Real Estate Practices Around the World

A

Expand all

Andorra

Argentina

Australia

Provided by Real Estate Institute of Australia (REIA)
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

No.

Are there restrictions on property ownership for foreigners?

Yes.

What is the home ownership rate?

From Census data: approximately one-third rent; one- third own their home outright; one-third are buying (i.e., have a mortgage). In recent years there has been a slight increase in the proportion renting as affordability declines. This is expected to continue particularly for ages 35 and under.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Seller.

Who pays the commission fees?

Seller.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Yes. Each of the 8 states and territories has differing requirements. Some have CPD others don’t.

Is there an MLS or other shared listings site in your country?

No.

What is the main property portal for consumer property searches?

www.domain.com.au and www.realestate.com.au.

Do agents pay referral fees? If so what is the commission percentage?

On occasions. No fixed level.

Describe the real estate transaction process in your country. For example, are there property closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Contracts are normally formally exchanged between the potential buyer and the seller at the time the deposit is paid. In most cases, the solicitor or conveyancer representing each side does the exchanging.

Once this has occurred, borrowers are legally bound to proceed with the purchase of the property, unless a special condition is breached that is listed in the terms and conditions of the contract. While private treaty sales allow a cooling-off period in which buyers can conduct inspections, auctions don't usually allow for a cooling off period.

You also need to arrange conveyancing, for the transfer of property title from one person to another. For the next six weeks, sometimes less and sometimes more, your conveyancer or lawyer will make enquiries about the property. Survey and drainage diagrams will be examined, government departments will be written to, heritage orders will be inspected and council checks will be performed.

At settlement your representative meets with the vendor to swap your cheque with their title of ownership – more and more in Australia at least part of this process is done electronically.

Government departments need to be notified of the change in ownership, and this is typically taken care of by your solicitor or conveyancer. Title is generally freehold with the two territories – Australian Capital Territory and Northern Territory having leasehold but in practice the same.

Additional Information:

The Australian Economy

During 2017 and 2018, the recovery of the global economy continued, albeit at a below trend slower-than-expected rate with growth in the economies of Australia’s major trading partners being below their historical average. The rate of quarterly growth in Australian gross domestic product has begun to taper off. Falling home construction is a contributor to the outcome.
Whilst the economic circumstances are showing signs of improvement and unemployment has showing modest improvement, wages growth is low and business and consumer confidence are still low despite four years of record low interest rates.
Dwelling investment supported by historically low interest rates has been a significant contributor to growth in the Australian economy since 2013/14. Australia’s property industry has been a main driver of economic growth and increased employment in the transition away from a decade-long reliance on mining. Providing a stimulus to economic activity outside the mining sector, including the housing and building sectors, was amongst the main reasons for the RBA to keep the official cash rate at record low levels since August 2013.
New home building has been a crucial support to economic growth over the past three years. The challenge during 2018/19 will be to manage the transition to lower volumes of new home building.
Our central bank, the Reserve Bank of Australia has noted that “conditions in the global economy had improved and that the outlook had also been upgraded.” This improvement had been supported by expansionary financial conditions, notwithstanding some withdrawal of monetary stimulus in a number of economies. In the major advanced economies, labour market conditions had continued to tighten, but wage growth and core inflation had remained low.
A surprise fall in business investment over the June quarter will most likely impact economic growth. Total spending on buildings and machinery unexpectedly dropped 2.5 per cent in the three months through June, after increasing 1.2 per cent in the March quarter.
The drought Australia is experiencing will also impact on GDP growth with lower export earnings ironically when the $A is falling which would have provided greater earnings.
In recent weeks, perhaps in part contributed to leadership battles within our Government, there are signs that spending growth may be faltering. Retail spending growth stalled in July, an unexpectedly weak outcome that suggests consumers may have become less willing to open their wallets amid falling house prices and weak wages growth.

Australian Residential Real Estate Market

In terms of the real estate market, the heat has definitely come out of it in the last 12 months.
Recent data shows that dwelling values across the eight capital cities fell for the 11th consecutive month.
The price movements are not unexpectedly not uniform. There are geographical differences as well as differences between units and houses.
The weighted average capital city median house price decreased to $765,098, a decrease of 0.8% over the June quarter and a decrease of 0.4% over the past twelve months. Over the June quarter, median house prices decreased in Sydney, Melbourne, Perth, Canberra and Darwin but increased in Brisbane, Adelaide and Hobart.
Detailed data by capital cities using REIA data for the June quarter:
- Houses
  - Hobart 2.8% to $506,000
  - Brisbane 1.0% to $525,000
  - Adelaide 0.3% to $471,000
  - Melbourne -0.6% to $840,000
  - Darwin -1.0% to $500,000
  - Sydney -1.4% to $1,144,217
  - Perth -1.9% to $505,000
  - Canberra -5.0% to $627,000
- Units
  - Darwin 9.9% to $382,000
  - Hobart 5.9% to $368,525
  - Brisbane 1.3% to $405,000
  - Melbourne 0.5% to $604,000
  - Sydney -0.5% to $737,080
  - Canberra -1.1% to $435,250
  - Perth -1.3% to $395,000
  - Adelaide -3.0% to $354,167
Apartment prices could fall harder than house values this year, dropping by a further 8 per cent in Melbourne, and 4 per cent in Sydney, according to some forecasts. Units look much more vulnerable than single dwellings, with Melbourne appearing to be the most exposed of the eight capital cities. Using sales-to-new-listings ratio as a broad gauge of the balance between demand and supply, with more homes currently being listed each month than being sold, this ratio is consistent with house price inflation falling below zero in the next six months. Using this predictor confirms that the high number of units being listed for sale relative to the number being sold each month points to apartment prices falling more than for single dwellings.
Whilst some continuing decline in house prices can be expected there is not a risk of “the balloon popping” as some have speculated. As mentioned earlier home buyers will pull back on other spending. Which is a risk to the Australian economy.

Austria

Provided by Österreichischer Verband der Immobilientreuhänder (OVI)
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens?

Yes, in most of our provinces there are regional restrictions regarding the transfer of agricultural land and forests as well as the acquisition of secondary (holiday) residences.

Are there restrictions on property ownership for foreigners?

Acquisitions by “foreign nationals”, i.e. nationals of non-EU and non-EEA states are contingent upon approval by the Land Transfer Authority.

What is the home ownership rate?

According to eurostat:

55 % owners, 45% tenants
The home ownership rate in Vienna is only about 20%; in rural districts of some provinces it rises to more than 80%.

Is there exclusive representation in Austria? Who is the party represented (buyer, seller, both)?

Usually there is no single agency in Austria. The real estate agents represent both the seller and buyer.

Who pays the commission fees?

Each of the parties - the seller and the buyer - pays up to 3 percent of the sales price.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

The legal framework for acting as real estate agent is the so-called “Gewerbeordnung”. Continuing education is not yet required by law, but all members of our Association OVI have to show 8 hours of continuing education per year and employee.

Is there an MLS or other shared listings site?

MLS systems are actually being developed.

What is the main property portal for consumer property searches?

Local portals connected with mass medias in the various provinces show the highest market share:

www.willhaben.at (Styria Verlag, Die Presse, KleineZeitung Styria/Carinthia)
www.derstandard.at, www.tt.com (Tiroler Tageszeitung)
www.nachrichten.at (Upper-Austria)
www.laendle-immo.at (Vorarlberg)
www.sn.at (Salzburg)

Further portals:

Do agents pay referral fees? If so what is the commission percentage?

Referrals are paid up to 10% of the commission of one party.

Overview: Real Estate Transaction Process

A purchase agreement is concluded by acceptance of a proposal (offer). This means that a prospective buyer who has submitted a signed purchase proposal may be sued by the seller (once the seller has accepted it), if he/she consequently fails to fulfill it. Thus, a signed proposal has a binding effect on the signatories, and withdrawal is normally not possible. There are generally no particular formal requirements, i.e. a purchase contract may be concluded in writing, orally, or in some instances even by non-verbal conduct ('implied in fact').

This principle also applies to purchase agreements in relation to property.; However, inscription in the land register requires a written purchase agreement. Thus, also an oral purchase agreement requires an ex-post deed, set up by a lawyer or notary. This deed must be notarized in order to be recorded in the land register. A notary’s deed is also required for purchase agreements between spouses, regardless of whether they are for an entire property, or only for parts thereof.

After agreement on the object and the price under the law of obligations has been reached between the seller and the buyer (i.e., the purchase agreement), the legal hand-over is required. This is effected by inscription in the (electronic) land register, which is maintained by the district courts and where all rights in rem concerning the property are recorded.

The land register is a public register to which brokers, lawyers and notaries generally have full on-line access, and from which they can retrieve all relevant data for their clients. The lawyer who drew up the agreement acts as a trustee for the contractual document (as qualification for inscription) and the purchase price.

Further documents, deeds or permits may be required in addition. In the event that the property is released from encumbrances (mortgage), the trustee has to transfer the respective amount to the bank. The (remaining) purchase price is paid to the seller once the inscription of ownership is secured in the land register.

The potential transaction costs for the buyer include the following:

3.5 % land transfer tax (reduction or exemption possible in certain cases)
1.1 % land register fee
Costs for drawing up the agreement and effecting the inscription in the land register (according to the Compensation Scheme for Lawyers)
Costs of proceedings by the Land Transfer Authority and related administrative costs
Potential communal costs for access to the property and its connection to utilities (power, gas, water, sewer)
Up to 3% brokerage fee (for properties exceeding a value of EUR 48,448.51)/li>

Additional Information:

Prior to concluding an agency agreement with the client (in the case of a “Consumer”), the agent has to hand over to the client – with the diligence of a proper real estate professional – a written statement indicating that it will act as an agent, and a list of all expected costs arising from the conclusion of the requested business transaction, including the agent’s commission. The amount of the commission must be stated separately; the agent must also inform that client of any economic or private relationship for the purpose of Sec. 6(4) third sentence of MaklerG (Real Estate Agency Act). When the agent – according to common business practice – can act as dual agent, the statement must bear explicit reference to this fact. In the event of any substantial change in circumstances, the agent must rectify the above documents accordingly. If the agent fails to fulfill this obligation before the client agrees to the brokered transaction, Sec. 3(4) MaklerG shall apply.

The real estate agent has to provide the client with the required information (pursuant to Sec. 3 MaklerG) in writing. The information must in any case include all circumstances which are essential to assess the business transaction to be brokered.

NOTE: Based on current business practice, real estate agents may also act as dual agents without the client’s explicit approval. In the event that the agent is instructed to act solely for one party in the transaction, the other party shall be informed by the agent.

B

Expand all

Belarus

Provided by Chairman of the Membership Committee, Ethics and International Cooperation Belarusian Association "Real Estate"

Are there restrictions on property or land ownership for citizens of your country?

You must be a citizen of the Republic of Belarus to have ownership of land. At the same time, it is not required to reside permanently in Belarus; just having citizenship is sufficient.

Foreign citizens may own land in Belarus only through inheritance from a relative, who held an ownership of the land. Individuals can obtain ownership of land only for certain purposes; for example, for the purpose of construction of a new dwelling or maintenance of an existing one. The size of the land plot for construction and/or maintenance of a dwelling that an individual can purchase is established and enforced as follows: in metropolitan areas up to 0.37 AC, in rural areas – up to 0.62 AC. For private use as a farmland in a rural area, one can purchase a land lot up to 2.5 AC.

Are there restrictions on property ownership for foreigners?

There are no restrictions on the ownership of structures by foreign nationals in Belarus, only the land itself as described above. Foreign nationals can acquire ownership of structures without any restrictions but they can only lease the land that it sits upon. Such transactions can include construction of a new dwelling, purchase or sale of an existing structure or a part of the structure or the exchange of structures.

What is the home ownership rate?

94.15% of residential real estate is privately owned, from which 88.69% is owned by individuals (According to the National Statistical Committee of the Republic of Belarus, December 2017).

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

There is exclusive representation in real estate transactions in Belarus. In most cases, an exclusive contract is signed with the seller.

Who pays the commission fees?

The commission is paid by the party that receives the services from the real estate agent/company. Usually, both the buyer and the seller pay for the services to their respective agents/companies.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

The government regulates real estate activities in Belarus. To carry out any real estate activities, one must obtain a special permit (license). “Rules of real estate activities” was approved by Decree of the President of the Republic of Belarus of January 9, 2006 No. 15 “On Realtor Activities in the Republic of Belarus”. The certification of Real Estate Agents is carried out by the Ministry of Justice of the Republic of Belarus. Such certificates can be issued to the citizens of the Republic of Belarus as well as foreign citizens permanently residing in the country as long as the following requirements are met:

have a minimum a four-year Bachelor degree with concentration in Law, Economics or Architecture and Construction.
pass the certification exam offered by the Ministry of Justice of the Republic of Belarus. Once every two years every real estate agent needs to undergo continuing education under the program provided by the Ministry of Justice.

Is there an MLS or other shared listings site in your country?

Currently there is no standardized MLS in Belarus. There are several smaller databases that exist. The Union of Realtor Reengineering is currently working on developing the MLS system that would mirror the systems currently used in the US.

What is the main property portal for consumer property searches?

realt.by

Do you pay referral fees? If so what percentage of your commission do you pay?

The referral system between agents is not really popular in Belarus among real estate agents. On the rare occasion when there is a referral, the referring agent would receive a flat fee of $500 from the receiving agent.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

In Belarus, real estate agents are engaged not only in the sale / purchase of real estate, but also provide legal services associated with the transaction (checking the history of the property, the accuracy of previous transfers of ownership, etc.)

At the closing of a transaction and after the signing of the proper property transfer paperwork from the seller to the buyer, the transaction is registered at the National Property Appraiser Agency.Title insurance is not mandatory, but can be obtained at the buyer's expense if the buyer wishes to do so. This concept is not yet fully developed in Belarus. Real estate companies do have errors and omissions insurance. In case of problems with the property, which might arise due to an oversight or mistake by a real estate organization, the insurance company pays the damages to the injured party.

The commission is paid by the buyer and/or the seller of the property to the real estate agency that handled the sale of the property. In some cases the buyer would pay a part of the commission to his/her agent for providing the service of finding the right property and handling the buyer’s side of the transaction.

Additional information regarding the Belarus real estate market:

Real estate services in Belarus can be provided only by legal entities (Companies). Realtors and agents can only work as full-time employees and provide services on behalf of a company.Currently in Belarus the commission rates for providing real estate services are fixed. The seller pays a commission fee for the services that are equal to a percentage of the sales price of the property. The rate ranges from 1% to 3%, depending on the price of the property; the more expensive the property, the lower the commission fee. Buyer pays the fees based on the services rendered. For example, property showings costs $58, drafting and negotiating an offer on behalf of the buyer is $116, facilitating the transaction and the transfer of ownership is $174, etc.

Belgium

Belize

Published and accurate as of October 2019

Are there restrictions on property or land ownership for citizens of your country?

There are no restrictions on ownership for Belize citizens.

Are there restrictions on property ownership for foreigners?

There are no restrictions on ownership by foreigners. The law states:

A foreigner has the same rights as a Belizean citizen to property ownership. If you are researching this and come across a reference to an “alien landholding license” or the Alien Landholding Act, please note that the Act was abolished in 2001. And now foreigners have equal property ownership rights. If you’ve done research on other jurisdictions, you know that this is quite rare in much of the Western Hemisphere, and rarer still in developing nations. - Wroebel & Co. Attorneys at Law-

Legal documentation from Belize Govt. http://www.belizejudiciary.org/ Dec. 31, 2011

The procedure to obtain permission to purchase property in Belize for Foreigners:

Requirements:

The letter of application for the purchase of land in Belize should be sent to the Central Bank addressed to the Manager of the Payment Services and Exchange Control Approvals Department and should contain the following information:
Name and address of transferee and transferor
Description of the property
Type of transfer (sale, exchange, gift or mortgage of any land building or other hereditaments situated in Belize)
If transfer by sale, state type of currency and sale price of property
When land is being sold to a non-resident, indicate the payment arrangement for the land, explaining how the foreign currency from abroad will be channeled to an authorized dealer.

The following documents must be attached to the letter of application

If the transferee or transferor is a natural person:
1. Certified true copy or notarized copy of a valid passport of each person
If the transferee or transferor is a legal entity (usually a company):
1. For the foreign legal entity:
  1. In the case of an Overseas Company registered to conduct business in Belize, a copy of the certificate of incorporation that shows the foreign company’s registration as an Overseas Company in Belize.
  2. Company formation documents
  3. Certified true copy or notarized copy of a valid passport of its ultimate beneficial owners
  4. For the resident legal entity:
    1. Information provided by Central Bank of Belize: Section 40 of the Exchange Control Regulations

What is the homeownership rate?

Among households owning their home (with or without a mortgage), two-thirds owned the land on which the dwelling unit was located, while about a quarter had their dwellings on leased land. Land ownership ranged from a low of 53.2% in Toledo to a high of 77.4% in the Belize District (This includes Ambergris Caye). Orange Walk had the highest proportion of households on leased land at 32.3%, followed by Cayo with 30.0%.

Belize Population and Housing Census 2010 http://sib.org.bz/census-data/

Note: The next census will be in 2020.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Exclusive listings depend entirely on what the buyer and seller decide. There is no standard practice when it comes to exclusivity. The seller is the party represented.

Who pays the commission fees?

The seller pays the commission PLUS the 12.5% general sales tax (GST). The GST is tax paid on the commission. No GST on the actual real estate purchase.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

No, there are no licensing laws. Real estate agents do not need to be licensed.

Is there an MLS or other shared listings site in your country?

No, there is no MLS system. Individual real estate agents have their own websites, but there is no shared MLS.

What is the main property portal for consumer property searches?

The most commons means of property searches is through organic searches through browsers to find individual developers or real estate agents. Most real estate companies produce and maintain websites with properties that they list. In order to see the widest selection of properties on the market, it is necessary to search as many real estate websites as possible. Since there are few exclusive listings, the same properties may show up on multiple sites. In some cases, the pricing will differ for the same property. It is also common for properties that have been sold to remain on real estate websites.

Do you pay referral fees? If so what percentage of your commission do you pay?

Referral fees are generally paid by real estate agents and developers. They range between 2-5% of the purchase price.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

There are two closing dates in Belize, 1) when the buyer agrees to turn over the property to the buyer based on the payment schedule and 2) when the title is distributed.

Parties sign an agreement and decide on the payment schedule (it is recommended to use your own real estate attorney although it is not required).
Deposit is made. Note: There is no formal “Escrow” service in Belize. It is wise to deposit funds with or through your attorney handling the real estate transaction on your behalf.
Paperwork is registered with Central Bank.
Lands Department approves the transactions and the buyer receives the LRS number to confirm approval.
The title is distributed – it may take up to 18 months for the title to be produced.

Real estate agents are paid by the seller and commissions are subject to an additional 12.5% GST (General Sales Tax) on the commission amount also paid by the seller.

There is a standard 8% title transfer fee that is paid by the buyer plus lawyer/admin fees which are an additional 2-3% on average.

There is no title insurance, but there are real estate attorneys who can complete due diligence on the property to ensure there are no liens, that the property is owned by who is selling it, etc. It is highly recommended that all buyers retain an independent attorney working exclusively on their behalf.

Remember: Escrow is also not a formal practice in Belize.

Is there any other information the world should know about your real estate market?

The market is certainly growing, and all buyers are welcome to Belize! Because Belize is a common law country and English is the official language, international buyers are comfortable with the process because they understand it. While the buying process takes a little longer in Belize than in the US, it is a straightforward and streamlined system.

Bermuda

Brazil

Bulgaria

Provided by National Real Estate Association (NREA)
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

No.

Are there restrictions on property ownership for foreigners?

No. Only for the land - This ownership is allowed only for the citizens of the European Union or through a company registered in Bulgaria.

What is the home ownership rate?

About 85-88 % - actual statistics by Eurostat.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

The exclusive representation is not well developed as there is no regulation of the business in the country. But it is a practice - it could be from each one party or both of them.

Who pays the commission fees?

In Bulgaria the commission is paid by the seller or the buyer or both parties - no limit, no regulation. If one broker represents both parties he/she is free to charge each of them for commission. If each party is represented from a personal broker, each client pays to his/her representative.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

No regulation, no licensing. There is a state diploma which is not obligatory. The education can be provided by each one registered Educational center, the exams as well. But in the reality only the National Real Estate Association provides exams and serious education. The diploma is for life, as it is not a license.

Is there an MLS or other shared listings site in your country?

In the country there are several mail Real Estate portals - opened for professionals and owners as well / mixed /. There is no limit to publish ads in this portals which create a lot of problems for the professionals and ethical business.

The National Real Estate Association together with a private technology company is working on a project for professional MLS limited only for professionals and portal also limited for professionals, banks, developers and public sales. It is expected to be in action till the end of 2018.

What is the main property portal for consumer property searches?

www.imot.bg
www.imoti.net
www.domaza.bg
www.homes.bg
and the new one expected only for professionals and including MLS is www.laris.bg

Do agents pay referral fees? If so what is the commission percentage?

There is a practice for referrals but it is not common because each party pays a commission in many of the cases. It is more acceptable for collaboration between brokers working in different cities - they pay 20-30% referrals when exchange offers or clients, because it is difficult to manage the process of selling or buying if your business is not based locally.

But for the purpose of MLS the National Real Estate Association is trying to educate brokers and agents to use referrals as a good practice. It is connected as well with some market practice changes as: to educate the clients why the seller shall pay 6% commission instead of the common one of 3% and how to educate the brokers if they get referrals from co-brokers do not get commission from the client.

This process is very difficult because there is no professional regulation and already the market is in some practice. But the advantage of NREA in the last 4 years is high and we believe with the support of NAR and CEPI we will put in some regulation the professional and market relations.

We expect the new technology changes to reflect on the relations between clients and professional and NAR’s support will keep us informed on future trends and how to protect our profession and business.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

In Bulgaria the obligatory document to turn over the ownership is the notarial deed. If the property is acquired by judgement the verdict must be registered in the Notarial service structure / Registry agency. For public sale in case of bad credits or litigation the issued document also must be registered in the Registry Agency.

In Bulgaria there is no title insurance. The notary has a professional insurance.

The commission is paid as referenced above.

Additional information:

The once strong and real professional association in the country is the National Real Estate Association. All the professional members of NREA work under ethical standards which have been updated in 2018. NREA is a member of NAR, CEPI, FIABCI, IESC, Bulgarian Chamber of Commerce and Industries and has a close relationship with the Russian Guild of Realtors, АСНУ, Serbian Real Estate Cluster, and others. NREA has 26 years of history, public respect, journalist and institutional support and international positive reputation. Our members growing and we try to educate them in more ethical practice.

C

Expand all

China

Colombia

Provided by FEDELONJAS
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

For citizens of Colombia, the following restrictions are in place on property and land:

Constitutional “Social Function” preeminence of Private Property:
- The government can use eminent domain to private property owners to replace for a service that fills a social need.
Constitutional “Ecological Function” preeminence of Private Property
- There is high regard when a builder is proposing any type of residential or commercial project to prevent and protect fauna and flora damage.
Constitutional protection of indigenous and black traditional “rooted” peoples
- There is the need to engage in formal previous consultations with tribes and rooted peoples in projects that affect tribal land or sacred places.
Land can also be temporarily seized in times of war.
Land Development Plan
- There are regulations based on zoning, land use and restrictions for any type of construction.
Easement lien
- Two types of easements, government related services need, and easement liens.
Mortgages
- Colombian culture is to pay cash to purchase properties although this is changing. More homeowners are getting mortgages to acquire property, but pay them off in less than 10 years. New properties offer 80% loan, used properties 70%.
Protection to family housing
In Colombia family protection prevails over any type of property foreclosure on the homestead property if there are kids 18 years or less.
In Colombia we have one main type of residential governing body which is horizontal property. Individual rights are limited in this commonality.

Are there restrictions on property ownership for foreigners?

In Colombia a foreigner has no restrictions when they buy property.
The sale proceedings have no additional taxes, are the same as any Colombian citizen.

What is the home ownership rate?

Housing Trends	# of Households	% of Households
Total	14.100.159	100%
Rural	2.974.127	21.1%
Urban	11.126.391	78.9%
Own	4.885.226	43.9% (34.6%)
Rentals	4.908.346	44.1% (34,8%)
Other type	1.332.819	12.0% (9,5%)

Source: DANE - ENCV 2015. Cálculos: Economía Urbana.

Is there exclusive representation in Colombia? Who is the party represented (buyer, seller, both)?

In Colombia there is a tradition of having no exclusive representation and a homeowner or seller can engage any number of agents to promote the sale of their property, however, FEDELONJAS implemented in 2018 the official MLS, and is trying to educate agents and local Associations to spread the word and promote the benefit of the MLS, which involve exclusive agent representation and commission sharing.

Generally, seller is the party represented.

Who pays the commission fees?

In general, the commission is paid by seller, but decision about who pays the commission fees is totally contractual.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Nowadays, there are not licensing laws to regulate the real estate industry, except for leasing agents for urban housing. FEDELONJAS is working with the different regions to define a general bill to present to congress and lobby for a real estate´s licensing law. This effort will require cooperation not only from the local associations, but also from NAR and other international allies.

Is there an MLS or other shared listings site in Colombia?

Yes, Fedelonjas and Realty Server implemented and created the website www.mlsinmobiliario.com.co, in which information is shared between real estate agents and brokers from different cities.

What is the main property portal for consumer property searches?

There are several portals used in Colombia for the purpose of consumer searches, the two most used are www.fincaraiz.com and www.metrocuadrado.com.

Do agents pay referral fees? If so what is the commission percentage?

Yes, until 50% of commission for agents in our MLS system. For international agents who refer a client varies from 10 to 25%.

Describe the real estate transaction process in Colombia. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Colombia uses a registration of deed system. The first step to assure the property title is clean, is to get the property´s record certificate or "Certificado de Tradicion y Libertad," which is a government official document for title. With this information, the contract is negotiated, and the execution of the deed takes place at a Notary Public, which in Colombia are run by attorneys and only authorized for executing property deeds. Closing happens when the deed is recorded in the official property record.

Commissions are paid either at the contract of the Promise to Sell or the property deed, with the initial payment, or can be negotiated by the parties involved.

Additional Information:

The following data should be highlighted:

44% of urban households live in leased housing
the average number of people per family is close to 3
the number of property purchase transactions is close to 800,000
the government offers subsidies for affordable housing programs through projects and is very efficient. These programs work directly with government or a similar figure as Federal Credit Unions regulated for the purpose of these assistance.

Costa Rica

Provided by Costa Rica Chamber of Real Estate (CCCBR). Published and accurate as of September 2019.

Are there restrictions on property or land ownership for citizens of your country?

No

Are there restrictions on property ownership for foreigners?

No

What is the home ownership rate?

In the GAM (Gran Metropolitan Area) from $150,000 and up. A typical 2 bedroom, 2 bathroom apartment goes from $150,000 in towers to $1M depending on the area and finishes.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Yes. Mostly the seller. We also have buyer’s representation, but not used frequently.

Who pays the commission fees?

The seller.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Since our new Tax law this year, the government, specifically MEIC, requires all real estate brokers to register with SUGEF (General Superintendent of Financial Institutions), to have a digital signature and to report to Treasury every month, whether you have made sales or not.

Is there an MLS or other shared listings site in your country?

Yes. We have PROXIO, but it is not used properly. We are working on making it better and more effective.

What is the main property portal for consumer property searches?

Through our own websites.

Do you pay referral fees? If so what percentage of your commission do you pay?

From 10% to 50% depending on how involved the referral broker is in the real estate transaction.

Describe the real estate transaction process in your country.

Purchase Process

Most of it is priced in US Dollars.
Down payment: usually is the 20% of total sale price.
The “closings” are short (it could be done in a couple of days).
Due diligence of property are done. Signing of the papers is done only through a public Notary, registered in the “Dirección Nacional de Notariado” in Costa Rica. (National Registry of Notary Public).
Assets may be owned in Corporations. Selling or buying may be done by transferring shares of the corporation. (Session of shares).
Inscription of property is done in the Public Registry. The National Public Registry is where all properties in Costa Rica (whether titled or concession) should be registered in the Public Registry, known simply as the “Registro” where they are able to confirm the history or title chain and determine if there are any restrictions, encumbrances or liens. Avoiding the purchase of unregistered property is strongly advised.

A considerable number of Foreigners invest in cash and also financial lending is available. Some private banks give financing for foreigners.

Closing Costs

Transfer taxes plus closing: 3% to 4% of the total sale of the property.
1.25% for the notary to register the property in the National Property and perform closing duties.
1.5% in government stamps and fees if you do a share transfer (that is, you assume the shares of an already established corporation that holds/owns a property).
2.4% in government stamps and fees if you purchase a property in your own name or in the name of your own corporation.
Escrow fees commonly apply if you're going to use a third-party escrow such as Stewart Title. This is usually split between Buyer and Seller.
Closing costs are usually shared by Buyer and Seller. Sometimes the Buyer is expected to pay for the 1.25% notary fee as this document is mostly on the Buyer's behalf. The other 1.5% (share transfer) or 2.4% (property transfer) may be shared equally by the Buyer and Seller. This is subject to negotiation.
Honorary fees for direct sales: 1.5% of the sale price. The legal fees are the same in the case of a direct sale of session of shares. If buying the Corporation, it is required to do a due diligence.

Taxes

Costa Rica only taxes income that is generated within the national territorial boundaries (domestic source or “source income”): it does not tax based on residence or citizenship. Regular income tax is between 25% and 30%. Property taxes in Costa Rica are in general very low - only .25% of the registered property value. Some high-end properties are subject to a Luxury Tax ranging from .1 to .25% depending on the property's size and features. Currently, taxes and fees for the purchase of the property and for the transfer of shares are the same.

Is there any other information the world should know about your real estate market?

The following is data presented at CILA Conference in Uruguay 2019:

Average construction cost in dollars per square meter in horizontal and vertical residential:
- From $700 to $850 per m2 in the Gran Metropolitan Area.
- From $600 to $2.000 per m2 in Guanacaste and Puntarenas; coastal areas in the Central Pacific.
Value in dollars per square meter for sale in horizontal and vertical residential.
- From $1.200 to $2.300 per m2 in the Gran Area Metropolitana
- From $1.000 a $4.000 per m2 in Puntarenas and Guanacaste, coastal areas in the Central Pacific.
Value in dollars for monthly rentals in horizontal and vertical residential.
- From $800 to $5.000 per m2 (depending on location and if it is furnished or not) in the Gran Area Metropolitana.

$450 a $2.000 en Puntarenas y Guanacaste, coastal areas in the Central Pacific.

Value in dollars per M2 in commercial construction (offices and warehouses)
- From $800 to $1,800 per m2 in the Greater Metropolitan Area.
- From $1,000 to $1,700 per m2 in Puntarenas and Guanacaste, coastal areas in the Central Pacific.
Value in dollars per M2 commercial sale.
- $1,800 to $3,000 per m2 in the Greater Metropolitan Area.
- $500 to $2,000 per m2 in Puntarenas and Guanacaste, central Pacific coastal areas
Value in dollars of monthly rental for offices and warehouses.
- From $15 to $23 per m2 in the Greater Metropolitan Area.
- From $500 to $3,500 monthly in Puntarenas and Guanacaste, coastal area of the Central Pacific
Housing deficit (July 2019) estimated in the number of units.
- Deficit of 32,000 housing and another 281,000 homes to be fixed.
PIB (Growth Domestic Product).
- 57.06 thousand of millions USD (2017) PIB: Debt per capita is of 5,083 euros per habitant - $5,742 dollars per habitant.
Number of Inhabitants.
- We've just reached 5 million people.

Investment Opportunities in Costa Rica

Costa Rica has become a very attractive place for retirees, expats, and investors. We are sensing a shift in Costa Rica’s position in the investment world. It is moving up to “First World” stature as a destination for capital, as well as people. It is not just individuals or developers investing in Costa Rica now. Big dollar capital funds and institutional investor (insurance companies) are looking our way now. They see the safety and stability of Costa Rica. Chinese involvement is adding further stability to this market, which helps all other investors. Costa Rica is already heavily favored by the United States, and now both the world’s two largest economies are behind our country at the same time.

The opportunity to “park” capital in land has never been greater. Land prices have not really recovered from the crash, and there are few local buyers, so foreigners with cash can get very good deals for large parcels. There are investment opportunities in free zones, beach, properties in rural and urban areas, agricultural and Free Trade. Property types are residential, commercial, land, and developments. There are a lot of wonderful opportunities to purchase in different parts of Costa Rica. There are excellent options at the beach in the Pacific and the Atlantic coasts as well as in the cities surrounded by mountains, valleys, and rivers.

Free Zones: These are industrial parks or zones that have been created to attract companies to the country. The central incentives are exemptions and tax cuts. Waivers are on income tax for an initial period of 8 years. Such companies have exported in Costa Rica US$3.179 million in 2015 which corresponds to 47% of the value of total sales in the country. There are 313 companies in this system, placing Costa Rica in fifth place in Latin America, generating 77,944 direct jobs.

Czech Republic

F

Expand all

Finland

Provided by the Kiinteistonvalitysalan Keskusliitto ry / Union of Real Estate Agencies in Finland (KVKL)

Published and accurate as of October 2019

Are there restrictions on property or land ownership for citizens of your country?

As of January 1, 2020, a new law enters into force concerning the right of preemption of the State of Finland in certain strategic areas. This implies all real estate transactions in buffer zones, currently about 500 on an annual basis. With the reform, the State can ultimately resort to its right to expropriate in the name of national security.

In Finland also any municipality can, under certain conditions, use its right to expropriate.

However, these measures only apply to property (land and buildings), not apartments which in Finland are legally speaking shares in a housing company.

Are there restrictions on property ownership for foreigners?

As of January 1, 2020, there is also a new law being implemented restricting foreign citizens’ rights to obtain property. This Act imposes a requirement for a permit from the Ministry of Defense to buy property in Finland.

The following will need a permit:

A private person without citizenship in an EU or EEA country,
An organization based outside an EU or EEA country,
Organization where a person or organization mentioned in either points 1) or 2) has at least 10 % of ownership or equivalent real influence.

Note that these measures only apply to property (land and buildings), not apartments (condominiums) which in Finland are legally speaking shares in a housing company.

What is the home ownership rate?

Approximately 70%, according to Eurostat.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Usually, only the seller makes a commission. Buyers in Finland do not use representatives.

Commissions by the buyer have lately become more popular especially in areas of high demand, but it has not yet formed a culture in the field of real estate.

According to Finnish law, the agency is obliged to “take into account the interests of both parties”, which can be challenging at times.

Who pays the commission fees?

According to law, always the commissioner – which in the majority of the cases is the seller.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

The law regulates businesses in the first hand and requires that a licensed company nominates a responsible manager with several requirements filled, among which is a so-called LKV competence: licensed real estate agent or certified broker. Apart from that, at least half of the staff engaged in real estate commissions need to have that specific LKV competence.

Otherwise, there are no minimum requirements for basic education nor renewal or continuing education – yet. This is where Finland is different from the other Scandinavian countries.

Is there an MLS or other shared listings site in your country?

No, but it is currently being examined.

What is the main property portal for consumer property searches?

We have two main portals (www.etuovi.com and www.oikotie.fi). Agencies generally use both when advertising their listings.

Do you pay referral fees? If so what percentage of your commission do you pay?

Due to competition law, the Central Federation cannot comment directly on fees or level of commissions.

Finnish law forbids double commissions within one and the same agency, so colleagues cannot charge twice the commission if one finds a buyer for another one’s listing. However, this is not a problem with competing agencies. Agents can agree to split the commission.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

For the property (land, buildings): a bid is not binding unless verified by a public purchase witness, or unless the document is generated in the electric service portal of The National Land Survey of Finland (register authority).

Often an inspection is conducted before the final transaction, separate insurances do not exist.

The contract of sale must always be in a specified form and it always requires a public purchase witness to verify it – or the document must be generated in the electric service portal of The National Land Survey of Finland (register authority).

As for the shares in housing companies (apartments), the process is less formal and general principles of contract law apply. There is no need for public purchase witness.

Currently, the National Land Survey has started to collect information on shareholders of all housing companies in Finland. The register authority will eventually possess full information of ownership of apartments as well as that of property.

The commission fee is paid by the commissioner – as a rule, the seller – to his or her agent when the contract is being signed. This process is similar also in digital transactions. It is rare to have an agent representing the buyer.

The property can be turned over upon the signing or upon agreement. It is common that the contract of sale decrees on the terms of occupancy of the house or apartment. Possession (ownership) is typically transferred upon signing (except when terms in payment apply), but often there is a delay in turning over the house or apartment with a few weeks or even up to several months.

Digital transactions of property and shares are possible already now and awaited to increase rapidly in the coming years.

Is there any other information the world should know about your real estate market?

In Finland, the market has been very stable year in, year out. Real estate agencies are annually involved in approximately 60 000 transactions, corresponding some 75-80 % of all; a bit less often in case of apartments/condominiums (legal shares in housing companies) than in selling villas or land (where regulation is different and more demanding).

Polarization is changing the landscape rapidly and there are only a few larger city areas that are predicted to grow in 2040, mainly the capital area around Helsinki, Turku, and Tampere. Population is not growing and from 2030 onwards predicted to decline due to record-low nativity rate and modest immigration. This is a political issue already now on the coalition government’s agenda.

Digital transactions are gaining ground fast. That offers also opportunities for brokers to better serve their clients by organizing contract signing ceremonies outside office hours and walls and cuts remarkably the penetration time from agreement to closing the sale.

France

Provided by FNAIM (French National Real Estate Federation)
Published and accurate as of February 2019

Are there restrictions on property or land ownership for citizens of your country?

There is property taxation (transfer taxes, property tax, condominium fees for apartments, taxes on rental income for rental investments, taxes on the added value for second homes, taxes on real estate wealth).

Are there restrictions on property ownership for foreigners?

There is no restriction for foreigners who want to buy in France.

What is the home ownership rate?

According to INSEE, as of January 1st, 2016, 57.8% of French households are owners of their home. More precisely, 37.9% have finished paying their housing, and 19.9% are still paying for it.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

The exclusive mandate exists, but it is rarely (around 10% of the time) chosen by the seller. Sellers and buyers are both represented.

Who pays the commission fees?

In France, real estate agency fees can be either the responsibility of the seller or the responsibility of the buyer. In both cases, they are added to the property price that the buyer pays, so in the first case the buyer pays the price + the fees directly to the seller, who will give the fees to the agency. In the second case, he or she will pay the price to the seller and the fees directly to the agency all by him or herself. This doesn’t change anything for the seller but the second case is the better one for the buyer. Indeed, he also has to pay notary fees that are calculated on the price of the property. In the first case, this price includes the commission fees. In the second, it doesn’t.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Reply: Yes, real estate agents must hold a professional card (the absence of a business card exposes them to a 6- month prison sentence and a € 7,500 fine). A financial guarantee is in principle compulsory for real estate agents who hold funds, securities or securities for their clients (a security deposit, for example), except their remuneration or commission. Finally, a continuous formation of a minimum duration of 14 hours per year (or 42 hours during 3 consecutive years of exercise) is mandatory for real estate professionals holding professional real estate professional cards, people who manage an agency, employees and sales agents employed as real estate negotiators.

Is there an MLS or other shared listings site in your country?

There is Bien'ici, which regroups several companies, networks and unions, including FNAIM. However, most real estate ad sites are private, and are managed by private companies.

What is the main property portal for consumer property searches?

As real estate market is very heterogeneous in France, there is no real main portal for consumer property searches.

Do you pay referral fees? If so what percentage of your commission do you pay?

The agency doesn’t pay any notary fees, only the buyer does. The buyer pays a percentage of the price of the property; 8% if it is an old property and between 2 and 3% if it is a new property.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

The buyer makes a purchase proposal to the seller. If the seller accepts it, he agrees with the buyer: the sale is reserved for him, but he will only get the keys the day of the final signature / closing. The real estate sale has to take place at a notary office. A promise to sell (or before contract) is signed approximately 2 months before the final sale. During this time, the buyer has to find a way of financing the property. Real estate agent only intervenes if the seller or the buyer has used his services, which is the case most of the time.

Is there any other information the world should know about your real estate market?

The French real estate market is very heterogeneous and can be segmented into a multitude of submarkets or even micro-markets. On a national scale, 2017 and 2018 have been very dynamic years in terms of activity and price levels. However, these submarkets are generally linked to very different geographical situations, with some of them slowing down

or even decreasing, as others are still in their expansive phase. Despite big cities like Paris, Marseille or Lyon, there are more houses than apartments in France, which is due to the historical structure of the country. Most homeowners have finished paying for them. A large majority of properties are old and being renewed, with the State encouraging in many ways. According to INSEE, 16.8% of households live in public housing.

Additional Information

FNAIM’s Real Estate Market Report as of January 2019 looking back on the 2018 Market.

G

Expand all

Georgia

Greece

Provided by Hellenic Association of REALTORS® (HAR)
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens?

Most properties in Greece have no time limit on the period of ownership («Freehold ownership»). Most parts of the country are officially recorded in the Cadaster.

Properties and building in Greece are designed and built based on the European standards and regulations regarding earthquake-resistant construction.

Are there restrictions on property ownership for foreigners?

The property market in Greece is fairly straightforward. According to the Law, foreigners regardless of nationality, can buy properties in most locations. Property buying restrictions apply only in border areas (East Aegean, Dodecanese Islands, Crete, Rhodes, regions of northern Greece) for citizens of countries outside the European Union who have to apply to the Prefecture Council for a buying and selling license, which is provided after a background security check of the applicant.

As an EU Citizen, in case you wish to purchase property in a border area (East Aegean, Dodecanese Islands, Crete, Rhodes, regions of northern Greece), issuing a temporary residence permit (Blue Card) is required. The application may be submitted by you or an authorized lawyer at the local police station. The Blue Card is a standard procedure for all EU nationals.

As a non-EU Citizen, restrictions apply only in border areas (East Aegean, Dodecanese Islands, Crete, Rhodes, regions of northern Greece), according to Law 1892/1999. To make the purchase, you should contact the local Prefecture Council to issue a purchase permit. Please note that the permit will be issued following a background security check on the applicant. Prerequisites documents to purchase property in border areas for citizens of countries outside the European Union.

*To purchase property in other regions of Greece, you do not need any special permission.

What is the home ownership rate?

Home Ownership Rate in Greece decreased to 73.30 percent in 2017 from 73.90 percent in 2016. Home Ownership Rate in Greece averaged 75.43 percent from 2003 until 2017, reaching an all-time high of 77.20 percent in 2010 and a record low of 73.30 percent in 2017.

Source: EUROSTAT

Is there exclusive representation in Greece? Who is the party represented (buyer, seller, both)?

In Greece there are two types of representation:
A). Exclusive
B). Non-exclusive, more common

*Brokerage firm may represent both parties - Dual Agency (might have two separate agents at the same RE brokerage firm). Not obliged to disclose in writing.

Who pays the commission fees?

Commission is usually payed by both parties on the actual sales value, for purchase 2 – 3% plus 24% VAT or only by seller 4 – 6% plus 24% VAT.

Landlord/Tenant - Commission is usually payed by both parties on the actual value; one month’s rent plus 24% VAT.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Articles 197 – 204 of Law Ν. 4072/2012 (ΦΕΚ Α 86/11.04.2012), and articles 703 - 707 of the Greek Civil Code are the governing regulation for the licensing of Real Estate profession.

Education and exams are not required neither is renewal.

Is there an MLS or other shared listings site?

At this time there is no MLS in Greece since most listings are not exclusive. However, HAR members seek to exclusively represent sellers and buyers.

What is the main property portal for consumer property searches?

There are two main property portals in Greece:

Do agents pay referral fees? If so what is the commission percentage?

Yes. Two Brokerages can cooperate bilaterally by signing a Referral Form (referral fee is up to 30%) or Cooperation Agreement (commission split 50% - 50%).

Overview: Real Estate Transaction Process

Transaction Process:
- Find your property or an investment opportunity
- Hire a Lawyer
- Hire an Architect / Civil Engineer
- Hire a Notary
- Hire an Accountant
- Open an account in a Greek bank
- Pay taxes (Property Transfer Tax)
- Sign the Initial Agreement-to-Buy and The Property Transfer Contract
- Land Title Registry, Cadaster and Property Transfer
- The purchase process is usually completed in 6-8 weeks
The property is turned upon signing The Property Transfer Contract. In Greece there is no Title Insurance, as in the US. Please do not hesitate to contact us for any further information.
Commission is usually paid by both parties if not agreed differently

For sale on the actual sales value for purchase 2 – 3% plus 24% VAT or only by seller 4 – 6% plus 24% VAT.
Landlord/Tenant - Commission is usually paid by both parties on the actual value; one month’s rent plus 24% VAT.

Purchase Expenses

FMA (Property Transfer Tax) - FMA 3% and is calculated by the notary based on the property value referred to in The Property Transfer Contract, and is paid at the tax office prior to signing The Property Transfer Contract. For newly constructed buildings if the construction permit was issued after 31.12.2005, the FMA is converted to 24% VAT.

Lawyer: The lawyer's fee amounts to 0.5 - 2%, calculated on the property value.
Notary: Notary costs amount to an average rate of 0.65 - 1.2%.
Land Deed Registry: The expenses of Land Deed Registry amounts to 0.475% of The Property Transfer Contract value.

Additional Information:

*From 2013 and 2014 significant foreign investments were realized, due to the attractiveness of Greek asset prices, the willingness of Greece to recover its economy and the Return on Investment potential (Investment Law «Fast»).

http://www.enterprisegreece.gov.gr/default.asp?pid=167&la=1

Incentives for Real Estate investors include the provision of long term Residence permit for investment above a certain threshold which is the second lowest in Europe, (250.000 €, ) more details for Schengen visa on Greek official webpage: http://www.enterprisegreece.gov.gr/files/Pdf/2015/residence_permits_july_2015/Residence_permits_guide_July2015_en.pdf

H

Expand all

Hungary

I

Expand all

Indonesia

Ireland

Israel

Italy

J

Expand all

Japan

Provided by JARECO
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

No, there are no restrictions.

Are there restrictions on property ownership for foreigners?

There are no restrictions for foreigners to own real estate and foreigners have the same rights as Japanese do. However, Japanese law allows government to set restrictions for foreigner ownership at the same level as the foreign country’s foreigner ownership rule. It is written in Japanese “Foreigner Land Law” but the rule has never applied.

What is the home ownership rate? (Please cite source of data if possible)

According to the survey in 2013 by the ministry of statistics, the home ownership rate in Japan is 61.7%, the number of owned home is 3.2 million. 35.5% borrows home from home owner.

For more information, look to page 7 in the following: http://www.stat.go.jp/data/jyutaku/2013/pdf/kgiy02.pdf

Is there exclusive representation in Japan? Which party is represented (buyer, seller, both)?

There are 3 types of representation on Japanese real estate law. The more exclusive, the more responsibility and duty for the real estate agent.

Contract Type	Registration to REINS	Activity Report	Ask other companies	Find Buyer by Seller-self
Senzoku-Sennin	In 5 workdays	1 time/week or more	X	X
Sennin	In 7 workdays	1 time/2 week or more	X	Possible
Ippan	Not necessary	Not necessary	O	Possible

It is common to conclude Ippan mediation contract when buyers ask for help in finding a home. For sellers, it depends how they want to advertise their property. The more a contract type is loose, the more the property is spread.

Who pays the commission fees?

Buyers pay the fee to buyer’s broker, and sellers pay to seller’s broker. In Japanese real estate transaction law, the commission fees are regulated as “3% of transaction price + 60,000 ￥ + Tax (current consumer tax rate is 8%）at maximum.

If a broker represents both buyer and seller’s side, the broker can take 6% + 120,000 ￥ + Tax at maximum. Representing both sides is legal in Japanese real estate transaction law.

e.g.) Price=10,000,000￥; Commission Fee= (10,000,000*3%+60,000)*8% ＝ 388,800 ￥

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

The Japanese broker’s license needs to be updated every 5 years. In order to update broker’s license, you need to participate in a 5-hour class with curriculum determined by government. The class costs about 100$, and costs 50$ to republish broker license card. In Japan, the broker license card is necessary because you need to bring the broker license card when you explain important information about a property. Some real estate companies pay for the cost because it’s necessary for them as well.

Is there an MLS or other shared listings site in your country?

Yes. “REINS (Real Estate Information NetWork Systems)” is a shared listing system for Real Estate agents. REINS are operated by institutions that are authorized by the Japanese government. There are 4 REINS operators in Japan divided by area. An agent becomes a member of REINS through his/her RE association.

Note: Although REINS is designed as an MLS system, it does NOT function as a search engine for professionals due to lack of data integrity and policing (not as strong as MLS).

What is the main property portal for consumer property searches?

Property Portal sites are popular in Japan. The top 3 portal sites are:

Do agents pay referral fees? If so what is the commission percentage?

Yes, the referral fee is determined by the individual agent/broker.

Overview: Real Estate Transaction Process

Advertising (via REINS, Portal sites, open house etc.)
Purchase application (buyer’s name, asking price, asking condition, term of validity etc. are written.)
Negotiate the terms and conditions
Sign in contract
Payment
Registration

Additional Information:

Japanese construction cost is gradually increasing due to construction demand caused by serial natural disasters and TOKYO Olympics. According to the ministry of land, infrastructure, transport and tourism, general construction cost increased up to 110% of 2011’s price.

K

Expand all

Korea

Provided by Korea Association of Realtors
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

In principle, there is no restriction on ownership for citizens.

However, Laws and ordinances of government restrict what you can do with the real property or land that citizens own.

원칙적으로, 소유 제한을 하지 않는다.

하지만 정부의 법률 및 조례는 시민이 소유하고 있는 부동산으로 할 수 있는 일을 제한한다.

Are there restrictions on property ownership for foreigners?

In principle, there is no restriction on ownership for citizens.

For foreigners, it is required to obtain permission for the military facilities and protection facilities.

외국인 토지 및 부동산 소유 제한법

원칙적으로 소유 제한을 받지 않는다.

외국인에 대해서는 군사시설 보호시설 등에 대해서는 허가를 받아야 한다.

What is the home ownership rate?

Based on the nationwide average, the ratio of self-ownership in 2015 is 56.8%

(For more information, please look thorough the below information)

전국적으로, 2015년 자가점유율은 56.8%이다.(첨부자료 참조)

Is there exclusive representation in Korea? Who is the party represented (buyer, seller, both)?

Both buyer and seller

매도자와 매수자 둘 다

Who pays the commission fees?

Both buyer and seller pay the commission fees of each real estate agent.

매도자와 매수자 모두 각 중개사에게 보수를 지급한다.

Are there licensing laws/government regulations of the real estate industry? If so, what are the renewal/ continuing education requirements?

Any person who intends to be a certified real estate agent shall pass a qualifying examination for licensed real estate agents administered by a Mayor/Do Governor.

Representative licensed(certified) real estate agents who has brokerage registration number are required to take the in-service training every two years.

Employed certified real estate agents are required to take the in-service training every two years.

Brokerage assistants are required to take the job-training within one year before the employment date.

공인중개사가 되려는 자는 시ㆍ도지사가 시행하는 공인중개사자격시험에 합격하여야 한다.

등록번호가 있는 대표공인중개사는 2년마다 연수교육을 받는다.

소속공인중개사는 2년마다 연수교육을 받는다.

중개보조원은 교육날짜 1년 이내에 직무교육을 받는다.

Enforcement Decree of the Licensed Real Estate Agents Act

Article 28 (Education, etc. of Practicing Licensed Real Estate Agents) (1) Curricula and hours of in-service education under Article 34 (1) and (2) of the Act shall be as follows: <Amended by Presidential Decree No. 25522, Jul. 28, 2014>

Curricula of education: Knowledge of laws, real estate brokerage and management practices, professional ethics, etc. necessary to perform duties of a practicing licensed real estate agent and affiliated licensed real estate agent;
Hours of education: At least 28, but not exceeding 32 hours.

(2) Curricula and hours of job training under Article 34 (3) of the Act shall be as follows:

Curricula of education: Professional ethics, etc. necessary for a brokerage assistant to perform his/her duties;
Hours of education: At least three, but not exceeding four hours.

(3) Curricula and hours of training under Article 34 (4) of the Act shall be as follows:

Curricula of education: Changed matters in the laws and systems related to the real estate brokerage, practices of real estate brokerage and management, professional ethics, etc.;
Hours of education: At least 12, but not exceeding 16 hours.

(4) In conducting training education under Article 34 (4) of the Act, a Mayor/Do Governor shall notify the persons subject to education of the date and time, place, contents of such training, etc. by not later than two months before two years elapse after receiving in-service education or training education. <Amended by Presidential Decree No. 25522, Jul. 28, 2014>

(5) Guidelines for education under Article 34 (5) of the Act shall include the following:

Objectives of education;
Persons subject to education;
Subjects and hours of education;
Qualifications of instructors;
Tuition fees;
Educational management, such as registration for courses, confirmation of attendance or absence, assessment of education, and issuance of certificates of completion of education;
Other standards and procedures necessary for conducting balanced education.

[This Article Wholly Amended by Presidential Decree No. 25372, Jun. 3, 2014]

Is there an MLS or other shared listings site in your country?

KAR(Korea association of Realtors) operates ‘Hanbang’ website and mobile app.

한국공인중개사협회에서는 한방 웹사이트와 모바일앱을 운영하고 있다.

What is the main property portal for consumer property searches?

There is ‘Hanbang’ website operated by the KAR.

‘Naver’ and ‘Daum’ are commonly used as property website.

한국공인중개사협회에서 운영하는 한방 웹사이트가 있다.

다움과 네이버가 보통 사용된다

Do you pay referral fees? If so what percentage of your commission do you pay?

No.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

There is no title insurance. However, a practicing licensed(certified) real estate agent shall subscribe to a mutual aid to guarantee for damage compensation liability, referred as defects in transaction. (Only, more than 100million won and within the ceiling amount that agents subscribe to.)

Request for real estate transaction
Analysis on real property titles.
Seek for a party
Price compromise
Contract completion.
Ownership alienation.

권원보험은 없다. 그러나, 개업공인중개사는 중개사고를 보장하기 위하여 공제보험에 가입한다.(단, 중개사가 가입하는 한도금액 내이며 1억원 이상이어야한다.)

Additional information on the Korea real estate market:

There is no involvement of attorneys throughout the real estate transaction deal.

중개계약과정 전반에 변호사의 개입이 없다.

Licensed Real Estate Agents Act

Article 2 (Definitions)

The definitions of the terms used in this Act shall be as follows: <Amended by Act No. 12374, Jan. 28, 2014>

The term "brokerage" means mediation of sale, exchange, lease, and other gain, loss and transfer of titles between parties to a transaction concerning the objects of brokerage as provided for in Article 3;
The term "licensed real estate agent" means a person who has obtained a real estate agent's license under this Act;
The term "brokerage business" means a business of brokerage run for compensation at another person's request;
The term "practicing licensed real estate agent" means a person who has completed a registration of the establishment of a brokerage office under this Act;
The term "affiliated real estate agent" means a licensed real estate agent who is affiliated with a practicing licensed real estate agent (including any practicing licensed real estate agent who works for a practicing corporate licensed real estate agent as its employee or executive) and performs the brokerage business or assists the practicing licensed real estate agent;
The term "brokerage assistant" means a person affiliated with a practicing licensed real estate agent, who conducts uncomplicated services incidental to the practicing licensed real estate agent's brokerage business, such as leading clients over the places where the objects of brokerage are located, conducting general affairs, etc., without holding a real estate agent's license.

L

Expand all

Latvia

Are there restrictions on property or land ownership for citizens of Latvia?

There are no ownership restrictions in this regard for citizens, yet property development restrictions apply in certain protected areas.

Are there restrictions on property ownership for foreigners?

There are restrictions and certain requirements regarding agricultural land and forested areas.

What is the home ownership rate?

The latest statistics state it is ca.80% in 2016 according to Eurostat

Source: Eurostat

Is there exclusive representation in Latvia? Who is the party represented (buyer, seller, both)?

Normally, the exclusive representation is signed for seller.

Who pays the commission fees?

Normally, it is paid by the seller yet it depends on agreement between the involved parties.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

So far there are no licensing laws or regulation of the real estate industry or real estate agent’s activities, except for the Commercial Law applying to business entities in general.

However, an agent may become a member of the local professional association LANIDA, take the exam voluntary and get a real estate agent certificate yet, sadly, this fact does not bring many privileges over uncertified middlemen who damage reputation of the professionals. Therefore it is a struggle for realtors and urges a regulation.

LANIDA arranged a work group of the leading market professionals to develop and submit a proposal of a licensing law project to the government, and awaits response from the government.

Is there an MLS or other shared listings site in your country?

Normally, real estate agents use two property portals for property advertising, cooperate gladly and share the commission when it comes to a so-called shared transaction between the seller’s and the buyer’s agents.

Several years ago, there was an attempt to introduce MLS in Latvia. Being a new practice to the recently developing market (it has a history of 27 years only at present), MLS failed in Latvia as the people hardly accepted exclusive representation and many sellers helped themselves (and still do so) for the sake of saving on commissions to agents. It is still a struggle in Latvia to change people’s mindset in this respect though trust in real estate agents grows and involving reputable representatives in property selling process is a more frequent practice now.

What is the main property portal for consumer property searches?

www.ss.com

www.city24.lv

Do agents pay referral fees? If so what is the commission percentage?

Yes, we do. Agreement with a referral agent can be signed for up to 25% of our commission.

Overview: Real Estate Transaction Process

In Latvia, the real estate transaction procedure includes the following basic steps after the buyer has said “yes”:

Down payment agreement between the seller and the buyer (10% deposit in cash or by wire-transfer)
Escrow account agreement (in many cases, the buyer has the necessary amount of money) and/or…
… mortgage agreement (if the buyer needs to borrow from a bank).
Sales contract
Application for title registration witnessed by a notary public
Registration of the Buyer’s title and mortgage
Final settlements between the parties
Commission is paid by the seller to the real estate agent
Conveyance of the property to buyer

Is there any other information the world should know about your real estate market?

Having survived the economic boom, the bubble burst and the global crisis that hit ten years ago, the Latvian real estate market has come to a convincing stability with a moderate growing trend over the recent years. Now, the market situation is favourable for investors as the market still develops, and the real estate prices are fair. Investors have certain allowances, and there are favourable requirements to get a Schengen residence permit through buying real estate or investing not only in real estate but in business in general.

Lebanon

Lithuania

M

Expand all

Mexico

N

Expand all

Netherlands

Provided by Dutch association of Real Estate Brokers and Real Estate Experts (NVM)
Published and accurate as of October 2019

Are there restrictions on property or land ownership for citizens of your country?

No.

Are there restrictions on property ownership for foreigners?

No.

What is the home ownership rate?

About 52%.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Yes there is. Legally you are allowed to represent only one party.

Who pays the commission fees?

The seller pays his own agent and the buyer pays his own agent.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

No, being a REALTOR® is not a legally protected profession. NVM has its own regulation, code of ethics, educational demands, tort law, etcetera.

Is there an MLS or other shared listings site in your country?

Yes, www.funda.nl. It is owned by the NVM.

What is the main property portal for consumer property searches?

See above.

Do you pay referral fees? If so what percent of your commission do you pay?

No.

Is there any other information the world should know about your real estate market?

Please see the Q&A below.

Netherlands real estate information

Agents

Who can become an agent?

Anyone can start a Real Estate Broker Agency. There are no legal rules or obligations to become an agent. However, the NVM has its own regulations in order to become a member of the association. These regulations, among others, consider:

Education
Registration in the right registers. There’s a register for real estate brokers called “VastgoedCert” and a valuation register called “Nederlands Register Vastgoed Taxateurs (NRVT)”
You have to pass a practice test, called “praktijktoets”
You have to conform to the NVM code of conduct, called “Erecode”.
Prohibition to trade in Real Estate for your own benefit.

Do agents need to be licensed? Specific education requirements?

See the answers above.

Do they need to work under the sponsoring broker? How agents (buyer's and seller's sides) are compensated?

Broker/Agent collaborations are not the same as in the US.
Brokers mostly don’t work with agents. They are brokers and agents at the same time. There are brokers/company owners with brokers as employees.
There are also brokers who are working with local agents. This is an emerging development.

Do they need to belong to any organizations?

No, there are no obligations for Real Estate Brokers to be a member of any organization.

To be able to hand off validations that are accepted by the banks, you have to have a registration in the NRVT register and your validations have to be validated by one of the four validation institutes.

What agency laws need to be followed? Is dual agency allowed?

The most important legislation is the prohibition of dual agency. You are a broker who is selling the property for his/her client, or you are a broker who is advising in buying a property.
Appraising cannot be done by the selling broker. It has to be done by an independent appraiser on behalf of the buyer or the bank.

How do agents handle showings?

Only the selling agents can show a listing. The only exception is when the seller has agreed to work together with another agent. To be able to do so, there has to be a signed sales order from the seller with both agents.

MLS

Is there an MLS? One or many? Where do you look for properties (sources)?

There are multiple sites where you can place a selling ad.

The dominantly leading website is www.funda.nl , owned by the NVM.

Non-NVM members are also able to place ads on funda.

How are properties appraised?

See answers above.

Market Trends

What are the recent trends on the market: residential, commercial, leasing?

2017 and 2018 show a rapidly growing demand for residential property, especially in crowded rural areas like the larger Amsterdam region, Utrecht, The Hague, Rotterdam, Groningen-city, Eindhoven. Therefore the prices for residential property have reached an all-time peak.

Rental homes are also increasingly in demand, especially for the middle income there is a property shortage.

How property prices are comparable to the US market?

Prices are lower. They cannot be compared with cities like New York.

Prices per square meter vary, from less than 2K–12K euros.

Are there any limitations? Unique challenges?

The biggest limitation is the shortage of residential property. NVM did send out a red alert to the Government.

Transactions/Participants

How long does the transaction take?

In general, a transaction can be done in a few weeks, but it depends mostly on the speed with which the mortgage company works.

Most transfers of property ownership take about 3 months.

What are the parties to transaction (atty, lender, inspector, etc.)? Who actually handles the closing? What are the qualifications/requirements for participants involved in the transaction?

Broker – the broker brings buyers and sellers together and closes the deal. The buyer can have his own broker. Normally the selling broker indites the purchase deed. There are no lawyers involved. Anyone can be a broker. There are no regulations. However, NVM has strict regulations in order to become a member of the association, like being registered at Vastgoedcert. www.vastgoedcert.nl

Validator – necessary when a buyer needs a mortgage. You have to be registered in the NRVT register. www.nrvt.nl. The government is debating over the necessity of legislation about validating and validators.

Notary – the notary indites the property transport deed.

Have arrangements been made to secure the property if the new owners are not going to move in immediately?

It’s wise to do so, but not everybody does make arrangements.

Financials

Money Transfers

How do you transfer the funds for purchasing property (in and out)?

It’s all been done by the notary.

Mortgaqe

How many days will a transaction with a mortgage traditionally take - 60 days, 90 days? Does the country allow mortgages for foreign investors or is it a CASH transaction?

Normally it should have been arranged within a month.

If a foreign investor would like to obtain a mortgage in the Netherlands with a bank would this be possible? Or does he have to transfer cash from his foreign account to a bank in the Netherlands? Can a foreigner open a bank account in the Netherlands?

For investors, I can’t tell. For foreign people wanting to obtain a mortgage, they probably have to live in the Netherlands and most show they have an income.

They must have a Dutch bank account.

Foreigners can open a Dutch bank account however there are restrictions.

Common Reporting Standard (CRS) This exchange of data is called Common Reporting Standard (CRS) and has been established by the OECD. In the meantime, more than 90 countries are exchanging data according to CRS and on 1 January 2016 all EU member states will also start doing so. The idea of CRS arose after the United States passed its Tax Code Foreign Account Tax Compliance Act (FATCA). This law is intended to prevent tax evasion and black-saving by American taxpayers.

Taxes and fees

What fees have to be paid for Inspections, utilities, governmental fees? Are they different for people from other countries?

Broker fees can be a fixed fee or a commission. For many years commission was 1,85% without VAT. The competition between brokers has lowered the commissions in some areas 0,8% to 1,0% without VAT or even lower. This includes advertisement, negotiations, the purchase deed, investigations and inspection, etcetera.

Fixed fees can vary. Competition is very strong at the moment.
Transfer tax is 2%. Is has to be paid by the buyer. The buyer has to pay notary as well.
Validation also has to be paid by the buyer.

How the title to the property is being held? Deed? What legal processes are involved? Title search? If not, how will the title be secured?

It’s being held by the notary.

What are the costs associated with purchasing? Can closing costs be incorporated into the transaction?

See above. Closing costs cannot be incorporated. Costs are for the buyer, except for the costs of the selling Broker. These costs have to be paid by the seller.

Is there any escrow? Who holds it?

The notary has a sort of escrow, called a “third-party account.”

Taxes – are they calculated differently for foreign owners? Any visa incentives with purchase owners? World income tax — how will it be treated for U .S. filers? Any restrictions for foreign buyers; ie. must have or apply for legal residency, can/cannot repatriate monies from sale. Any restrictions on U.S. citizens holding dual passports for the particular country and U.S.?

The Dutch government offers a tax benefit for expats. This 30% regulation means that 70% of the salary is taxed. Up to 30% of the salary is exempt from tax. Other foreign inhabitants are subject to regular taxes.

How much will you be taxed based on a sale and bringing the money into the U.S.?

See above.

How much do they charge to transfer funds? How long will it take is there a waiting period?

It depends on the bank.

How much are you allowed to hand-carry on an airplane versus wiring it over?

9.999 euros or the equivalent in dollars. 10.000 euro or more has to be declared at customs. All to avoid money laundry and other criminal activities.

If you want to leave funds in the bank then transfer out of a debit card in the U.S. is that allowed?

Yes, it is allowed.

Commercial Property Development

More demand for offices
Fewer vacant offices. At the moment 14% of offices are vacant. US and German investors, especially, show interest in Dutch offices.
Retail stores are recovering, however small cities with smaller retail areas are having a difficult time.
Logistic property is doing well, especially in the e-commerce sector
Big demand for distribution centers
Shortage of square meters in prime locations is growing.

New Zealand

Provided by the Real Estate Institute of New Zealand (REINZ)

Published and accurate as of October 2019

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

Yes. The Overseas Investment Act 2005 (Principal Act) and the Overseas Investment Regulations 2005 prevent certain overseas people from buying ‘sensitive’ property in New Zealand.

The Overseas Investment Amendment Act 2018 (Amendment Act) (link to: https://www.linz.govt.nz/overseas-investment/about-overseas-investment-office/legislation-ministers-delegated-powers/overseas-investment-amendment-act-2018 ) recently made changes to the Principal Act and extends the definition of ‘sensitive’ property from being rural land that exceeds five hectares, land that exceeds 0.4 hectares and adjoins certain types of reserve or conservation areas and land that exceeds 0.2 hectares and adjoins foreshore, to include residential and lifestyle property as well.

Certain overseas people wanting to buy ‘sensitive’ property in New Zealand must apply for consent from the Overseas Investment Office unless, exemptions apply.

Consistent with New Zealand’s international obligations, Australian and Singaporean citizens are exempt from the Amendment Act consent requirements for residential land. This is just one example of the list of exemptions.

What is the home ownership rate?

Based on the 2018 Census, ‘The proportion of households in occupied private dwellings who owned or partly owned their homes, and made mortgage payments, was 27.8 percent. An additional 18.8 percent owned or partly owned their homes and did not make mortgage payments.

Of households whose dwelling was not owned or held in a family trust, 31.9 percent made rent payments, while a further 3.4 percent lived in a dwelling rent-free’.

Source: https://www.stats.govt.nz/information-releases/2018-census-totals-by-topic-national-highlights

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Yes. Real Estate Agents typically represent the sellers but there are agents that operate specifically as buyers’ agents.

Who pays the commission fees?

The party that the agent is representing will pay the relevant commission fees. Typically, a real estate agent is selling property on behalf of the seller and works exclusively in their best interests. In this scenario, the seller pays the agents commission upon the contract for sale becoming unconditional (when all conditions are satisfied).

If a buyer has engaged a buyers’ agent to work on their behalf, then they will pay the commission and fees of that buyer agent.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

In New Zealand, real estate agents must hold a current license and comply with the requirements of the Real Estate Agents Act 2008. Agents are licensed, supervised and disciplined by the Real Estate Authority, which is an independent government agency. Real estate agents must also comply with the Real Estate Agents Act (Professional Conduct & Client Care) Rules 2012 and the Real Estate Agents (Audit) Regulations 2009, both of which prescribe high standards of ethics, transparency and financial accountability. The majority of real estate agents in New Zealand are also members of the Real Estate Institute of New Zealand (REINZ). REINZ members must abide by the REINZ Codes of Practice in addition to the statutory obligations outlined above, as part of their membership.

To understand more about what is required to obtain a real estate license, visit https://www.rea.govt.nz/real-estate-professionals/apply-for-your-licence/

To understand more about what is required in terms of continued professional development, visit

https://www.rea.govt.nz/real-estate-professionals/education-and-obligations/understanding-your-cpd-requirements/

Is there an MLS or other shared listings site in your country?

No.

What is the main property portal for consumer property searches?

https://www.realestate.co.nz

https://www.trademe.co.nz/property

Do you pay referral fees? If so what percentage of your commission do you pay?

On occasions. No fixed level.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Properties tend to be sold via Auction, Negotiation (Private Treaty) or Tender. All sales via Auction are automatically unconditional. Offers made by buyers with Negotiation or Tender may be conditional offers where the transaction will only go ahead if stated conditions are met (e.g. the buyer is able to sell their house or arrange finance). At the time the conditional offer is accepted there will be a set period (e.g. 10 or 15 days) that the buyer has available to them to meet the conditions and thus make the offer unconditional.

Prior to an offer going unconditional, the buyer is well advised to conduct due diligence on the intended property of purchase with the assistance of their solicitor. This often includes checking public records on the title of the property and at this stage title insurance may be purchased, although it is relatively uncommon in New Zealand.

Prior to settlement, an inspection of the property is conducted by the buyer to ensure that nothing has changed since the agreement to purchase went unconditional. Any issues arising from that inspection are dealt with prior to the settlement date. On that settlement date, the balance owing for the purchase is transferred to the vendor's solicitor and the keys are handed to the buyer’s solicitor. The buyer is entitled to vacant possession unless it has been arranged otherwise. The solicitors complete all conveyancing tasks, receive their payment, and the transaction is complete.

For a more detailed explanation of the legal process involved in buying a home in NZ, visit https://homelegal.co.nz/articles/buying-a-home-the-legal-process/

Is there any other information the world should know about your real estate market?

Whilst real estate agents are highly regulated, Property Managers are not. There is an initiative led by REINZ calling for that to change but until such time as it does, it is essential that people who need the services of a property manager, use someone who works for a well-established and respected company with a history of excellence and integrity. For more information please visit https://www.acallforchange.co.nz

Auckland is home to one-third of New Zealand’s population, with a resident population almost three times that of the country’s next most populous region, Canterbury. The median price of dwellings in Auckland has been generally sitting in the $810,000 - $860,000 range for the past couple of years and that median is roughly $200,000 higher than the next closest region Wellington, the capital of New Zealand.

The 2018 Census counts indicated that 60.9 percent of New Zealand's population growth since 2013 was in the four northernmost regions, and these regions account for over half (53.6 percent) of New Zealand's population. The three regions surrounding Auckland (Northland, Waikato and Bay of Plenty) were the key drivers of that population growth and had the three highest percentage movements in median price over that time, between 56% and 66% growth (source of price data: Real Estate Institute of New Zealand).

Nicaragua

Norway

P

Expand all

Panama

Paraguay

Philippines

Provided by Chamber of Real Estate and Builders Association, Inc. (CREBA), Philippines.
Published and accurate as of September 2019

Are there restrictions on property or land ownership for citizens of your country?

No restrictions for citizens on property or land ownership
Former natural-born Filipino citizen subject to the limitations prescribed by Law (Batas Pambansa 185 and R.A. 8179)
1 – For residential purpose – 1,000 square meters of urban land or one (1) hectare of rural land (BP 185)
2 – Cannot own both urban and rural land. Choose one type only.
3 – Previous ownership (when still a Filipino citizen) of residential urban or rural land will lower the 1,000 sq meter and 1 hectare limits above.
4 – Can own a maximum of two (2) lots only.
5 – Those lots must be in different cities or municipalities in the Philippines.
6 – A transferee of residential land acquired under Batas Pambansa Blg. 185 may still avail of the privileges granted under R.A. 7042 as amended by R.A. 8179.
For business or other commercial purpose – 5,000 square meters of urban land or three hectares of rural land. Section 5 of Rule XII states: “the land should be primarily, directly and actually used in the performance or conduct of the owner’s business or commercial activities in the broad areas of agriculture, industry and services including the lease of land but excluding the buying or selling thereof.”
– Ownership (when still a Filipino citizen) of urban or rural land used for business purposes will lower the 5,000 square meter and 3 hectare limits.
– Ownership of only one type of land is allowed either urban or rural not both.
– Ownership is restricted to 2 lots. Each lot must be in a different municipality.

Are there restrictions on property ownership for foreigners?

In general Philippine real estate law prohibits the foreign ownership of land. This prohibition on foreigners owning land in the Philippines is found in the Philippines Constitution.,
Foreign nationals may buy condominiums units in Philippine condos (shares in condominium corporations) as long as not more than 40% of the units in a project are acquired by foreigners (Republic Act No. 4726, otherwise known as the Condominium Act).
Exceptions to the 40% Foreign Ownership of Philippine Real Property
- Land Aquired before the 1935 constitution
  • Acquisition through hereditary succession if the foreigner is a legal or natural heir
  • Foreigners who acquired Philippine property when they used to be Filipino citizens, will maintain ownership of those properties even after their change of citizenship.

What is the home ownership rate?

No data

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Exclusive representation is not widely practice. You can represent both buyer and seller.

Who pays the commission fees?

The seller pays the commission.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Real Estate is regulated through the Republic Act Number 9646 ( RA 9646 ) or RESA Law.
Section 3(g) of the RESA Law lists five types of professionals who are considered to be in the practice of real estate services. They are real estate consultants, appraisers, assessors, brokers, and salespersons. The first must be duly registered and licensed by the PRC, while real estate salespersons need only be accredited.
Licenses are renewed every 3 years with 45 units of continuing education requirements

Is there an MLS or other shared listings site in your country?

There is no MLS, but real estate associations and realty firms have shared listings.

What is the main property portal for consumer property searches?

There is no main portal.

Do you pay referral fees? If so what percentage of your commission do you pay?

Referral Fees are from 10%-30%.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

The real estate transaction process is done by selling broker and buying broker for the seller/buyer.

Owner and Broker Sign a Contract to Sell Agreement
The seller and real estate agent will discuss and agree on the terms of the sale, the professional fee, or the commission. At this stage, the broker must also do due diligence on the existing documents of the owner in order to check the status of the property. This shows the condition of the land title if it is free from loans, liens, and encumbrances.
Ocular by Real Estate Broker
The broker must be able to check the property in order to make an assessment of its current market value. The appraisal of the market value of the property is necessary for determining the actual current price of the property.
The Broker Will Market and Offer the Property
The owner and the broker must agree on how to market the property, limitations such as privacy when it comes to releasing photos and disclosing the location of the property online must be considered.
Property Viewing
Once prospective buyers get in touch with the broker, viewings of the property will be scheduled. Make the property presentable to add value to your property.
Letter of Intent or Offer to Buy
A letter of intent is a legal writing offered by the buyer to the owner of the property to declare his or her intention to purchase.
Acceptance of Owner
Once the owner has signed the Letter of Intent, this will signify the acceptance of the terms given by the buyer.
Earnest Money
This is the amount of money given by the home buyer while seeking or applying for financing in order to pay the remaining balance.
Legal Documents
At this point, the seller and the broker must be able to secure the necessary documents in preparation of the transfer of ownership to the buyer as the latter prepares to fulfill the payment of the property.

From the Register of Deeds

Certified True Copy of Transfer Certificate of Title (Land)
Certified True Copy of Condominium Certificate of Title (Unit)
Certified True Copy of Condominium (Parking – if applicable)

From the Assessor’s Office :

Certified True Copy of Tax Declaration (Land)
Certified True Copy of Tax Declaration (Improvement / Building)
Certified True Copy of Tax Declaration (Condominium)
Certified True Copy of Tax Declaration (Condominium parking, if applicable)

From Treasury:

Original Real Estate Tax Receipts – Current Year and Tax Clearance
Real Estate Tax Clearance for Current Year

From Owner

Lot Plan / Subdivision Plan

Prepare the Deed of Sale
Once the price is fully paid, a Deed of Absolute Sale will be signed whereby the seller relinquishes or transfers ownership of the property to the buyer. When signed by both parties, the buyer is considered to be the absolute owner of the property.
Payment of Expenses for Both Seller and Buyer

Capital Gains Tax / Creditable Withholding Tax (whichever applies)
Documentary Stamps Tax
Transfer Tax
Registration Fees

Mutually Agreed and Signed Deed of Absolute Sale
Upon full payment of the purchase price and other expenses such as tax, fees for various transactions, the contract is signed and ownership is legally transferred to the buyer.

Have the Deed of Absolute Sale Notarized
After having the deed of sale signed by both parties, the document must be notarized to protect the document from fraud. Once a document has been notarized, it will become a public document and would be binding to third persons.
Seller Must Turn Over the Original Copies of the Following:

Transfer of Certificate of Title – (land) – Owner Copy
Condominium Certificate of Title (condominium)
Tax Declaration (Declaration of Real Property)
Tax Clearance – (both land and improvement)
Tax Clearance – (condominium unit and parking if applicable)

Apply for Certificate of Authority to Register at Bureau of Internal Revenue (BIR)

Pay
- Capital Gains Tax / Creditable Withholding Tax (whichever applies)
- Documentary Stamps Tax

After Release of Certificate of Authority to Register at Bureau of Internal Revenue (BIR)

Pay Transfer Tax at Assessor's Office
Pay Registration Fees at the Registry of Deeds

After Release of Transfer Certificate of Title / Condominium Certificate of Title under the Buyer’s name
The buyer must obtain a new tax declaration

No Title Insurance. The commission is normally paid to Selling Broker and she splits with Buying Broker.

Is there any other information the world should know about your real estate market?

Research from Colliers International, Knight Frank, Pinnacle, Leechiu Property Consultants.

Poland

Provided by the Polish Real Estate Federations (PREF)
Published and accurate as of October 2019

Are there restrictions on property or land ownership for citizens of your country?

Yes, there is a restriction on the purchase of agricultural land. Purchase of agricultural land with an area of over 10000 sq. meters requires permission if the buyer is a person who is not a farmer.

Are there restrictions on property ownership for foreigners?

Yes, foreigners who aren’t citizens of the European Economic Area (this area is made up of European Union countries, Iceland, Liechtenstein, and Norway) can buy only one flat (apartment) in multi-family building. For second flat and other types (house, land) of real estate requires the permission of the Minister of the Interior and Administration

What is the homeownership rate?

In 2016 about 80% of the Polish population owned home. (Source: Eurostat)

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

There is exclusive representation in Poland, mainly for sellers of real estate.

Who pays the commission fees?

It’s different between local markets, in large cities due to the high competition of real estate agencies, usually only the seller pays the commission.
In small towns and the countryside, usually both sides pay (because of the lower values of the transactions).

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Since 2014 in Poland, there is no obligation to have a broker or property manager license. Only property appraisers are legally required to have a license.

Companies operating on the real estate market must have only the status of registered business activity and possess a civil liability insurance policy.

In 2014, Polish Real Estate Federation, acting as the main association of real estate agents and property managers in Poland, has introduced its own training program based on previous CEPI norms, after completing and passing the exam you can get a PREF license

Is there an MLS or other shared listings site in your country?

We have a couple of different MLSs in Poland. Mainly operate on local markets, we don't currently have nationwide MLS.

What is the main property portal for consumer property searches?

In 2018 PREF initiated cooperation with portal szybko.pl, as a result of which, in about three years szybko.pl will be co-owned by real estate brokers.

Do you pay referral fees? If so what percentage of your commission do you pay?

Yes, but not always. Referral fees can be up to 50% of the commission.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

We have several options to finalize real estate transactions.

1. The property has a land and mortgage register number

If the property has a land and mortgage register number, the transaction usually consists of several stages. The first stage is the conclusion of a reservation or preliminary contract. This is a particularly important contract for buyers who will purchase real estate on credit. Currently, the procedure from submitting the application to obtaining a loan takes up to 2 months. When the buyers have the necessary funds for the purchase and the seller presents the required documents, a contract is concluded in the form of a notarial deed. The costs of such a contract are determined by law and depend on the value of the transaction.

2. The property does not have a land and mortgage register number

(situation legally possible when someone who bought a new apartment from the developer; in large cities, the waiting time for receiving a new land and mortgage register number is even 12 months).

If the real estate does not have a land and mortgage register number, its acquisition is possible in the same way as above, with the proviso that banks do not grant a loan for the purchase of such real estate. Public notary, when drawing up the contract, refers to the documents for the purchase of the real estate, and after signing contract sending the application to the land and mortgage register with amendment the owner already in the newly established land and mortgage register record.

Commission can be paid for only one site of transaction (represented by real estate broker) or both.

Portugal

R

Expand all

Romania

Russia

S

Expand all

Serbia

Information provided by Real Estate Cluster
Information published and accurate as of November 2018

Are there restrictions on property or land ownership for citizens of your country?

There is no restriction on the property and land ownership for citizens of the Republic of Serbia.

Are there restrictions on property ownership for foreigners?

Yes, there are. The foreign citizen can own properties only if Serbian citizens can own properties in his or her country of origin. The Republic of Serbia has reciprocity in property ownership rights with more than 70 countries (USA, Russian Federation, PR of China, Japan, Israel, UAE, UAR, Egypt, Brazil, Argentina, Mexico, UK, France, Germany, Spain, Italy, Greece, Turkey, Slovenia, Bosnia and Hercegovina and almost all European countries and many other countries). Only Serbian citizens can own the agricultural land in Serbia. The EU citizens will have right to own it after year 2027.

What is the home ownership rate? (Please cite source of data if possible)

About 87% of families are homeowners in Serbia.

Is there exclusive representation in Serbia? Who is the party represented (buyer, seller, both)?

There is exclusive representation but percentage of exclusive brokerage contracts is very small.

Who pays the commission fees?

Both sides are paying commission. Buyer and seller/ tenant and lessor.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

There is a Real Estate Brokerage Law in Serbia which was enacted in 2013. All Real Estate Agents must pass a licensing exam in Ministry of Trade, Tourism and Telecommunications of the Republic of Serbia. Pursuant to the Article 7 of the Real Estate Brokerage Law, on the official web site of the Ministry of Trade, Tourism and Telecommunications: http://195.222.96.215/registarposrednika/#/registry-search are all relevant data on Real Estate Brokers and their employees - the Real Estate Agents, that meet the legal requirements for performing of real estate brokerage business.

Is there an MLS or other shared listings site in your country?

There is no MLS in Serbia.

What is the main property portal for consumer property searches?

There are a few property portals. Some of them are:

www.halooglasi.rs
www.4zida.rs
www.nekretnine.rs
www.gradjanski.rs

Do agents pay referral fees? If so how is it paid?

Referral fees are 25% up to 50% of the customer's fee, buyer or seller/ tenant or lessor.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

All the Contracts and Pre-contracts, powers of attorney, legal consents, have to be certified by Notary public. If in some smaller towns there is no Notary public office and the Contract certification is done at the court. The costs of Notary public depend upon the amount of purchase price.

Within the services provided by the real estate broker, lawyer’s services are included into the service and the agency fee. Real estate brokers are engaging a lawyer to make drafts of Pre-contract and Contract and sending it to the Notary public for certification, proper completion, and documentation check. A client has the right to hire separate legal assistance (if they choose) to double check the documentation and Contracts made by broker’s legal team.

The real estate transfer tax is 2.5% of the purchased price, or 2.5% of the estimated value by the competent tax office, if they find the agreed price lower than the market one. By law, taxation on the transfer of real estate is obligation of the seller, however, for the past 25 years this obligation has been transferred by contract to the buyer, and in accordance with that the market prices have been set.

The seller has another tax – Capital gain tax, if is not the owner of the property for more than 10 years. It is calculated as a difference between the estimated price in the moment of selling and buying price increased for costs of life from the time of purchase until the time of sales. The Capital gain is taxed by 15%.

The value-added tax ( VAT) exists in Serbia since 2005^th and it is applicable only to new/newly built real estate that are selling first time and where developer/investor is construction permit holder, and is in the VAT regime.

VAT for apartments and houses – 10%

VAT for all other real estates (offices, retail space, etc.) – 20%

VAT is calculated and is expressed as a part of selling price.

If VAT is charged in the price of the real estate, real estate transfer tax will not be accounted and paid for that transaction.

There is no legal limit on the brokerage fee but it is common: 2-3% + VAT from each side, buyer and seller.

Additional information about the real estate market in Serbia:

The Government of the Republic of Serbia welcomes foreign investors and aims to make the buying process easy and seamless. The Government subsidizes foreign investments. The rights of foreign investors are guaranteed by the Law on foreign investments. Serbia’s real estate and corporate taxes are very low.

Real Estate Brokers who are members of Real Estate Cluster are knowledgeable of NAR Code of Ethics & Standards of Practice, their agents are familiar with ABR Courses and are getting certified in CIPS (Certified International Property Specialists) – to become better global partners and deliver world class service to the clients.

Singapore

Provided by Institute of Estate Agents (IEA)
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

Singapore Citizens can own private property including land in Singapore. Those who are currently staying in public housing namely Housing & Development Board (HDB) flats must occupy their flat for 5 years before being allowed to invest in private property including land.

Are there restrictions on property ownership for foreigners?

The Singapore Residential Property Act prevents foreigners and Singapore Permanent Resident (SPR) from owning landed property on the main island of Singapore. Foreigners and SPR who wish to own landed property can do so on one of Singapore's smaller island known as Sentosa. There are no restrictions for foreigners and SPR to own condominium unit(s) in any part of Singapore.

What is the home ownership rate?

According to the Singapore Department of Statistic (www.singstat.gov.sg), the home ownership rate stands at 90.7% in 2017. There are 1,289,900 resident households with an average household size of 3.3 persons.

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Singapore real estate salespersons can exclusively represent either party in a transaction. The Singapore Estate Agents Act Regulations prevents dual representation and those caught collecting commission from both parties in the same transaction can be fined up to SGD25,000 and/or jailed up to 12 months.

Who pays the commission fees?

Commission is usually paid by the vendors in private property transactions. For public housing HDB flats, vendors and purchasers will pay their own respective real estate salesperson if they are represented by them. Note that the same salesperson is unable to represent both parties in the same transaction.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Since 22nd October 2010, all estate agencies and their real estate salespersons must be licensed and registered. An annual license fee is to be paid by estate agencies while an annual registration fee is to be paid by individual salespersons after completing 6 hours of continuing professional development training yearly.

Is there an MLS or other shared listings site in Singapore?

There are several MLS websites in Singapore. Some of these websites only allow real estate salespersons to advertise listings.

What is the main property portal for consumer property searches?

One of the main property portals used by consumers in their property search is www.propertyguru.com.sg

Do agents pay referral fees? If so what is the commission percentage?

Referral fees are sometimes paid to third parties who introduce the principal. The normal referral fee is usually 10% of the commission.

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

A property purchase will usually take 3 months to complete. A sale with vacant possession or with tenancy will include fixtures and fittings in the property and the buyer will only get the key to the property upon the completion date of the transaction. The conveyancing process is to be handled by solicitors representing the different parties in the transaction. Stamp duties will have to be paid for the transfer of property in Singapore (see below).

Additional information:

On top of the purchase price of the property, a Buyer's Stamp Duty (BSD) is payable and an Additional Buyer's Stamp Duty (ABSD) is payable as follows:

Buyer's Stamp Duty (BSD)

First SGD180,000	Next SGD180,000	Next SGD640,000	Thereafter Amount
1%	2%	3%	4%

Additional Buyer's Stamp Duty (ABSD)

Citizen:

1st residential property	2nd residential property	3rd & subsequent residential property
N/A	12%	%15

Singapore Permanent Resident:

1st residential property	2nd & subsequent residential property
5%	15%

Foreigner:

1st & subsequent residential property

20%

South Africa

Spain

T

Expand all

Taiwan

Thailand

Turkey

U

Expand all

Ukraine

Provided by the Ukrainian Real Estate Association
Published and accurate as of October 2018

Are there restrictions on property or land ownership for citizens of your country?

There has been a moratorium on purchasing and selling the land for farming since 2001. At present it is extended until 2019. In May 2018, the European Court of Human Rights had ruled the decision that the total ban of purchasing and selling the land for farming in Ukraine violates the European Convention on Human Rights (decision of the court is here

Are there restrictions on property ownership for foreigners?

Only in terms of land ownership.

According to the Articles 81 and 82 of the Land Code of Ukraine, foreigners can acquire ownership of non-agricultural land plots within populated areas, and outside cities and localities - where real estate, which they own as private property, is located. Foreign legal entities and joint ventures, founded with the participation of foreign legal entities and individuals, can acquire non-agricultural land plots:

a) within populated areas in case of acquisition of real estate and for construction of property related to the implementation of entrepreneurial activities in Ukraine;
b) outside the populated areas in case of acquisition of real estate.

What is the home ownership rate?

According to expert opinion, the volume of private property in Ukraine is 84% (link to source here). According to some data, the share of private (including privatized) property in the housing stock of Ukraine exceeds 90%.

Homeownership rate (the ratio of housing in ownership and in rent): there is no official data on the percentage of homeowners. According to the information provided by the Ministry of Regional Development, 1.4 million citizens rent accommodation, although in fact many more Ukrainians are forced to rent their accommodation (many of whom are internal refugees, lack of affordable mortgage programs, decline of living standards). This market can be considered as a shadow market in many respects, that’s why accurate data is almost impossible to determine. However, considering that there are about 17 million apartments in Ukraine, according to our observations this rate is about 80%.

Is there exclusive representation in Ukraine? Who is the party represented (buyer, seller, both)?

Yes, the practice of signing exclusive listings and representation of the client's interests is becoming more widespread in Ukraine. As a rule, the seller is the party represented. However, unfortunately, many agents work with clients and advertise their real estate without signing any contracts confirming authority of the agents.

Who pays the commission fees?

Since the mid-1990s, almost all regions of Ukraine had practiced charging the commission from a buyer, even if the property was under the listing contract with its owner. In some large cities listing agreements with owners still do not require payment of commission fees: brokers share the commission paid by a buyer on top of the price of real estate.

Lately the situation has been changing: the commission of every broker involved is paid by their client - the seller or the buyer respectively. In many cities agencies claim a commission from both parties simultaneously. The practice based on the logic of MLS partnership, when a commission fee paid by the seller to his listing broker is shared with a buyer broker, is not so widespread, but already constitutes a visible portion of the offers for the sale of real estate. First of all - in the cities with strong regional branches of ASNU: Rivne, Ivano-Frankivsk, Dnipro.

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/continuing education requirements?

No, there is neither licensing nor state regulation in Ukrainian real estate industry. Professional training on the voluntary certification basis is carried out, mainly, by two leading professional associations.

Is there an MLS or other shared listings site in Ukraine?

Some portals started copying the idea of MLS, introducing an exclusivity check and providing the brokerage commission sharing. It is not very popular with agents. Only ASNU is currently working on the development of a closed multi-listing service for its members under control of a public organization, based on the principles and rules of MLS.

What is the main property portal for consumer property searches?

The most popular portals for real estate search in Ukraine are OLX.ua, LUN.UA.

Do agents pay referral fees? If so what is the commission percentage?

Yes, the practice of paying referral fees in Ukraine exists and as a rule is 10-20% of the commission.

Describe the real estate transaction process in Ukraine. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

The transfer of ownership is carried out at the moment of transaction. All real estate purchase contracts are subject to notary certification. The right of ownership is registered by the State Registrar in the Register of Property Rights on the basis of a purchase contract on the day of its signing.

There is title insurance in Ukraine, although this type of insurance is used rarely.

Additional Information

Investment in real estate property under construction is a well-developed segment of the market, and it constitutes a considerable portion of real estate market. The procedure for transfer of property in this segment of the market differs significantly from the procedure of transfer of property rights for built real estate. Also, the rules of cooperation and payment of agents` commission are different for this segment.

Real Estate Practices Around the World

Share

A

Andorra

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Is there an MLS or other shared listings site in your country?

What is the main property portal for consumer property searches?

Do agents pay referral fees? If so what is the commission percentage?

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Argentina

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/continuing education requirements?

Is there an MLS or other shared listings site in your country?

What is the main property portal for consumer property searches?

Do you pay referral fees? If so what percentage of your commission do you pay?

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Australia

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Is there an MLS or other shared listings site in your country?

What is the main property portal for consumer property searches?

Do agents pay referral fees? If so what is the commission percentage?

Describe the real estate transaction process in your country. For example, are there property closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Additional Information:

Australian Residential Real Estate Market

Austria

Are there restrictions on property or land ownership for citizens?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in Austria? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Is there an MLS or other shared listings site?

What is the main property portal for consumer property searches?

Do agents pay referral fees? If so what is the commission percentage?

Overview: Real Estate Transaction Process

Additional Information:

B

Belarus

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Is there an MLS or other shared listings site in your country?

What is the main property portal for consumer property searches?

Do you pay referral fees? If so what percentage of your commission do you pay?

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Additional information regarding the Belarus real estate market:

Belgium

Belize

Bermuda

Are there restrictions on property or land ownership for citizens of your country?

Are there restrictions on property ownership for foreigners?

What is the home ownership rate?

Is there exclusive representation in your country? Who is the party represented (buyer, seller, both)?

Who pays the commission fees?

Are there licensing laws/government regulation of the real estate industry? If so, what are the renewal/ continuing education requirements?

Is there an MLS or other shared listings site in your country?

What is the main property portal for consumer property searches?

Do agents pay referral fees? If so what percentage of your commission is paid?

Describe the real estate transaction process in your country. For example, do you have closings or is the property turned over upon contract signing? Do you have title insurance? Are commissions paid to buyer’s and seller’s agents, only one side, or neither?

Additional information about the Bermuda real estate market:

Brazil

Are there restrictions on property or land ownership for citizens?

Are there restrictions on property ownership for foreigners?