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Hi folks, I am in negotiations with Costa Vista Land (CVL)to acquire about 15 acres of land. They have put a deadline for us to wire our “refundable deposit” of tomorrow by end of business day despite our arrival on Sunday and our willingness to bring them a certified check for the full amount.
The deposit would be made to a corporate business account for CVL. We have contacted our lawyer in CR and he advised us to try to get CVL to agree to us putting the funds in escrow with Stewart Title. We have asked CVL if they would be willing to accept this and they flatly rejected without any other explanation than Stewart Title is a “rip off”, implying the expense to be too great.
Does anyone know what Stewart Title charges for such service. I have emailed Stewart but have not heard back yet. Are the costs material?
Also, have any of you transferred money to a corporate account for a deposit and if so, please tell me about your experience. Is this standard business practice or normal? Here in Canada we use Trust Accounts held by lawyers…but I understand that weare not doing business in Canada.
Edited on Jun 07, 2007 11:02
If they can’t wait two days, and the days occur on a weekend, non business days, then something sounds fishy. Particularly in light of the fact that you are willing to bring the full amount within 48 hours. I would be careful if I were you.
grifz77
I have been a Real Estate Broker for 35 years and have used Stewart
Title Hundreds of times. I can not tell you what their procedures are in C.R. but they have an excellent reputation anywhere I have known. Also They may charge more money (not saying they do) but it is always best to keep money arms length from the seller. The Title company is a safe place to put your money…of course you should talk to your attorney (not theirs or Stewart titles’) and be sure of what “Refundable deposit” really means. Just how easy is it to get out of the deal?
Watch your back always…
Terry From TexasListen Something stinks. If they are that unreasonable now. What are you buying and we will show you better deals. DO NOT wire any money yet! Please don’t make the same mistakes I did. Let me do a little due diligence.
Stanley PutraStanley, thank you for your input. Any information would be greatly appreciated. Would it be possible to come see you and Bandera Beach Estates next week? Is BBE titled land?
Edited on Jun 07, 2007 13:48
Yes Sir
It is titled. and I won’t take your money until the lots have a parcel number and title insurance. I can have amy architect call you and asnwer any questions you may have. You should really email me.Stanley Putra
I im canadian to costa rica use the some i will trust only good lowyer nobody else my son in low from cincinati doing big bissiness with costa rica real estate he wire money to hes lowyer in trust acc.Many people get burn in costa rica lisen to scot oliver good luck Antonic
Sir
I filled out a form and asked them this. Enaij me about what they are selling you>
Stan
Before we do business are you incorporated in Costa Rica? If so what is your cedula number and who are your attorneys?
Thank youHave you been to Costa Rica and have you seen and walked on this property? If the answer is no please do not send money to anyone. Stewart Title is not a “rip off” and I would be suspicious of anyone selling me property who told me this.
Simple answer…. DON’T do Business with people that look to pressure you and make demands like you’ve stated… something is wrong… something is wrong… yes I said it twice! If I were you… I’d make them wait until you arrive and offer them $10,000 less… see what happens!
Notice for APEXIT
You will NOT use this forum to sell your real estate – Last warning!
You will NOT include you real estate project’s website address or your email address in your postings – Last warning.
Scott Oliver – Founder
WeLOveCostaRica.comDefinitely use Stewart Title. It only costs a fraction of what you are spending, even if it is a total waste, peace of mind would be worth it.
Thank you all for your input. I have consulted my CR legal representative and have learned the following:
COSTA VISTA LAND SOCIEDAD ANONIMA does not own any properties in Costa Rica.
Property number 156257 of the Province of Guanacaste belongs to XXXXXX XXXXXXX XXXXXXX (name deleted for privacy sake), and it does have restrictions and easements.
Property number 315416 does not exist in the registry office.
If I were the investor, I would not even invest a dollar based on these documents.
This is not to say that CVL is not a bona fide developer of land. These are simply my findings and there could be a perfectly reasonable explanation for this. CVL is not actually selling the land, they are selling S.A. companies that allegedly own the land. Caveat emptor!
One last post.
I caution investors or private individuals when doing business with Costa Vista Land. They purposely lied to me and I have proof of such. Furthermore, getting any information from them is very difficult. Their approach is, “send us your fully refundable deposit, then come see the land, if you don’t like it we’ll give you your money back.” So they ask you to wire large sums of money, in my case $100,000, to their corporate account. They refuse to use escrow accounts claiming that they are a rip off. I contacted Stewart Title to set up an account an it will cost me $400.
Costa Vista Land used to have a website, it is no longer active. Not like it was much use, but it described their business strategy. They openly market themselves as “Land Wholesalers”. By definition a “wholesaler” is somebody that buys a specific good in large quantities and sells it at a discounted rate due to its economies of scale. The problem with CVL is that they don’t own any land. But they did send me part of an agreement with the owner of the land that showed they were allowed to develop the land, promote and sell it. However, they refused to, send me the part of that agreement with the signatures to prove it was executed.
I have much proof and back up to my claims. My comments are in no way slanderous. I am not telling you not to do business with Costa Vista Land, but I encourage you to do your homework, should you choose to do so. There was far too much hair on this deal for me. I passed.
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