Stewart Title Costa Rica

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OBJECTIVE

• To provide the US Canadian resident with an
  option to finance the purchase of real estate in
  Costa Rica, through a personalized service
  provided in record time.

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KEY ELEMENTS

• Response time
• Closing performed 15 to 22 work days after
  paperwork is delivered.
• Point of contact
• Stewart Title will serve as the single point of
  contact for all parties involved.
• Standard U.S. paperwork
• No different than requesting a loan in the U.S.
• Alliance with Southern National Bank of Texas
  (S.N.B.) to provide underwriting report on
  applicants Validated by local banks

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ACTIVE PARTIES
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PROCESS FLOW
Customer submits Forms Deposit
STCR submits Application to S.N.B.
S.N.B. issues Credit Report Recommendation
STCR submits Application to Local bank
Local bank Analysis for Final decision
Appraisal Performed
Due Diligence
Closing
Title Guaranty Issued
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REQUIRED INFORMATIONWAGE EARNING

• Form of authorization
• Know your Customer Form
• Uniform Residential Loan Application
• Earnest Money Contract
• Copy of passport
• W-2 forms for past 2 years
• Personal tax returns for past 2 years
• Bank statements and/or brokerage account
  investments for prior 3 months

Provided by Stewart Title
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REQUIRED INFORMATION(self employed or bonus
exceeds 25 of gross income)

• Form of authorization
• Know your Customer Form
• Uniform Residential Loan Application
• Earnest Money Contract
• Copy of passport
• Corporate/Partnership tax returns with all
  schedules for past 2 years
• Profit Loss statement for year to date
• Balance sheet for year to date
• Bank statements and/or brokerage account
  investments for prior 3 months

Provided by Stewart Title
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REQUIRED INFORMATION

• Can be sent via e-mail or fax to begin process
• Originals must be sent to
• Stewart Title
• Avenida 11, Calles 13-15
• Edificio Teral 2, Tercer Piso
• San José, Costa Rica
• Attn Federico Vega

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PROGRAM DETAILS

• All applications are performed on an individual
  basis
• A 280 non refundable deposit is required to
  process applications
• Used to cover underwriting expenses
• Collateral will be the land/property that is
  purchased
• Borrower and co-borrower figures available
• Stewart Title will coordinate with Real Estate
  agency / Project Developer to obtain
• Survey plan
• Updated municipal tax payment receipts
• Earnest money contract

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PROGRAM DETAILS

• Financing is not available in concession areas
• Concession areas include land within 150 meters
  of seashore, which belong to the government, who
  leases them out for specific periods.
• Closing costs
• All mortgages involve closing costs, regulated by
  law
• Closing costs range from 5.20 to 8.90 of loan
  amount

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PROGRAM DETAILS

• Life insurance is required
• Must be equal to loan terms (regarding amount and
  time)
• Bank must be set as non revocable beneficiary
• If policy amount is bigger than loan amount, the
  bank can be set as beneficiary for the loan
  amount, the remaining amount may be assigned to
  an alternate beneficiary.
• Original session where bank is set as beneficiary
  must be sent to Stewart Title
• In case applicant doesnt have it, the selected
  bank will obtain it through a U.S. supplier who
  will contact you to begin the process.
• If applicant wishes to get it himself, he may do
  so
• Must be through a company with a minimum A rating

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TITLE GUARANTY

• Lenders / Owners Guaranty
• Title guaranty issued for total property value
• Bank set as beneficiary for loan amount
• Client set as beneficiary for remaining amount
• In case of claim, bank will receive amount based
  on outstanding balance, the remaining amount is
  issued to the client

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Banex

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Banex

• Construction financing option available
• Construction budget and plans are required
• Same terms as housing condominium
• Funds released in 5-6 stages
• 15 of total loan in stage 1 (Lot)
• 20 of total loan from stages 2-5 (Construction
  stage)
• 5 of total loan in stage 6 (Finished product)
• Periodic appraisals performed
• Customer pays interest only, until 100 loan is
  disbursed
• Land must be free of liens, mortgages, etc.

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Cuscatlán


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Stewart was named to FORTUNE magazines annual
list of Americas Most Admired Companies,
landing as number four on the mortgage services
industry list. We were the highest-ranking title
insurance company on the list, receiving high
marks for its use of corporate assets and
financial soundness.


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We look forward to helping you finance your real
estate investment in Costa Rica!


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Federico Vega Manager Mortgage Services Stewart
Title Costa Rica Tel. [phone] ext.
132 e-mail fvega_at_stewartcr.com