 Real Estate Companies and Property Developers have been around since the dawn of civilisation and today they build and create what we all live in and interact with.
In the UK there is a different term in British usage, "real property", often shortened to just "property", generally refers to land and fixtures, while the term "real estate" is used mostly in the context of probate law.
With the development of private property ownership which has rocketed within the last few decades, real estate has become a major area of business with the focus now being on two distinct areas - residential real estate and commercial real estate. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. The real estate businesses in Mexico, Canada, Guam and Central America are different from the way that they are conducted in the United States.
Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and money to make the smooth exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.
Prices are often much cheaper than most areas of the U.S., but in many locations, prices of houses and lots are as expensive as the U.S., one example being Mexico City. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.
One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50 km (31 mi) of the coast or 100 km (62 mi) from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust) - buying a property within a luxury gated community is often the easiest and safest way to purchase in Mexico. In Honduras, however, they may buy beach front property directly in their name. There are different rules regarding certain types of property: ejidal land – communally held farm property – can only be sold after a lengthy entitlement process, but that does not prevent them from being offered for sale.
In Costa Rica, real estate agents do not need a license to operate, but the transfer of property requires a lawyer. In Mexico, real estate agents do not need a license to operate, but the transfer of property requires a notary public.
Wherever you look there are a few names that are well respected in the real estate industry which are the focus of the media. |
