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Real Estate Terms and Definitions

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Real Estate Terms and Definitions - 12/28/2009 6:39:51 PM

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Terms and Definition
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Adquisición / Acquisition: The process of taking title to or ownership of something.
Avalúo / Appraisal : An evaluation to determine what a piece of property would sell for in the current marketplace.
Abogado o Licenciado en Derecho / Attorney At Law : A professional person authorized to practice law.
Adjudicacion de bienes (a titulo de herencia o de remate) / Award of Goods (In an Estate or Auction) : It is the total or partial acquisition of real property, either through probate, or by auction.
Bienes Raíces / Real Estate : Land, including all the natural resources and permanent buildings on it .
Cesión / Transfer : An assignment of rights or obligations.
Costo del Cierre de Operacion / Closing Cost : Monies expended by a party in completing a transaction, over and above the purchase price, including: legal fees, taxes, mortgage application charges, interest adjustments, registration fees, appraisal fees, etc.
Derechos / Rights : An interest or title in an object of property; a just and legal claim to hold, use, or enjoy it, or to convey or donate it, as he or she may please.
Ejido : Common land at the Edge of a town owned by a community.
Escritura / Deed : The legal document that transfers ownership of a piece of property.
Ejecución de Hipoteca / Foreclosure : The legal procedure in which a Mortgagee or other Lien Holder, usually a Lender, obtains a court ordered to recover a property due to nonpayment by the borrower.
Fideicomiso / Trust agreement : The trust is a legal device through which the Mexican government allows foreign individuals or companies obtain the rights to ownership, use, enjoyment, lease, improve, operate, mortgage, transfer and sale of real property.
Fideicomisario / Trustee : The third party that holds legal title to property for a special purpose without being the actual owner.
Fideicomitente / Trustor : The Grantor transfers title of the real estate to the Trustee to be held in trust for the benefit of the Beneficiary under the Trust (Fideicomiso) agreement.
Fiduciario / Fiduciary : A person to whom property or power is entrusted for the benefit of another. In this case the Mexican commercial bank.
Gravamen / Lien : A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
Honorarios / Fee : A fixed charge for a privilege or for professional services.
Impuesto Predial / Property tax : Tax paid for owning a piece of land including any improvement permanently affixed to it.
Impuesto Zona Federal / Federal Zone Tax : Tax paid for the use, enjoyment, development or exploitation of ZOFEMAT (Federal Zone Maritime and Terrestrial).
Levantamiento topográfico / Survey : Method use to determine, in field, measures and boundaries of a property, through precision equipment. Thus, the final result is to obtain a scale drawing of the property.
Medidas y colindancias / Metes and Bounds : Surveyor's description of a parcel of real property, using carefully measured distances, angles, and directions, which results in what is called a "legal description" of the land, as distinguished from merely a street address or parcel number.
Notario Publico / Notary public : " A Mexican Notary Public is the only authority permitted to draft a deed transferring real property or an interest in real property such as the “fideicomiso”. Notary Public in Mexico is a public official appointed by the State Governor. He or she has a higher standing than an attorney/lawyer. He or she is a lawyers invested with the authority to attest documents. Notary public is governed by a special Notarial Law at local or state levels".
Registro Publico de la Propiedad y Comercio / Public Registry of Property and Commerce : The objective of the Public Registry of Property and Commerce is to provide legal security for acts that have taken form through a public instrument authorized by Notary Public.
Registro Compraventa / Record Sales : It is the contract whereby one party transfers to another ownership of a property in exchange for a certain price and money.
Tasa de Porcentaje Anual (TPA) / Annual percentage Rate (APR) : Shows the cost of a loan expressed as a yearly interest rate, including interest and other fees associated with the loan.
Testamento / Testament : Personal act, revocable, and free, by which a capable person, has its assets and rights and duties to meet stated or after his or her death.
Titulo de Concesión / Concession : A document granted by SEMARNAT (Secretary of Environment and Natural Resources) for the use, development or exploitation of ZOFEMAT (Federal Zone Maritime and Terrestrial) for exclusive use by a precise time, and it can be extended.
Titulo de propiedad / Property title : The legal document conferring ownership of a piece of real estate.
Venta financiada / Seller financing : When the seller of a property agrees to payment of part of the purchase price over time with the debt to the seller registered on title as a mortgage.
Zona Federal / Federal Zone or Restricted Zone : All land located within 100 Kilometers of the Mexican border and all land within 50 kilometers of the Mexican coastline.