DOCSLIB.ORG

Buying and Selling Real Estate: an International Guide

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Fall 20 INTERNATIONAL LAWYERS NETWORK BUYING AND SELLING REAL ESTATE: AN INTERNATIONAL GUIDE ILN REAL ESTATE GROUP [BUYING AND SELLING REAL ESTATE] 2 This guide offers an overview of legal aspects of buying and selling real estate in the requisite jurisdictions. It is meant as an introduction to these marketplaces and does not offer specific legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney- client relationship, or its equivalent in the requisite jurisdiction. Neither the International Lawyers Network or its employees, nor any of the contributing law firms or their partners or employees accepts any liability for anything contained in this guide or to any reader who relies on its content. Before concrete actions or decisions are taken, the reader should seek specific legal advice. The contributing member firms of the International Lawyers Network can advise in relation to questions regarding this guide in their respective jurisdictions and look forward to assisting. Please do not, however, share any confidential information with a member firm without first contacting that firm. This guide describes the law in force in the requisite jurisdictions at the dates of preparation. This may be some time ago and the reader should bear in mind that statutes, regulations, and rules are subject to change. No duty to update information is assumed by the ILN, its member firms, or the authors of this guide. The information in this guide may be considered legal advertising. Each contributing law firm is the owner of the copyright in its contribution. All rights reserved. ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 3 Table of Contents CHAPTER CONTRIBUTORS & FIRMS 4 BUYING AND SELLING REAL ESTATE IN ARGENTINA 7 BUYING AND SELLING REAL ESTATE IN AUSTRALIA 13 BUYING AND SELLING REAL ESTATE IN BRAZIL 33 BUYING AND SELLING REAL ESTATE IN CANADA - QUÉBEC 41 BUYING AND SELLING REAL ESTATE IN CHILE 50 BUYING AND SELLING REAL ESTATE IN COLOMBIA 57 BUYING AND SELLING REAL ESTATE IN COSTA RICA 63 BUYING AND SELLING REAL ESTATE IN CZECH REPUBLIC 70 BUYING AND SELLING REAL ESTATE IN ECUADOR 78 BUYING AND SELLING REAL ESTATE IN GREECE 82 BUYING AND SELLING REAL ESTATE IN HONG KONG 87 BUYING AND SELLING REAL ESTATE IN HUNGARY 94 BUYING AND SELLING REAL ESTATE IN INDIA 100 BUYING AND SELLING REAL ESTATE IN LATVIA 109 BUYING AND SELLING REAL ESTATE IN MEXICO 120 BUYING AND SELLING REAL ESTATE IN THE NETHERLANDS 129 BUYING AND SELLING REAL ESTATE IN NORWAY 137 BUYING AND SELLING REAL ESTATE IN PANAMA 140 BUYING AND SELLING REAL ESTATE IN PORTUGAL 144 BUYING AND SELLING REAL ESTATE IN ROMANIA 155 BUYING AND SELLING REAL ESTATE IN RUSSIA 162 BUYING AND SELLING REAL ESTATE IN SCOTLAND 170 BUYING AND SELLING REAL ESTATE IN SINGAPORE 175 BUYING AND SELLING REAL ESTATE IN SLOVAKIA 181 BUYING AND SELLING REAL ESTATE IN TURKEY 189 BUYING AND SELLING REAL ESTATE IN ENGLAND AND WALES 194 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - FLORIDA 205 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MASSACHUSETTS 211 BUYING AND SELLING REAL ESTATE IN THE UNITED STATES - MICHIGAN 219 ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 4 CHAPTER CONTRIBUTORS & FIRMS “Buying and Selling Real Estate in “Buying and Selling Real Estate in Argentina” Czech Republic” Lawyers at Lawyers at Salaberren & López-Sansón Abogados PETERKA & PARTNERS – Prague – Buenos Aires “Buying and Selling Real Estate in “Buying and Selling Real Estate in Australia” Ecuador” Lawyers at Lawyers at Kalus Kenny Intelex – Melbourne ConsorcioLegal– Guayaquil “Buying and Selling Real Estate in “Buying and Selling Real Estate in Brazil” Greece” Lawyers at Lawyers at KLA - Koury Lopes Advogados – São A&K Metaxopoulos and Partners – Paulo Athens “Buying and Selling Real Estate in “Buying and Selling Real Estate in Canada - Quebec” Hong Kong” Lawyers at Lawyers at Robinson Sheppard Shapiro – Canada - Sit, Fung, Kwong & Shum – Hong Kong Quebec “Buying and Selling Real Estate in “Buying and Selling Real Estate in Chile” Hungary” Lawyers at Lawyers at PAGBAM |Schwencke – Santiago Jalsovszky Law Firm – Budapest “Buying and Selling Real Estate in “Buying and Selling Real Estate in Colombia” India” Lawyers at Lawyers at Gamboa, García & Cardona Ahlawat & Associates – New Delhi Abogados– Bogotá “Buying and Selling Real Estate in “Buying and Selling Real Estate in Costa Rica” Latvia” Lawyers at Lawyers at Cordero & Cordero – San José TGS Baltic – Riga ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 5 “Buying and Selling Real Estate in Mexico” “Buying and Selling Real Estate in Lawyers at Scotland” Martinez Algaba de Haro y Curiel and Lawyers at Martinez Berlanga Abogados – Miller Samuel Hill Brown – Glasgow Mexico City “Buying and Selling Real Estate in “Buying and Selling Real Estate in the Netherlands” Singapore” Lawyers at Lawyers at PlasBossinade Advocaten N.V. – Goodwins Law Corporation – Groningen Singapore “Buying and Selling Real Estate in Norway” “Buying and Selling Real Estate in Lawyers at Slovakia” Økland & Co DA – Oslo Lawyers at Slovakia – Bratislava “Buying and Selling Real Estate in “Buying and Selling Real Estate in Panama” Turkey” Lawyers at Lawyers at Quijano & Associates – Republic of Özcan & Natan Attorney Partnership – Panama Istanbul “Buying and Selling Real Estate in “Buying and Selling Real Estate in England, Wales & Northern Portugal” Ireland” Lawyers at Lawyers at MGRA & Associados – Lisbon Fladgate LLP – London “Buying and Selling Real Estate in “Buying and Selling Real Estate in Romania” the United States – Florida” Lawyers at Lawyers at PETERKA & PARTNERS – Bucharest Shutts & Bowen - Miami, Florida, USA “Buying and Selling Real Estate in “Buying and Selling Real Estate in Russia” the United States - Lawyers at Massachusetts” Lidings Law Firm – Moscow Lawyers at Davis Malm & D’Agostine – Boston, Massachusetts, USA ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE] 6 “Buying and Selling Real Estate in the United States - Michigan” Lawyers at Howard & Howard – Detroit, Michigan, USA ILN Real Estate Group – Buying and Selling Real Estate Series Fall 20 INTERNATIONAL LAWYERS NETWORK SALABERREN Y LÓPEZ SANSON ABOGADOS Buying and Selling Real Estate in Argentina ILN REAL ESTATE GROUP [BUYING AND SELLING REAL ESTATE IN ARGENTINA] 8 KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW I. INTRODUCTION. expenses corresponding to his/her share, as Below you will find a brief outline of the legal well as of refunding other co-owners the regulation of the acquisition of real estate expenses in which they may have property in Argentina, which is mainly governed exceedingly incurred in relation to their by the Argentine Civil and Commercial Code shares. Unless otherwise agreed, every co- (“CCC”). owner may require the legal partition of the ownership and the division of the property. II. FORMS OF REAL ESTATE OWNERSHIP. c) Condominiums. Argentine law regulates different forms of real estate ownership. A brief summary is provided Condominium (propiedad horizontal) below: confers rights of use and disposal of an independent and undivided share of a a) Sole Ownership. building (called a functional unit) and the Sole Ownership confers all the powers to proportional part of said building’s common legally use and materially and legally areas. The building’s different parts, as well dispose of a real estate property. All of the as the rights arising from them, are existing constructions belong to the owner, interdependent. This type of property which are presumed to be built by said exercised over the functional unit, which owner, except evidence to the contrary. may consist in a flat, a commercial property This kind of ownership extends to the or other space with functional subsoil and airspace, with the exception of independence and direct or indirect access specific cases determined by law. The to a street. The condominium is governed owner is also legally entitled to exclude by internal regulations which are third parties from said real estate property. incorporated to the title deed. b) Joint Ownership. d) Residential Developments. Joint Ownership is the right over a real This category comprises country clubs, estate property that belongs to more than gated communities, industrial, one person, where each person owns an commercial, or nautical parks or any other undivided share of said property. Each co- type of residential developments regardless owner can, solely or jointly, use the of their destiny (temporal or permanent common property without altering its homestead or commercial), also including destiny, and also, they can agree either the those with mixed uses, in accordance with use of the common property at alternate local administrative regulations. The times or the exclusive use over determined residential developments are considered a parts of the property. type of condominium. Additionally, each co-owner can sell or The main characteristics of this encumber his or her undivided share developments are enclosure of the without the assent of the other co- owners, development, existence of common and while the sale of the whole property individual areas and the existence of an requires the consent of all the co-owners. internal regulations. All of the common and Each co-owner is responsible for paying the exclusive parts and areas are ILN Real Estate Group – Buying and Selling Real Estate Series [BUYING AND SELLING REAL ESTATE IN ARGENTINA] 9 interdependent, as well as the rights over Usufruct can be granted for life if the holder them, conforming a non-divisible whole. of the right is an individual or for a Aspects in connection with authorized areas, maximum of 50 years if the holder is a corporation. dimensions, uses and other urbanistic elements of residential developments are III. LEGAL FORMALITIES IN RELATION TO REAL governed by local administrative ESTATE OWNERSHIP ACQUISITION.
Recommended publications
  • Financial and Tax Planning for Real Estate Agents 4 Easy Ways to Maximize Your Income and Simplify Your Taxes

    Financial and Tax Planning for Real Estate Agents 4 Easy Ways to Maximize Your Income and Simplify Your Taxes

    A HURDLR QUICK GUIDE Financial and Tax Planning for Real Estate Agents 4 Easy Ways to Maximize Your Income and Simplify Your Taxes © 2019 Hurdlr, Inc. All Rights Reserved. LET’S TALK FINANCES We’ve put together some helpful tips to keep in mind when managing your finances. So let’s get started. DID YOU Most real estate agents don’t track all of their business expenses, ef- KNOW? fectively lowering their net income. As we’re sure you understand all too well, it’s not uncommon for busy real estate agents (REAs) such as yourself to let financial management for your business fall by the wayside. You are constantly responding to the needs of clients, colleagues, brokerages, and of course, devoting a good deal of time and attention to developing new leads. Amongst all of these demands, figuring out how to do SEPARATE ACCOUNTS your accounting or learning your way around cumbersome financial software can seem like a daunt- ing and overwhelming task. Certainly, it takes a lot of time to track expense deductions, and you may not be sure how to do the accounting yourself; the software you’re using may be complicated, BOOKKEEPING and you may not have the time or energy to push through the learning curve. And even if you’re just keeping all of your receipts in a folder or using Microsoft Excel or Google Docs as your primary tool for financial planning — we call that “Spreadsheet Accounting” — all of these take a significant DEDUCTIONS amount of time and effort to maintain and stay organized.
  • Taobao, Alipay Work on Group Buying Business in Anhui Province Taobao and Alipay Have Launched a Group Buying Business

    Taobao, Alipay Work on Group Buying Business in Anhui Province Taobao and Alipay Have Launched a Group Buying Business

    Hexiaoma to expand Taobao, Alipay work on group buying business in Anhui province Taobao and Alipay have launched a group buying business. ● According to Taobao, this limited-time business recommends different product groupings to users during different time periods. Based on the Alipay mini program, which functions similar to RT-Mart’s new boutique WeChat, the business went into beta test in September 2017 and an official launch is supermarket Hexiaoma will expected soon. open in Huaining Dechen Times Square, which will be ● The products, which are supplied by different Taobao stores, cover nearly 12 categories, the first Hexiaoma expansion including daily necessities, food, and clothing. The group purchasing price is mostly between in Anhui province . 5 yuan and 30 yuan, which is much lower than Taobao’s 50%-off prices. Hexiaoma is a new retail ● Alipay group buying format launched cooperatively users can initiate a by RT-Mart and Fresh Hema, group purchase and aimed mainly at second- and invite friends. The sys- third-tier cities. tem can even match and invite users to an Using Alibaba’s big data and already-started list. algorithms in combination with RT-Mart’s more than 400 ● This is not the first time stores nationwide, the goods Taobao has launched will be selected by demand. an eCommerce group buying business. In At 800 square meters, the March, it launched a Hexiaoma store is much special version of smaller than Fresh Hema, Taobao that offered which ranges in size from products at bargain 4,000 to 10,000 square prices. meters. There is also no dining area.
  • What Becomes of Boquete: Transformation, Tension, and the Consequences Of

    What Becomes of Boquete: Transformation, Tension, and the Consequences Of

    What Becomes of Boquete: Transformation, Tension, and the Consequences of Residential Tourism in Panama A thesis presented to the faculty of the College of Arts and Sciences of Ohio University In partial fulfillment of the requirements for the degree Master of Arts Erik S. Myers August 2009 © 2009 Erik S. Myers. All Rights Reserved. 2 This thesis titled What Becomes of Boquete: Transformation, Tension, and the Consequences of Residential Tourism in Panama by ERIK S. MYERS has been approved for the Department of Geography and the College of Arts and Sciences by Brad D. Jokisch Associate Professor of Geography Benjamin M. Ogles Dean, College of Arts and Sciences 3 ABSTRACT MYERS, ERIK S., M.A., August 2009, Geography Becoming Boquete: Transformation, Tension, and the Consequences of Residential Tourism in Panama (118 pp.) Director of Thesis: Brad D. Jokisch As over 76 million U.S. baby boomers prepare for retirement, Latin American countries are poised to experience increasing numbers of foreign leisure and retirement migrants. Comparatively wealthy ‘residential tourists’ from the U.S. have already transformed parts of Latin America. Meanwhile, national incentive policies, media coverage, and aggressive online marketing continue to attract international residents to an increasing number of destinations. Boquete, Panama has experienced a particularly rapid emergence as a destination, and may exemplify a new model of residential tourism development. Using qualitative data from on-site interviews, this thesis will discuss a range of issues and concerns experienced and articulated by local residents of distinct socioeconomic backgrounds. By incorporating a web-based marketing content analysis, this thesis will also argue that rapid, Internet-propelled development has attracted complex and dynamic international residents.
  • Real Estate Brokers and Salespeople Consumer Fact Sheet

    Real Estate Brokers and Salespeople Consumer Fact Sheet

    Real Estate Brokers and Salespeople Consumer Fact Sheet By the Division of Professional Licensure Agency Disclosure Types of Agent Relationships Licensed Brokers and Salespersons Things Buyers Should Know when Dealing with a Real Estate Agent Things Sellers Should Know when Dealing with a Real Estate Agent Things Renters Should Know when Dealing with a Real Estate Agent Your Responsibility as a Consumer Filing a Complaint Agency Disclosure A real estate broker or salesperson must tell you who he or she represents in a prospective transaction. This disclosure of the relationship the agent has with you or another party must be made in writing at the time of your first personal meeting to discuss a specific property or properties. Types of Agent Relationships Sellers Agent If you engage the services of a listing broker to sell your property, you become the broker's client. That broker represents you, the seller, and owes you undivided loyalty, confidentiality and accountability. In negotiating for the best price and terms, he must put your interests first. Buyer's Agent You may engage the services of a broker to represent you exclusively as a buyer of real property. In this case, the broker represents you and is accountable to you. She must obey your instructions and keep confidential anything you tell her that may affect your purchase of real property. In negotiating for the best prices and terms, she must put your interests first. Disclosed Dual Agent A broker can work for both the buyer and the seller on the same property provided the broker gets the consent of both parties and provides each with a written notice of the relationship.
  • Fixed Commissions and Social Waste in the Real Estate Industry

    Fixed Commissions and Social Waste in the Real Estate Industry

    Can Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry Chang-Tai Hsieh Princeton University and National Bureau of Economic Research Enrico Moretti University of California, Los Angeles and National Bureau of Economic Research Real estate agents typically charge a 6 percent commission, regardless of the price of the house sold. As a consequence, the commission fee from selling a house will differ dramatically across cities depending on the average price of housing, although the effort necessary to match buyers and sellers may not be that different. We use a simple economic model to show that if barriers to entry are low, the entry of real estate agents in cities with high housing prices is socially in- efficient. Consistent with our model, we find that when the average price of land in a city increases, (1) the fraction of real estate brokers in a city increases, (2) the productivity of an average real estate agent (houses sold per hour worked) falls, and (3) the real wage of a typical real estate agent remains unchanged. We cannot completely rule out the alternative explanation that these results reflect unmeasured dif- ferences in the quality of broker services. However, we present evi- dence that as the average price of housing in a city increases, there is only a small increase in the amount of time a buyer spends searching We thank Ben Bernanke, David Card, Angus Deaton, Harold Demsetz, William Easterly, Ray Fisman, Gene Grossman, Karla Hoff, Peter Klenow, Phillip Leslie, Steve Levitt, Darren Lubotsky, Chris Redfearn, Scott Susin, John Wallis, and a referee for useful comments.
  • Read the Full Issue of the Real Estate Gazette As A

    Read the Full Issue of the Real Estate Gazette As A

    ISSUE 34 Real Estate Gazette FOCUS ON: FOREIGN INVESTMENTS www.dlapiperrealworld.com Australia Australia’s foreign investment approval regime Poland Foreign real estate Brazil investment in Poland Foreign investment in Brazil (and in Brazilian farmlands) Portugal Portugal and foreign investors Germany Foreign real estate investments in Singapore Germany — unlimited opportunities? Private education in Southeast Asia — investment plays and regulatory hurdles Morocco Real estate foreign investments in Morocco United Kingdom Taxing non-UK resident Netherlands investors in UK property The 2019 Dutch tax plan — key takeaways for inbound real estate investments WWW.DLAPIPERREALWORLD.COM A note from the Editor A very warm welcome to all our readers to DLA Piper’s first Real Estate Gazette of the year. In this issue, we focus on foreign investment. Olaf Schmidt There are many rewards to be that its legal system contains some Co-Chair of the Global Cross- had from investing in real estate unique features, such as perpetual Practice Real Estate Sector overseas, including the opportunity usufruct, which any foreign investor to diversify and the potential for would need to consider (page 22), stable and safe returns, among while our UK article focuses on the others. However, in addition to tax implications for non-UK resident such advantages, prudent investors investors in UK property (page should also be aware of the pitfalls, 32). However, it is not all doom including unfamiliar tax regimes and and gloom. Many of the articles a completely alien legal framework stress the opportunities available governing the purchasing process. for foreign investors, citing, for example, the growth in city dwellers, In our Australian article (page increasing rent levels, and the 6), the authors describe the potential for significant, long-term country’s foreign investment returns.
  • Kindred Terms Quiz

    Kindred Terms Quiz

    KINDRED TERMS QUIZ 1. Gift a. Township 2. Binder b. Nonflowing water 3. Void c. Riparian 4. Fiduciary d. General warranty deed 5. Principal e. Trust and confidence 6. Trust account f. Cloud on title 7. Littoral rights g. Freehold estate 8. Chattel h. Preferred location 9. Defect in title i. Land contract 10. Estate for years j. Dedication 11. Fee simple estate k. Mixing of funds 12. Granting clause l. Escrow account 13. Proprietary lease m. Cooperative 14. Mutual assent n. Meeting of the minds 15. Water rights along a flowing waterway o. Net income ÷ cap rate 16. Principal meridian p. Mortgage lender 17. Tier q. Leasehold estate 18. Quiet enjoyment r. Single agency buyer or seller 19. Present value s. Revoked 20. Situs t. Deposit 21. Contract for deed u. Equity 22. Commingle v. Personal property 23. Non-depository primary lender w. Government survey system 24. Capital invested x. Premises section 06/18/2020 ACRONYMS QUIZ 1. Services of real estate a. DEEP "C" 2. Test for fixtures b. DUST 3. Bundle of legal rights c. A BAR SALE 4. Four unities of a joint tenancy d. PITT 5. Governmen restrictions e. IRV 6. Duties in all brokerage relationships f. DELL 7. Private restrictions of ownership g. ADD 8. Elements of a real estate contract h. COLIC 9. Characteristics of value i. PET 10. Income capitalization formula j. IRMA 11. Ways an offer is terminated k. CBS vs CIA (or "if it's 'nice you slice' and 'bad you add'") 12. Alienation by adverse possession l. MALE 13.
  • Where to Stash Your Cash Legally

    Where to Stash Your Cash Legally

    Where to Stash Your Cash Legally Offshore Financial Centers of the World Seventh Edition Robert E. Bauman, JD THE SOVEREIGN SOCIETY, Ltd. 98 S.E. 6th Avenue Delray Beach, FL 33483 Tel.: (561) 272-0413 Email: www.sovereignsociety.com/contact-us Website: http://www.sovereignsociety.com ISBN 978-0-615-71732-6 Copyright © 2013 Sovereign Offshore Services LLC. All international and domestic rights reserved, protected by copyright laws of the United States and international treaties. No part of this publication may be reproduced in any form, printed or electronic or on the worldwide web, without written permission from the publisher, Sovereign Offshore Services, LLC, 98 SE 6th Ave., Delray Beach, FL 33483. Notice: This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold and distributed with the understanding that the author, publisher and seller are not engaged in rendering legal, accounting or other professional advice or service. If legal or other expert assistance is required, the services of a competent professional advisor should be sought. The information and recommendations contained herein have been compiled from sources considered reliable. Employees, officers and directors of The Sovereign Society do not receive fees or commissions for any recommendations of services or products in this book. Investment and other recommendations carry inherent risks. As no investment recommendation can be guaranteed, The Sovereign Society takes no responsibility for any loss or inconvenience if one chooses to accept them. The Sovereign Society advocates full compliance with applicable tax and financial reporting laws. U.S. law requires income taxes to be paid on all worldwide income wherever a U.S.
  • Customers' Online Group Buying Decision-Making In

    Customers' Online Group Buying Decision-Making In

    Customers’ online group buying decision-making in emerging market A Quantitative Study of Chinese online group buying __________________________________ Author: Lushan Gao Tutor: Mosad Zineldin Marketing Programme Examiner: Anders Pehrsson Level and semester: Master, Spring 2014 Abstract Program: Marketing Course: 4FE07E Thesis for Master Degree in Business Administration Author: Lushan Gao Tutor: Mosad Zineldin Examiner: Anders Pehrsson Title: Customers’ online group buying decision-making in emerging market Research Question: What factors influence customers’ online group buying decision-making in emerging market? Research Purpose: To explore whether the factors of the Social Exchange Theory, market stimuli and e-commerce systems affect customers’ online group buying decision-making in emerging market Method: This research is a quantitative study by using survey as a research strategy. A questionnaire which designed according to theory framework is used to collect data for analysis. The questionnaires are posted in Chinese Baidu PostBar. Conclusion: In the end of data collection, 375 questionnaires have been analyzed. After analyzing empirical data, results for research questions have been answered. According to the analysis and theoretical framework, “reciprocity”, “trust”, “price”, “word of mouth” and “website design” are attributes which have been detected to influence customers ‘online group buying decision-making in China. However, “loyalty “and “logistic services” are not attributes to influence customers ‘online group buying
  • Course 1 – Overview: the Real Estate Business Course 1 – Part 1 SLIDE 1 – COVER PAGE SLIDE 2 – TOPICS in This Section We’Ll Briefly Introduce the Following Topics: 1

    Course 1 – Overview: the Real Estate Business Course 1 – Part 1 SLIDE 1 – COVER PAGE SLIDE 2 – TOPICS in This Section We’Ll Briefly Introduce the Following Topics: 1

    Course 1 – Overview: The Real Estate Business Course 1 – Part 1 SLIDE 1 – COVER PAGE SLIDE 2 – TOPICS In this section we’ll briefly introduce the following topics: 1. Introduction to the Real Estate Business 2. Real Estate Brokerage 3. Development and Construction 4. The Role of Government 5. Professional Organizations SLIDE 3 - LEARNING OBJECTIVES Upon completion of this lesson, you should be able to: • Describe the various activities of real estate brokerage • Distinguish among the five major sales specialties • Identify the role of property managers • Explain the appraisal process and the role of the appraiser • Understand the mortgage process and the role of mortgage loan originator • Explain the three phases of development and construction • Distinguish among the three categories of residential construction SLIDE 4 – Key Terms As a Real Estate Salesperson, these are some of the key terms you will run into during your sales activities: • Absentee owner - An individual who owns a piece of real estate but does not live in it, usually for the purpose of earning income from that property. • Appraisal - Appraisal is a valuation of property (ie. real estate, a business, an antique) by the estimate of an authorized person. For the appraisal to be valid, the appraiser must maintain an approval from the regulatory body having jurisdiction where he/she operates. SLIDE 5 - • Appraiser - Someone who has the knowledge and expertise to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Appraiser should always act independently of buying and selling parties, so they can arrive at the fair value of an asset without bias.
  • Chapter 2– Property Ownership

    Chapter 2– Property Ownership

    Chapter 2– Property Ownership Learning Goals: • Define and describe land, real estate, and real property. • Identify and explain the concept of the bundle of legal rights in the ownership of real property. • Define and describe surface rights, subsurface rights, and air rights. • Describe the differences between real property and personal property. • Define and describe the differences between a fixture and a trade fixture. • Identify and apply the legal tests of a fixture. • List and explain the economic and physical characteristics of real property. Chapter 2 VOCABULARY Characteristics of Real Property include: A. Physical characteristics 1. Immobility—the land can be changed, but it cannot be moved 2. Indestructibility—the land can be changed, but it cannot be destroyed 3. Nonhomogeneity—all parcels of land are unique B. Economic characteristics 1. Relative scarcity—land in the imme diate areas may be limited or unavailable 2. Improvements—one property can affect the uses and values of many properties 3. Permanence of investment—real estate investments tend to be long-term and relatively stable 4. Area preference (situs)—refers to people’s preferences and choices in an area C. Real estate characteristics define land use 1. Contour and elevation of the parcel 2. Prevailing winds 3. Transportation 4. Public improvements 5. Availability of natural resources, such as minerals and water ABC Real Estate School 3st ed National Workbook August 2010 Page 19 Land: the surface of the earth plus the subsurface rights, extending downward to the center of the earth and upward infinitely into space; including things permanently attached by nature - such as trees and water.
  • Other Statements

    Other Statements

    Is an Expat Life in Panama For You? You may have heard that Panama has become one of the most popular expat destinations in the world. It offers a comfortable lifestyle at costs much lower than where you may be living now. Does this mean that you should pack your bags and jump on a plane today? Maybe, but sometimes a hasty decision can lead to wrong choices and disappointments. This book was written to help prevent you from making a potentially costly mistake. Considerations in a new home are going to be quite different for a retired couple than they are for a young family with school aged children. Your personal reasons for making a move overseas will affect your choices as well. Are you looking for adventure and cultural experiences or are you more interested in enjoying most of the comforts you are accustomed to, but at a lower costs? There is a lot more to moving abroad than calling a moving company and hopping on a plane! No one place is a Shangri La. But Panama has something for just about everyone! Some of the things covered in these pages include banking and healthcare options, employment and taxes, language challenges, how to get around, visa options, buying and renting real estate, things to do in Panama, as well as descriptions of several of the top expat localities and a few of the ore off-the-radar choices worth looking at. This book will provide an overview of the numerous options available for relocation to Panama, with suggestions that will help guide you to making the right decision for your future as a potential Panama expat.