Buying a Riad Property in Marrakech - A Rough Guide

Marrakech has always been a popular destination for discerning tourists and with arrivals currently increasing 9% per annum it is easy to see why the riad guesthouse market is booming. The Moroccan government expects to receive over 3 million international visitors to Marrakech by the end of 2010 - over 30% of the total number of visitors to Morocco.
Riads are urban houses situated in the Marrakech medina (old city). With traditional Moroccan architecture and furnishings, combined with beautiful private courtyards and terraces the Marrakech riad property offers the combination of urban living and a peaceful, engaging environment away from the hustle and bustle of the city. Moroccan artisans are often employed to hand make intricate mosaics (zellige), woodcarvings and ironmongery that combine to make riad interiors truly unique and special places.
Morocco means Marrakech and Marrakech means Riads. Due to the captivating style and appeal of these properties, occupancy rates in guesthouses can reach as high as 90% per annum and with some of the best charging over EUR500 per night, the renovation and rental of riad property is now an extremely attractive investment opportunity. Once a riad guesthouse has an established client base, the property and business can be sold for many times their original value.
One of the most important things to remember when buying a riad is to ensure that the title is clearly recognised. Morocco modernised its land registry in 2000 and many riad owners have not yet had the original title documents (called "Melkia") updated. These old documents are not recognised by the new system so make sure you use a reputable international estate agent who knows all about this. To have the old title updated can take a long time (few months to a year) so if you want to move quickly make sure that the riad you are buying has a modern title. However, if you are prepared to wait, then a local Notary will charge a small fee to do the necessary work.
If you are considering buying a riad property in Marrakech, here are some useful tips to help you.
1. Moroccan finance is NOT available for riads. This is a cash market only.
2. Visit for an extended period (long weekend at least) and be prepared to re-visit if necessary.
3. As the Medina is large and confusing, you are best advised to select the area in which you would like to purchase before you visit. A reputable international estate agent will be able to help you with this.
4. Make sure that you take a camera with you!
5. If you find what you are looking for, 10% will normally be required to completely secure the property.
6. An independent Notary will hold this deposit in a secure client escrow account while the sales particulars are substantiated and exchange / completion are organised (called the Compromis De Vente and Acte De Vente).
7. A reputable international estate agent will be able to recommend a good local notary.
8. Fees to be expected during the buying process amount to approx. 7% and include:
a. Notary - 1%
b. Stamp duty - 2.5%
c. Miscellaneous - 1%
d. Agent fees - 2.5% (5% shared 50/50 by the buyer and seller)
9. The final price will be in Moroccan Dirhams. As the sale may have been agreed in Euros for simplicity (common) you may need to agree the exchange rate before completion.
10. Exchange and completion can be arranged and concluded at the same time in Marrakech in the presence of the buyer, seller and the notary. All monies need to be available in the Notary's account in advance of this meeting along with all costs.
11. If you are restoring a very old riad you can assume the costs will be around the same price as you pay for the property (to cover a comprehensive rebuild and refit of property / utilities). Alternatively, for a younger property, assume EUR500 - EUR750 per m2 for a high quality renovation. A reputable agent will be able to help you with this.

How to Buy a Home in Italy - A Short Guide to Purchase Process in Italy

Basically, purchasing property in Italy consists of these three steps: purchase offer, preliminary agreement ("compromesso" in Italian) and finally the deed of sale ("rogito" in Italian). Only the last of these steps is strictly mandatory, because it is the source of the transcription of property change at the Land Register ("Registro Immobiliare" or "Catasto"). Anyway, the preliminary agreement ("compromesso") is largely used, as it is a private agreement stating the price and the other conditions (e.g. the payment plan), committing the parties until the price is fully paid and the final deed can be done. The following description is intended to supply minimal information to orientate a prospective buyer. it is advisable to have the assistance of a lawyer or a notary through every step of the process.
The Fiscal Code
To accomplish the process, you will need the "codice fiscale" This is a personal identification code which can easily be obtained at every local office of the Tax Agency ("Agenzia delle Entrate"). The "codice fiscale" is needed for the "rogito", but it is also required to open a bank account, to activate the various utilities (electricity, telephone, gas, water etc.) and to pay the taxes on the house (ICI and waste tax).
Important Checks Before Buying
It is a good idea to check the property at the Land Register, before to make a formal offer or to sign the "compromesso". This is intended to verify that the vendor has the title rights to sell the house and that there are not mortgage or other constraints on the property. You should also verify (a surveyor can do that) that the dwelling is compliant to building regulations. For a good estimate of the expenses required, you should consider the additional costs of buying (taxes, intermediation fee, notary fee etc.) and the costs of running the house, especially the condominium expenses, which may be considerable and that the vendor must document to the buyer. All these costs are better detailed later.
Purchase Offer
The main purpose of the purchase offer is to show to the vendor your serious intention to buy the house and to get from him a clear response (acceptance or refusal). The buyer makes the offer to the vendor declaring his willingness to buy the house at a certain price until a certain date, if the vendor accepts it, he cannot sell the house to anyone else. Since the purchase offer is not a revocable commitment to buy, the best thing is to have the assistance of a lawyer or a notary before signing it. The agent or the vendor may push to have a deposit, but indeed the buyer is not required to pay any sum at the purchase offer. Anyway, if a deposit is paid, it must be entirely refunded if the vendor does not accept the offer.
Preliminary Agreement ("compromesso")
The preliminary agreement is a private contract between the buyer and the vendor which states all the terms and conditions of the sale: the price, the payment plan, the date of the "rogito", all particulars of the property (servitude etc) and other particular conditions which may apply to the sale. Signing the agreement, the buyer pays a deposit (called "caparra") usually equalling 10% of the agreed price. If he withdraws, he will loose the deposit. If the seller withdraws, he will pay twice the amount of the deposit.
The Deed of Purchase ("rogito")
This is the contract which completes the sale. It has a public form. Both parties (the buyer and the vendor) sign the contract in the presence of a notary. The "rogito" is done only when the agreed price is paid: usually, the balance is paid at the moment of the deed. As praxis, the notary is chosen by the buyer, since he pays the fee. The notary has to ensure the identity of the parts and the legality of the deed. He also collects the taxes (see later), registers the deed (within twenty days) and transcribes it at the Land Register.
Costs and Taxes
Among the costs of buying, you should consider:

• Estate agent fee (usually 3% of the price plus VAT 20%).
• Notary fee (quite variable, indicatively between 1,500 and 3,500 Euros or more, depending on the house price and other conditions).
• VAT (10% of the price) if the house is bought from the company which built or restructured it.
• Registration Tax ("tassa di registro"): 168 Euros if the house is bought from the company, 7% of cadastral value (i.e. the value the house is registered: usually it is much less than the market value) if the house is bought from a private owner.
• Mortgage Tax ("imposta ipotecaria"): 168 Euros if the house is bought from a company, 2% of cadastral value if the house is bought from a private owner.
• Cadastral Tax ("imposta catastale"): 168 Euros if the house is bought from a company, 1% of cadastral value if the house is bought from a private owner.

In conclusion, if you buy the house from the company which built or restructured it, you pay 10% VAT, calculated on the declared price of the house (i.e. the value written on the "rogito"), plus 504 Euros for the other taxes (Registration, Mortgage, Cadastral). If you buy the house from a private owner, you do not pay VAT but a total of 10% on the cadastral value of the house for Registration, Mortgage, Cadastral taxes. To be more exact, the law let you choice between paying on the declared price or on the cadastral value, which is generally much less than the market price. This is intended to avoid having the parties declare a price lower than true to save money on taxes.
Among the costs of running the house, you should consider, in addition to the expenses for utilities:

• Local Tax on the Properties (ICI: "Imposta Comunale sugli Immobili"). This is paid to the Municipality where the house is situated. It is payable in two parts, in June and December. It is a percentage of the "house value". The "house value" is defined as equal to the cadastral rent ("rendita catastale") multiplied by 100. The Municipality has the faculty to fix the rate (called "aliquota ICI") in a range of 4 to 7 x mille. For example: if the "aliquota ICI" is 7 x mille and cadastral rent is 600 Euros, the house is valued at 60,000 Euros and the ICI tax to pay is 420 Euros (i.e. 7 x mille of 60.000 Euros).
• Waste Tax: it covers the cost of collecting garbage and depends on the surface (SQM) of the house and the number of resident people. For a 100 SQM house with four people, you can expect something as 300 Euros/year.
• Condominium expenses: they are the yearly expenses for the condominium common services (lights, garden, lifts, cleaning etc.). The vendor should give evidence of the amount of these expenses to the buyer. He also has to show having paid tose amounts for the current and the past year. If the vendor has not paid, the buyer can be asked to pay in his place.

Court Reporting Hiccups: Swearing in a Witness

One of the duties of a court reporter is putting a witness under oath, most often as a notary public. While this may sound simple, there are occasionally quirky things that happen that make it difficult or impossible to do so. These are just a few of the hiccups that court reporters may face on the job.
By Telephone
While some states still allow telephonic depositions where the witness is sworn in via telephone, many states do not allow it. The Florida court reporter, for example, is not allowed to swear in the witness via telephone. Neither is the Virginia court reporter. They can still take the person's testimony, but it cannot state that the witness was sworn. If a notary is physically present at the other location with the witness and can positively identify the person, the notary then creates and signs a certificate validating the identity of the witness. A similar process is in place for videoconferencing in some states as well. If this is not allowed by the state's notary office, the attorneys will need to arrange for a court reporter to swear in and take down the testimony in the physical presence of the witness while the lawyers are on the telephone at another location. Although some attorneys may attempt to stipulate that the witness' testimony may be used in a court of law regardless of the notary's ability to swear them in, this is still not allowed in some states, such as Virginia.
Uncooperative Witness
There are people in the world who will not swear, and those who will not say the common words of an oath, "so help me God." There are also those who have no problem doing so unless their adversary is in the room and they choose to be difficult simply for the sake of doing so. Most states will allow the witness to affirm, rather than swear. This can also be done in most venues without a bible. When placing the witness under oath, this hiccup can be avoided by the notary public saying "swear or affirm," so long as it is acceptable by the state notary office or clerk of court in that jurisdiction.
Children
While children are seldom used as witnesses in litigation, it is sometimes necessary to place them under oath. There is often debate about a child's ability to swear. Instead, they can be "promised to tell the truth." The attorney or judge conducting the examination will need to demonstrate the child's ability to understand the difference between the truth and a lie. They will also need to demonstrate that the child understands the seriousness and possible repercussions if they do not tell the truth. Once these are established, the child's testimony may be taken and the questioning may begin.
Name
In a noisy courtroom, it is sometimes difficult to hear or understand the name of the next witness as they are called. Judges and attorneys sometimes forget to enunciate or ask the witness to do so. They may not know how to spell the person's name and do not think to ask the witness to do that either. In the event that legal transcription services are ordered, the court reporter may need to check the court file or call the attorney's office for positive confirmation of the identity of the individual.

DOH! A Home Biz Even Homer Simpson Could Do

Everyone likes Homer Simpson, moron that he is, because let's face it--there is a little Homer in all of us. Have you ever come across a business opportunity you would have liked to try but didn't because you were afraid of your own ineptitude? Well, leave your fears aside fellow Homer Simpsonites because here is a business you can start with your eyes closed and your brains on hibernation mode--Loan Signing!
Loan signers, Notary signing agents, loan signing agents, mobile Notaries, all of these terms have been used interchangeably and they all describe the same thing--a traveling Notary Public (and no, Homer, that's not an island country somewhere in the Bahamas). A loan signing agent goes to a borrower's home to witness the signing of loan documents. Of course you need a few supplies (like your Notary ledger), but I'm not going to get into particulars in this article. What you really want to know is, how do you get started, what is the work like, and how much can you make right?
To get started you can join a Notary Association, most of them have a signing agent section. There you will find more of the basics to getting started with this business and get your name listed. They will all try to sell you some really expensive loan signing classes but that is completely up to you. The smart, un-Homer thing to do is a search for some Notary signing agent message boards where you can learn how to get started for free. The process is very simple and involves a small fee to get a license, ledger, and certificate with your county.
The work is even simpler. A client (usually a title company that found your name through a Notary association listing) calls you and asks if you want to do a signing. They fax a contract that states how much you'll get paid, or how much you won't get paid if you don't do your job right etc. After you accept, they send you the loan package by fax or email. You then call the borrower to schedule a time frame for the signing which usually takes an hour. You watch the borrowers sign their papers, you sign and stamp a couple yourself, the borrowers get a copy of the loan package, and you get one to overnight back to your client. Yes, I've simplified the process a bit, but not by much.
Borrowers will ask you what every piece of paper means and will try to get you to decipher the never-ending stream of legalize contained therein but guess what? You don't have to explain anything to them; in fact, you're not legally allowed to because you are not a lawyer (unless you're also a lawyer--in that case, kudos for you). You simply explain that you are there only to witness the signing of the documents and you refer their questions back to their lender.
How much do you get paid? There are various factors that come into play, such as location, how long you've had to build up a clientele, the client's policies, etc. but you can figure as a complete newbie, to make about $75 a signing. Not bad for an hour's worth of work eh? Soon you might even be able to tell Mr. Burns to go shove it.

Successfully Buying Property in Spain - Part 2 of 2

Steps 3 and 4 - PURCHASING AND OWNING
Step 3 - PURCHASING
Do I need UK professionals?
Well, it's a fairly straightforward process that most people, obviously using a measure of common sense, should handle easily. Equally, no matter who you pay or which UK professional you use, the legal documents still have to be passed by the Spanish Notaire and, under their supervision, property problems and litigations are lower in Spain than in England.
All our agents are fully trained, have long experience of non Spanish clients, are ENGLISH SPEAKING and will guide you through the whole process, at NO EXTRA CHARGE.
After all, if they didn't, you probably wouldn't recommend us to your friends.
1 - Making an Offer
Just like people in the UK, some owners will accept an offer and others won't. Your agent should know whether the owner will accept and, if so, within what range - so use his knowledge. After all, he wants to find a suitable property for you as much as your do.
If you can afford the time, it's generally a good idea to leave your last day free of appointments. This will allow you time to review the properties you've seen and if you've made your mind up, sort out the paperwork without being rushed into mistakes.
2 - Signing the Contract
1. It will be necessary for you to have a Tax Identification number to purchase a property; it is sufficient at the time of purchasing your property to have put in place the steps to acquire such a number. In Spain each person is assigned a tax identification number (NIE) which must be used on all communications addressed to the Tax authorities.
In general the NIF of a Spanish national is their National Identification Number (DNI), in the case of foreign nationals the NIE is their Foreign Identification Number (NIE). These identification numbers are issued by the Directorate General of the Police, our agencies will able to assist you with obtaining your NIE to purchase your property.
You now have to apply in person for NIE certificates - our professional staff will accompany you. This service, along with opening a bank account is free to our clients.
2. Once a price has been agreed between, purchaser and vendor, both parties should sign a contract; Contrato privado de compraventa, this is provided by the selling agent and sets down the details of the exact location of the property, the price agreed, name of the vendor or the vendor's representative and the name of the purchaser or the purchaser's representative and finally the date of completion, which can be as quick as 5 days to approximately 3 months.
There are conditions attached to the contract which stipulate that should the prospective purchaser fail to complete, the deposit is lost and also should the vendor fail to complete the deposit is refunded to the purchaser. In Spain, oral contracts have the same validity as written contracts.
3. A deposit of 10%; of the purchase price is usually requested by the estate agent and this is held in a bonded clients account.
4. The legalities are dealt with by a notary; this is a public official who is assigned to deal with both the requirements of the purchaser and the vendor. The notary checks at the time of the completion that the property is not encumbered with debt, because in Spain debts are attached to property and in extreme cases it could be that outstanding mortgages are passed on to the purchaser.
5. It is necessary to have an independent translator at the notary; if your Spanish is limited, to ensure that you understand completely, all that is being explained.
6. The balance of the purchase price has to be paid on the day of signing at the notary; the purchaser and the vendor sign the Escritura de Compraventa. This sum should be paid in the form of a bank transfer from your Spanish bank account to the seller's bank account or a certified cheque drawn on a Spanish bank, you cannot use an International draft drawn on a UK bank, and cash is not an option.
7. Taxes; these need to be paid within one month of signing at the notary, but in general the notary will ask for your bank details and the appropriate taxes (once they have been calculated) will be debited by the notary.
After what can be a quite straightforward process, you will be the proud owner of a Spanish home.
Step 4 - OWNING
Once you've signed "on the dotted line", had your celebratory glass of champagne and met your new neighbours, the practical realities of ownership and settling into your new community soon begin to demand your focus.
But, if you are one of our clients, you need worry no further. Our Property Office personnel not only conduct client viewing appointments, negotiate the sale, supervise the sales process and generally guide our clients to successful ownership, they will also assist our clients to establish themselves in Spain and integrate quickly and effectively.
They will guide you through the bureaucratic maze of red tape that awaits the unwary and sort out those essentials that clients normally want assistance with, such as:-
- translations
- opening bank accounts
- arranging telephone installation
- arranging insurance
- electricity connection
- water connection
- septic tank installation
- finding builders and artisans etc.
As they live and work in Spain it means that they are already familiar with the majority of the requirements you may have and the relevant contacts, people and systems necessary to smoothly get you set up with the various Spanish authorities and integrated into the Spanish way of life.
For a comprehensive selection of all types properties throughout the whole of Spain, plus detailed reports covering locality, attractions, lifestyles, Spanish recipes, Spanish schools, travel, language, golf courses, wine, services, information and property for sale, click the following link:

Investing in Mexican Real Estate

If you are interested in buying property in Mexico, then there are certain steps and procedures that you must do in order to successfully complete the transactions with the shortest amount of time possible, and with the lest amount of headache. Before starting, it is always a good idea to advise your legal counsel of your intentions, so that they can help you further speed up the process and spot any legal difficulties at the onset. A lawyer or firm that you yourself choose will work for your interests, rather than just selecting a company to serve as a go-between for you and the property vendor.
First, make sure that the seller of the property that you are interested in actually has the deed or the title to the land. Some properties in Mexico called ejidos are communal properties that are owned by a community, and can be difficult to process. Ensure that a deed is available before buying anything outright. Sellers should have the escritura publica, and the certificado de libertad de gravamen, which are the public deeds that state that they are indeed the owner of the land in question.
Once this has been provided, you can now offer to buy the property through a written contract known as the Contrato de Compraventa Definitiva. Usually, a 5-10% deposit payment is given seller accepts the contract. This is where the notary public, or the notario publico, comes in. This is a government-appointed official who validates and recognizes all legal transactions within the country. The notary public can also check and affirm the seller's deed, or determine if the property is ejido land, so it is important that all biding legal contracts made should be done in the presence of the notary public, to avoid as much fraud as possible. It is the seller who chooses which notary public to oversee the transaction.
This done, you should also provide all the needed legal information to the notary public, such as your birth certificate, marriage certificates, proof of dates of birth, your visa, and other means for legal identification. In turn, the seller should also provide the notary public with the deed of the land, and relevant property and utility receipts. The capital gains tax can be paid either by the seller or the purchaser, depending on their agreement.
When the contract is signed by both parties, all fees should now be paid over to the seller. It is important to know the final cost, including the breakdown of all the fees incurred, including the notary public's fees.
Finally, the notary public then registers the new transaction into the Public Registry of Properties, which can take around two weeks. It is advisable to have this registered as soon as possible, because the contract only becomes legal after it has been officially registered.
When buying property, it is always common sense to read up on and familiarize yourself with the laws to prevent as much trouble in acquiring the land you want as possible. Buying property in Mexico is not all that hard to do, but it is always good to be careful and know what you're getting yourself into first.

Buying Property in South Italy

I bought an apartment in Scalea, Calabria, South Italy three years ago and I must say that I am glad I did. Calabria is a very popular tourist destination for Italians from all over Italy, but is relatively unknown to foreigners, Calabria has not received the publicity and investment of the North but it does offer a real opportunity to find the holiday home of your dreams.
A word of warning.
Italy is known for it's red tape but the process of buying property is normally straightforward, the most important thing is the documents for the property. It can be difficult to purchase a property without the proper documentation. Properties are often handed down from generation to generation particularly in the South because as the people of South Italy tend not to move to different areas, the consequence of this is paperwork is not always available and it can be extremely hard to trace the original documents which could date back for generations. My advice is if the documents are not readily available it may be worth considering buying a different property because it could a long time before the documents are found it at all.
That said the buying process usually entails the following.
1. The price is agreed by the buyer and seller
2. There is a document called a compromesso which is the official agreement between the buyer and seller which must be signed by both parties
3. The properties details, including the catastal. The catastal is the rateable value of the property in question, this is what the tax and some of the notary fees are based on. It also states the conclusion date of the deal.
4. The buyer's (all parties who name's will be on the deed) need to obtain a "codice fiscale" personal tax code number. This applies to both parties whether they are Italian of not, no deal can be completed without these details. Registration for foreign buyers is free, you will need your passport when registering for your tax code.
5. You can also open an Italian bank account to transfer funds again you will need your passport for proof of I.D.
6. A date is then set to conclude the deal at the Notary office (a local government official), all funds must be available on this date before contracts are exchanged. The Notary does a check on the property to ensure there are no outstanding debts.
7. The details of the sale will be read out by the Notary in Italian - most agents will provide a translation service (extra fees usually apply).
8. The funds are transferred, then the keys are exchanged
9. The deed will be registered by the Notary and dispatched to the land registry office.
The deed will be registered in the new owners name. A copy is produced, stamped and returned to the Notary's office. This can take up to 6 weeks, you will then have your own copy and the original document is kept at the Notary's office.
Nowadays due to the current economic climate it is much harder to attain mortgages such as in the UK, but in Italy the restrictions are not so severe, and a mortgage can be obtained more easily.
In summary; once you have agreed the price, obtained a tax code, you have had the property checked out by the Notary and all the documents are in place, the monies are transferred and registered - the property is yours!
It is always advisable to seek legal advice before purchasing any property.

Acquiring Property in Greece

Are you interested in buying or renting a home near the Aegean Sea?  Are you tired of staying in hotels and want a place to call your own?  Maybe you are having a love affair with Greece that won't be fulfilled until you own a small piece of the country.  We are happy to assist you in purchasing or renting an apartment, villa, or house in Greece.
 This is the information that is needed in order to acquire the property of your choice. Contact us after you have read about selecting an attorney, notary, establishing a bank account, government requirements, and the deed of sale. Remember, we can give you further information and guide you in the rental and purchase process.
Choosing an Attorney - There is no escrow system in Greece.  To complete the sale of the property, we must hire an attorney who will research titles and claims to make sure that you are purchasing the property from the rightful owner, and it is free of liens. Non-Greek residents must designate a Greek resident to receive all communication while you are out of the Greece.  We will need a lawyer who will also assist you if you need a civil engineer to make sure that the land that comes with the property has appropriate zoning.
Choosing a Notary (Symvoliographos) - This individual makes sure that all paper work is in order. He or she gives the authority to sell the house and verifies that the documents will be sent to the land registry.  The Symvoliographos is the most important person in the entire process.  Notaries are actual lawyers, and they review the paperwork to make sure that the i's are dotted and the t's are crossed.  They can make or break the sale.
Within a year, you will also need to provide proof that the funds used to buy your house were legal.   If you are a foreigner, this can be done by showing the receipt for the wire-transfer.   We will provide you with an experienced local notary to ensure that your transaction runs smoothly.
You may also need to declare the property on your income tax the following year for your native country if applicable.
Establishing a Bank Account in Greece - This general use bank account will be used in the property sale for wire transfer of funds and for payment of the sales price, fees and taxes.  Later, you can use it as your general purpose bank account in Greece.
Greek Government Requirements - We will obtain a Greek tax (social security equivalent) number for you, known as an AFM (a-fee-me) for you.  This personal document is required to complete the sale.  We will also facilitate the payment of land registration fees (these fees are about 2% of the sales price) and property taxes (generally about 9% to 11% of the sales price).  The buyer is responsible for all taxes involved with the transfer of property.
Deed of Sale - This deed is signed two months following the signing of the sales contract.  We will insure that this document is filed property. The closing or completion of the sale, involves the signing of the deed of sale, which transfers legal ownership of a property.
At the time, payment of the balance of the purchase price, plus other costs such as the notary, lawyers' fees, and faxes are transacted. 
This includes the signature of the deed of sale transferring legal ownership of a property and the payment of the balance of the purchase price, plus other payments, such as the notary's or lawyer fees, taxes, and duties (although these may be paid earlier or later).
When the necessary documents relating to a purchase have been returned to the notary or lawyer handling the sale, we will contact you and request the balance of the purchase price less the deposit.
After the deed is signed, the original copy is logged at the property registry office, and the new owner's name is entered on the registry deed.    Once they give us the OK and the house is sold, the documents are sent or taken there in person to the relevant land registry so you can get the title.

How to Purchase a House in the State of Louisiana

When a purchaser decides to purchase a home in Louisiana, a good realtor with a large database of available homes to fit the purchaser's budget should be located. The Purchaser has a choice of homes if the realtor is a member of the National association of Realtors or the Northwest Louisiana Association of Realtors or the Southwest Louisiana Association of Realtors. This is because the realtor will have access to the MLS or Multi Listing Service, which is an inter realtor service that has a data base of every type of home in different residential areas of Louisiana. The purchaser has a greater choice of the type of house and the location.
Once the property is located the purchaser makes an offer in the form of a purchase and sale agreement stating the price offered, the down payment, the financing plans, the legal description of the house, good and marketable title, inspections required under law, the time frame in which each stage of the transaction is to be completed the liens and who bears the costs if the house is damaged before the settlement. The offer is sent with a check to be kept by the realtor in escrow and to be paid to the seller.
The seller, on receipt of the offer is required under the Laws of the State of Louisiana to make a complete disclosure of the present and potential defects of the property both structural and environmental if the property is residential. The seller's disclosure form has 22 disclosures to be made by the seller. If the seller does not know of any defect it should be stated in the form. The disclosure is not a warranty by the seller and the purchaser must carry out inspections. Once these tasks are completed the seller and the purchaser will sign the agreement and make it a binding contract.
The purchaser will now make inspection and title search arrangements. The purchaser should engage a certified inspector to assess structural defects, pest control, plumbing, , heating, ventilation and insulation.
The purchaser should hire an attorney, a real estate title company or a trust and title company to scrutinize the title of the property and to check public and court records for possible encumbrances of the title of the property. The American Land Title association has a list of title search professionals the for the purchaser's reference. Encumbrances that affect the title of property in the State of Louisiana are, implied easements of necessity which is recognized by law. Other encumbrances are liens on the property arising out of non payment of amounts due under judgments, unpaid taxes assessments unpaid mechanics. Any encumbrance that can be remedied is communicated to the seller. The purchaser should buy a title insurance to avoid the litigation costs in defending possible title claims. that were not discovered by the title search.
The purchaser can then raise the loan from the lender company and make the down payment. When the lender company is satisfied that all the paperwork is complete, the purchase is ready for closure. Under the Authentication Act in the state of Louisiana the closing should take place in a Notary Public's office. The website of the American association of Notaries has a notary locator directory to help the purchaser find a notary in Louisiana. The Notary Public is usually an attorney who has experience in examining titles.
The purchaser is required to show proof of a one year home owners insurance premium payment and a proof of identity at the closure when the deed is signed by both parties. The deed should be signed and authentication by the Notary public and two witnesses otherwise the document is deemed invalid in the State of Louisiana. When the Notary Public records the sale, the seller passes possession and title to the purchaser and the purchaser finishes the process of purchasing a home in the State of Louisiana.

What is an Apostille and How to Get One in Los Angeles, California

What is an Apostille?
In short, an Apostille authenticates the signature of a public official on a document that is intended for use outside of the United States of America. An Apostille does not bear witness to the authenticity of the actual contents of the document, but rather to the authenticity of the signature of the official who signed the document and the authority in which that official acted. In essence, an Apostille is an extra step of precaution that is taken in order to ensure the integrity of the identity of the signatory and the officials certifying his or her identity.
For example, you have in your possession a document, such as a Power of Attorney, that has been issued by your company for use in an international document signing transaction. In order to obtain an Apostille for this particular document, you must first seek out a notary public who will verify your identity as the signatory and seal the document with an official notarial certificate and the stamp that was issued by the Secretary of State. Then, you must submit the officially notarized document to the County Clerk or Recorder to substantiate the fact that the notary public who verified your identity as the signatory is appropriately commissioned and in good standing with the state. Once this step is completed, you must submit the duly certified document to the Secretary of State in order to authenticate the signature of the County Clerk or Recorder. When all of these conditions are met, the Secretary of State will affix an Apostille to your original notarized document, thereby legalizing it for use in foreign countries. Again, the Apostille does not authenticate the contents of the document, but rather the integrity of the identity of the signatory and the officials certifying his or her identity.
What types of documents require an Apostille?
The following are common types of documents that ordinarily require an Apostille for use in another country:

• · Birth Certificates
• · Marriage Licenses
• · Death Certificates
• · Power of Attorney
• · Background Check
• · Papers for Adoption Purposes
• · Certificates of Non-Marital Status
• · Mortgage Loan and Real Estate Documents
• · School Records, such as Diplomas and Transcripts
• · Corporate Documents, such as Articles of Incorporation, Certificate of Good Standing, Bylaws, Mergers, Amendments, etc.

History of the Apostille - The Hague ConventionThe Apostille was established in 1961 by the Hague Convention Abolishing the Requirement for Legalization of Foreign Public Documents. At this conference, a number of countries gathered together to create a simple procedure for legalizing documents and agreed to recognize the Apostille as the method of authenticating foreign documents. Today, the Apostille is used for certifying foreign documents and is valid in countries that are in compliance with the provisions of the Hague Convention.
The nations involved in the Hague Convention are listed on the following website:
http://www.hcch.net/index_en.php?act=conventions.status&cid=41
Apostille vs. Certificate
Put simply, member nations of the Hague Convention only require an Apostille. Non-member nations require further signature verification by means of a Certificate and possible authentication by the United States Department of State.
How do I obtain an Apostille in Los Angeles?
There are two ways of obtaining an Apostille in Los Angeles. You can follow the steps on your own or you can hire a mobile service to take care of the entire process for you. Getting an Apostille can be a daunting and complicated process, especially if you are not used to working within the parameters of what is required, but it can be done.
If you want to obtain an Apostille in Los Angeles on your own, you will need to contact the office of the California Secretary of State and ask what steps are required for the particular document you have in your hand. This may take quite some time on hold. You will also spend time on the phone as the employees advise you of the steps you need to take in order to complete the process successfully. The requirements vary by document. Once you have discerned what steps you need to take, you will spend most of the day following and fulfilling them. As long as you follow the steps correctly, it can, however, be done. It will simply take time and effort on your part. Whether you have that time or not is up to you.
For example, if you want to obtain an Apostille on a Power of Attorney document in Los Angeles, you need to contact a local notary and ask them to notarize your signature on the document. You can find a local notary on Yelp! or Google. Then, you need to take the notarized document to the County Clerk's office in Norwalk, wait in line, and ask the County Clerk to verify that the notary who notarized your document is commissioned and in good standing with the State of California. The County Clerk's office is located at 12400 Imperial Highway, Norwalk, CA 90650. You can reach them at (800) 815-2666. After that, you need to take the notarized, certified document to the California Secretary of State office in Los Angeles, wait in line, and ask one of the state employees to affix an Apostille. The California Secretary of State office is located at 300 South Spring Street, Los Angeles, CA 90013-1260. You can reach them at (213) 897-3062.
As you can see, obtaining an Apostille is a daunting and complicated process. The steps listed in the example above are guidelines for one type of document. Each type of document carries with it a different set of rules. If you do not want or need to become an expert in the Apostille process and what it entails for each type of document and, if you do not have an extravagant amount of time to spend driving around Los Angeles in order to meet the various requirements that need to be met before the California Secretary of State office in Los Angeles will affix an Apostille to your document, it is more cost-effective, time saving, and better all around to contact a reputable and professional mobile Apostille and notary service in Los Angeles. You can find reviews on Yelp! and Google that will assist you in selecting the best service for your needs.

What is the Difference Between a Notice of Interest and a Memorandum of Contract?

Both the NOI and MOC are legal documents designed to be recorded in the public record to alert anyone doing a title search that these documents have been recorded as liens against the property. Their function is to cloud the title when it is time to transfer the property to a new owner. The letters NOI represent a document title, specifically a Notice of Interest. Likewise, the MOC designation stands for Memorandum of Contract.
While these two documents perform the same function, to cloud a title transfer, they have vastly different strengths. The NOI is a document that states that a specific buyer has contracted with the homeowner/seller via a legal and binding contract to transfer the property to the named buyer in the future. A copy of the contract usually does not have to be included in the filing in the public record.
A document that is to be recorded in the public record must be signed by the applicable parties involved (buyer and seller), or by the individual stating a specific sets of facts that he is attesting to are factual and true. In most states, there must be at least one non-related witness to each signature and the document must be notarized by a legal notary or designated representative of the court system.
The notarization of signatures can be an issue if the buyer doesn't bring a notary with him to the seller's property. Options to resolve this include taking the seller to a notary's office, bringing in a traveling notary, or only have documents signed that do not need a notary, such as a purchase and sale contract and a NOI.
The MOC is likewise a notice designed to be recorded in the public record and has the same characteristics as an NOI except the signatories are both the homeowner and the buyer. The MOC is much more powerful than a NOI because it is specifically signed by the seller who acknowledges that a purchase and sale contract exists between himself and the buyer. There should never be a question that the seller didn't know he was selling his property if the seller changes his mind and makes that claim.
To be able to record the MOC in the public record, a notary has to notarize the document and one or two unrelated witnesses, depending on your state's requirements, must sign at the time of the seller's signing. This may be impractical when the original signing of the contract takes place. Because the buyer wants to protect himself, he needs the MOC to be legalized by the notary and the witnesses.
In practicality, there is a solution that will eliminate the notary being present at the signing of the MOC. When the investor has the original purchase and sale contract signed, he should have a MOC signed but not notarized. I actually leave off the place for the notary's signature and seal but include the place for the non-related witnesses. Neighbors, or friends of the seller quality for the witnessing. So now I have a signed MOC that can't be recorded. However, I can make a NOI that only requires my notarized signature and that stipulates that the seller has signed a MOC and it is attached.
In summary, if you want to protect yourself against Deal Stealers, use an MOC or at least a NOI on every deal. Much more importantly, get your Disclosure Documents signed to cover yourself against any state or Federal Anti-Investor Statutes to strengthen your right to any deal where you get involved. These are not just for homeowners in foreclosure or contemplating foreclosure, they are for every seller you come in contact with, the exception is institutional sellers in REO deals. Always contact a local attorney for questions regarding legal documents.

Real Estate Agents in the Know Have Their Pick of Real Estate Jobs

The current challenging realty market conditions have created a wealth of opportunity for Realtors looking for real estate jobs. There has never been a better time for industry related jobs. Many realty agents are also commissioned notaries. This winning combination has always had a good source of realty jobs. However, many listing agents and buyer agents are not aware of the opportunities they truly qualify for.
Many real estate professionals who are also commissioned notaries are accustomed to collecting nominal fees for notarizing documents. However, with the influx of reduced mortgage interest rates, homeowners are looking for lines of credit or refinances in order to access equity in their home. In many states a Notary can witness the signing of closing documents for home equities loans and refinances. This job opportunity is referred to by many titles such as: Mortgage Signing Agent, Mortgage Notary, Notary Signing Agent and Signing Agent.
The wonderful thing about this type of work is that you get to use your existing skills as both a realtor and a notary, to make additional income. Signing agent assignments can pay an average of $60 - $100 per assignment. Given current mortgage interest rates your earning potential can average $320 per day, depending on your market. You have the potential to generate just under $1000 for three days work. Equally as advantageous to the earnings capability, you get to meet homeowners you may otherwise not have met. The introduction to these people is a warm call as a real estate professional. Now they can become part of your mailing list for regular updates on market conditions and any other promotional items you may use as a Real Estate Agent. By expanding your sphere of influence through signing agent assignments, you also increase you pool of prospects for listings down the road.
A reduction in closings does not have to mean a reduction in income. There are many publications available that can guide you through the process of getting established as a Signing Agent. I have found The Notary Signing Agent Guide to be one of the better resources. There are over 105 companies that provide assignments for Notaries that are also real estate professionals. The guide has helped me to generate extra income and grow my real estate business.

How To Buy Real Estate In Costa Rica - A Guide To The Process

It is always important to have a trustworthy lawyer and real estate agent working with you when buying real estate in Costa Rica, but it is also wise to familiarize yourself with the process of purchasing property in Costa Rica so that you can understand what is going on and better manage the transaction to ensure your real estate investment is secure.
It is important to address the significance of property rights, to understand why it is so crucial that the transfer process be completed properly. Real estate generates wealth in an economy because it can be owned, bought or sold, and that ownership can be enforced, guaranteeing security of purchase. Costa Rica has the stability, and legal structure to be able to guarantee that ownership, although disputes can arise on occasion due to poor documentation, or undocumented changes in the past. For this reason it is imperative that the registration process be followed to the letter to ensure that the legal system will stand behind you in case of a dispute.
There is still some property which is not yet titled in Costa Rica, though it may be tempting if you're offered a good deal, it is extremely risky to purchase un-titled. The problem arises because all property must be legally registered and if it is not, it does not exist under the law, and therefore the legal system will not grant ownership.
Registration of the property is the number one most important thing in Costa Rica, more important than the actual deed to the property. All property is registered at the Registro Publico, so you will begin your title search there, and obtain the escritura, a written title document that details the property and how it is registered in the Registro Pubilco. The escritura defines the property, including whether it's commercial or residential, the location, land size, etc. It also states the current owner. But most importantly it outlines all liens, mortgages, or other encumbrances against the property. If issues arise during this initial background check they must be addressed before proceeding further. These are the sorts of things which could cause disputes regarding the ownership of the property at a later time.
Next you will need to find the catastro, the plan, or graphic drawings of the land. The catastro is filed separately from the escritura and note that while it is legally required that the escritura be updated when there is any change, it is not required to update the cadastro. Because of this the catastro and escritura may not be 100% in agreement due to transactions which took place but were not properly recorded. One of the most important things to watch for when buying real estate in Costa Rica, is consistency between the escritura and catastro, the 2 documents which officially define the property. It is important to verify both of these documents by doing a topographical study of the property and defining the property boundaries clearly. Any inconsistencies between these two documents must be resolved before proceeding with the purchase of a property.
Once you have verified the title, and checked for any problems, the seller will provide the buyer with two tax documents. The first is a copy of the tax receipt, or impuesto territorial, showing that all taxes and registration fees have been up to date, and the second is a tax clearance certificate issued by the Municipality where the property is located called a constancia municipal.
Now you are ready to have a notary draw up the sale agreement as a testimonio, or public deed. In Costa Rica all notaries are lawyers. The notary should work for both the buyer and seller and should not be biased. If you are financing your purchase with a bank or other lending institution, the institution may reserve the right to designate the notary as a condition of the financing agreement. The notary responsible for the closing will draft the purchase contract, and be present at the closing.
On the day of the closing you are required to present proof of payment to cover several taxes and duties involved in the purchase transaction. Here are the most common:
o Transfer Tax: 1.5% of property price
o National Property Register Stamp: 0.5% of the property value
o Municipal Stamp: 0.2% of property value
o Fiscal Stamp Tax: CRC 625
o Agrarian Stamp: 0.1% of property value
o Costa Rican Bar Association: 3000 CRC for deeds over 10 million CRC
o National Archive: CRC 20
The taxes and duties are calculated based on the highest stated purchase price and the property value appearing on the Registry. The notary will certify an affidavit that the payment was made and it will be included in the documentation.
The purchase contract will then be incorporated into the notary's register, under a specific deed number. Once it is signed, it the notary is responsibility for registering the purchase as soon as possible.
When the papers have been filed, the affidavit of the transfer deed will be reviewed by the Registry and if all is well, it is recorded and the buyer is declared the formal owner. Should there be any problems, the document will be returned to the notary for correction and re-filing.