesn´t mean you have to buy the lot first, but there is a risk for you to lose your investment about the design, and some related expenses, if you are not the owner. If you don´t have the appropriate legal agreement, the ownwer could stop the permission process in any moment or say the bank you don´t have his or her approval to go ahead with the project in the lot.

If you need more details about these technical and procesual matters, please feel free to write me back.

Good luck.