What deposits are required to purchase a property in Pacifico?
An initial earnest money deposit of U.S. $5,000 is required on the date the buyers select the property and the Purchase & Sale Agreement is executed. According to the terms of the agreement, the balance of the initial deposit equal to 10% of the purchase price is due in U.S. $ within 5 days of the date of the contract. Additional deposits are due: 10% at notice of commencement of construction; and the final 5% deposit at completion of the building roof. In some cases the building may already be under construction and the additional deposit amounts are due within 5 days of the contract. This deposit schedule applies to the purchase of condominiums or townhomes. The purchase of a homesite requires a U.S. $10,000 initial earnest money deposit and an additional 10% deposit due within 15 days after the date of the contract. Deposit requirements are subject to change without notice.
