Bank Trust Fee

[matt massimi]

I'm Paying close to $10,000 for Set up bank trust fee while purchasing a condo here in RP. Is this possible?

Yes or No?

 

[brokenwave]

My neighbor just got his trust for a place in Cholla Bay and he paid $8200. Ours was $7000 18 years ago

 

[sheep3mom]

I'm Paying close to $10,000 for Set up bank trust fee while purchasing a condo here in RP. Is this possible?

Yes or No?

We paid about $9000 in 2011. Maintenance for it is about $400 a year. Just what it takes to have a place here. Worth it!!!

 

[PintoPoint]

Its not just to setup the trust. The price includes a lot of things like tax on the purchase price, foreign permits, notario fee, bank fees and many more.

 

[matt massimi]

Thanks for your comments

 

[JoseAz]

we just renewed in las conchas for something like $8500. I picked up the final package last week and feel really, really good about not having to worrry about it any more

 

[JoseAz]

BTW, why are you buying 100% of a condo that you can (but dont) use every day versus an 1/8 share in a 3000sf+ home on the beach in some place like las conchas that you can use every 8 weeks. We love that model. Have been down over 60 times in the last decade....
Just curious, not critical...
Saludos

 

[BeachyKeen]

BTW, why are you buying 100% of a condo that you can (but dont) use every day versus an 1/8 share in a 3000sf+ home on the beach in some place like las conchas that you can use every 8 weeks. We love that model. Have been down over 60 times in the last decade....
Just curious, not critical...
Saludos

Just curious if this saves you money verses renting every time you go, or do you like knowing that you partially own and can sell someday, or both, or neither haha I'm nosy. Wish we could buy b and rent out but don't have a lender for that large of an amount, we already rent a condo out in Tucson.

 

[JoseAz]

The cost to maintain the place is split 8 ways but is still expensive. less so if you use it every time, more so if you dont

 

[JimMcG]

we just renewed in las conchas for something like $8500. I picked up the final package last week and feel really, really good about not having to worrry about it any more

Was that renewal for 50 years?

 

[JoseAz]

yes

 

[playaperro]

we just renewed in las conchas for something like $8500. I picked up the final package last week and feel really, really good about not having to worrry about it any more.
Jose you just renewed for 30k including the $400 you have to pay yearly for maintenance fee's to the bank. I know Larry does very good maintaining 2 eight shares in sec 2.

 

[matt massimi]

BTW, why are you buying 100% of a condo that you can (but dont) use every day versus an 1/8 share in a 3000sf+ home on the beach in some place like las conchas that you can use every 8 weeks. We love that model. Have been down over 60 times in the last decade....
Just curious, not critical...
Saludos

We hope to use it alot. We like the condo idea,pools, hot tubs,locality, and awesome views. We are gonna try not renting for a year and see how it goes. Sharing a place with someone you don't know, especially with 8 owners, might come with hassles .I like the idea where you go down there and everything is where you want it. I actually wanted to go in halves on this condo(sun) but could find anyone that I knew with the cash. I do miss not having a Garage thou.

 

[Roberto]

I'm Paying close to $10,000 for Set up bank trust fee while purchasing a condo here in RP. Is this possible?


Yes, just watch for ARP ( Additional Relator Profit). Some realtors like to make a little more and will take advantage of the uninformed.