Cedar Valley Realtor

International real estate terminology and practice

Real estate as "real property" in the U.K. 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, and means all interests in land held by a deceased person at death, excluding interests in money arising under a trust for sale of or charged on land.[4] As one main object of "probate" is to "prove" title to the real estate interests in the property held by a deceased person at the time of death, and the earliest recorded use the word in this capacity is 1463,[5] it is reasonable to assume this tradition dates back to the death of the first owner of the 'allodial land' referred in the etymology section above to die. See real property for a definition and estate agent for a description of the practice in the UK. [edit]Real estate in Mexico and Central America Real estate business in Mexico, Canada, Guam, and Central America operates differently than in the United States. Some similarities include 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 entral America. Prices are often much lower than prices in countries such as the U.S., but in many locations, such as Mexico City, prices of houses and lots are as expensive as houses and lots in countries such as the U.S. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries. 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).[6][7] In Honduras, however, foreigners may buy beach front property directly in their name. There are different rules regarding certain types of property: ejidal land Ч communally held farm property Ч can be sold only after a lengthy entitlement process, but that does not prevent them from being offered for sale. Real estate agents in Costa Rica currently do not need a license to operate, but the transfer of property requires a lawyer. CCCBR (Camara Costarricense de Corredores de Bienes Raices) is the only official body that represents the Real Estate industry to the government. The Costa Rica MLS is the official MLS of the Costa Rica Chamber of Real Estate Brokers Board. The Chamber institutes the rules, regulations and ethical guide for officially licensed brokers in Costa Rica. In Mexico, real estate agents do not need a license to operate, but the transfer of property requires a notary public.