how is real estate practiced abroad? - richard miranda
Post on 15-May-2015
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HAR International CouncilHAR International Council
THINK GLOBALLY WORK LOCALLY
THINK GLOBALLY WORK LOCALLY
International Real EstateInternational Real EstateWhat is an international transaction?
One or both of the principals lives outside the US or are foreign nationals
English is not spoken by one or both of the principals
International Financing
Property is outside of the US
What is an international transaction?
One or both of the principals lives outside the US or are foreign nationals
English is not spoken by one or both of the principals
International Financing
Property is outside of the US
SESSION OBJECTIVESESSION OBJECTIVE
• Provide “snapshot” of a foreign transaction
• Overview of I/O RED Flags
• Be able to set the right EXPECTATIONS for
buyer & seller
• How to take listings (I/O)
• Provide “snapshot” of a foreign transaction
• Overview of I/O RED Flags
• Be able to set the right EXPECTATIONS for
buyer & seller
• How to take listings (I/O)
TWO types of transactionsTWO types of transactions
• Inbound (I)--someone from over there buys here
• Outbound (O)—someone from here buys over there
• Inbound (I)--someone from over there buys here
• Outbound (O)—someone from here buys over there
WHY DO INTERNATIONAL REAL ESTATE?
WHY DO INTERNATIONAL REAL ESTATE?
• Think Globally, Work Locally• Globalization– 2 of 5• Dramatic Increase in DFI-- $56B• Economic Climate• Political Climate• Expand Your Market
• Think Globally, Work Locally• Globalization– 2 of 5• Dramatic Increase in DFI-- $56B• Economic Climate• Political Climate• Expand Your Market
HOW IS IT DONE ABROAD?HOW IS IT DONE ABROAD?
• No MLS—”pocket” listings• No Exclusive Agreements• CMA’s virtually non-existent• Appraisals---very proprietary• Sellers set value• Licensing
• No MLS—”pocket” listings• No Exclusive Agreements• CMA’s virtually non-existent• Appraisals---very proprietary• Sellers set value• Licensing
HOW IS IT DONE ABROAD?HOW IS IT DONE ABROAD?
• Ownership Regulations• Notarios• Contracts—language/format• Title Insurance?• Financing?
• Ownership Regulations• Notarios• Contracts—language/format• Title Insurance?• Financing?
Outbound ListingsOutbound Listings
• What is it? How do you get one?• Contract language & format• Exclusivity• Area 82• Expectations---define your role• Who can close the property?• Co-Brokerage vs. Referral Agreements
• What is it? How do you get one?• Contract language & format• Exclusivity• Area 82• Expectations---define your role• Who can close the property?• Co-Brokerage vs. Referral Agreements
Inbound: “Over Here”Inbound: “Over Here”
• Cultural differences (attitudes, customs, perceptions)
• Language• Setting expectations from the start• Buying habits• Education• Legal issues*
• Cultural differences (attitudes, customs, perceptions)
• Language• Setting expectations from the start• Buying habits• Education• Legal issues*
Inbound Red Flags Inbound Red Flags
• Patriot Act• Executive Order # 13244• SDN• FIRPTA • ILSFDA• AFIDA
• Patriot Act• Executive Order # 13244• SDN• FIRPTA • ILSFDA• AFIDA
Sample SDN List EntriesSample SDN List Entries
FURTHER EDUCATIONFURTHER EDUCATION
• CIPS• TRC• International Risk Reduction• Expand Your Markets• See Handout
• CIPS• TRC• International Risk Reduction• Expand Your Markets• See Handout
AcknowledgementsAcknowledgements
• Magda Knopp• Judith Snively• Ray Holtzapple• Bridget Crowley• Royce Price
• Magda Knopp• Judith Snively• Ray Holtzapple• Bridget Crowley• Royce Price
Richard P. MirandaRichard P. Miranda
• www.mirandarealtors.com• richard@mirandarealtors.com• (713) 629-7771• (5255) 5351-2656• (866) 268-0239
• www.mirandarealtors.com• richard@mirandarealtors.com• (713) 629-7771• (5255) 5351-2656• (866) 268-0239
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