Real estate is a
legal term (in some jurisdictions, such as the
United Kingdom,
Canada,
Australia,
USA and
The Bahamas) that encompasses land along with improvements to the land, such as
buildings, fences, wells and other site improvements that are fixed in location—immovable.
[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular
jurisdiction and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with
real property (sometimes called
realty), in contrast with
personal property (sometimes called
chattel or
personalty under
chattel law or
personal property law).
However, in some situations the term "real estate" refers to the land and
fixtures together, as distinguished from "
real property", referring to ownership of land and
appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
Real property is typically considered to be
immovable property.
[2] The terms
real estate and
real property are used primarily in
common law, while
civil law jurisdictions refer instead to
immovable property
The real estate businesses in Mexico 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).
[6] 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.
