Woodbridge, Ontario,  1 November 2010 -  Life Rich Real Estate™ has completed training of the first group of Certified Life Rich Real Estate™ Advisors. These licensed REALTOR®’s are now equipped to assist their clients in searching for and purchasing second properties in Canada or abroad for vacations, 2^nd homes,  retirement homes or  investment as an expansion to their current real estate practice.

The Life Rich Real Estate™ program is designed to help Canadians in matching people with place with purpose based on a scientific approach to understanding and defining the qualities in real estate purchases that will deliver enduring satisfaction and happiness.  Their approach is based on the best selling book “Life Rich Real Estate” by Richard Dolan and founded on the emerging principles of the psychology of happiness in the work of Dr. Martin Seligman (University of Pennsylvania) and Dr. Daniel Gilbert (Harvard University).

Certified Life Rich Real Estate™ Advisors are trained to introduce their clients to the Life Rich Real Estate™ discovery methodology, and to work with Life Rich Real Estate™ in identifying properties that match clients’ interests.  This is a vitally needed service as many offshore destinations including most Caribbean countries  do not have an open market like our MLS® system. As a result, many purchases are made based on a very limited search, or in an enthusiastic moment during a vacation.  Life Rich Real Estate™ has the goal of making these important purchases subject to the same full disclosure and wide search range as residential properties in Canada.

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Background on the Life Rich Real Estate Program

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Life Rich Real Estate™ is dedicated to meeting the needs of Canadians like you in matching people with place with purpose as you plan the next years of your life. We are not affiliated with any specific development or destination, and through our extensive network of brokers in other countries, can assist you in finding properties that match your specific interests and goals.

The Life Rich Real Estate™ program includes:

• Life Rich Real Estate™ Certified Properties:  We have already executed a due diligence review of the title, permits, valuation, home owners association structure and financial status of the developer and of the property.  These documents are all on file with Life Rich Real Estate™ and can be viewed by prospective buyers and their lawyers.
• Life Rich Real Estate™ Certified Advisors : The REALTOR® who is sharing this newsletter with you is a Life Rich Real Estate™ Certified Advisor  and can provide you with access to the entire suite of Life Rich Real Estate services.
• Life Rich Real Estate™ Publications:  Our approach and methodology is completely described in the book “Life Rich Real Estate” by Richard Dolan.  This book is available for free as a pdf or audio book from your REALTOR®.  There may be a modest cost for a paperback edition.
• The Life Rich Real Estate™ Website: The website will profile a variety of properties including both Life Rich Real Estate™ Certified Properties and other properties currently listed for sale.
• Life Rich Real Estate™ Transaction Services: We provide trained, licensed REALTORS® who will work with you through each step of your exploration and purchase.
• Life Rich Real Estate™ Education: We make available education sessions for people considering the purchase of a new property to guide them through a self-discovery process designed to identify the true requirements and constraints that will be important in making a choice.
• Life Rich Real Estate Discovery Trips: From time to time we offer guided travel opportunities to destinations of interest where you will meet a variety of developers and tour a variety of properties as well as local markets, entertainment areas and neighbourhoods as part of your search process.

There is no subscription charge, and our services are offered without additional fees to you.  Some specific events such as the Life Rich Real Estate™ Education sessions, and Life Rich Real Estate™ Discovery Trips may be offered from time to time with an enrolment charge  to offset our costs, however none of these are required to participate in our program.  Your REALTOR® will keep you aware of all upcoming events.

Welcome to the world of Life Rich Real Estate™

Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to home ownership, says RE/MAX Ontario-Atlantic Canada.

Here is the full RE/MAX Fall Condo Report

Information taken from sources believed reliable but not guaranteed

Foreigners can own property anywhere in Mexico. Recent changes to Mexican laws now permit foreign ownership of Mexican Real Estate. The way the title of the property will be held will depend on its location.

If the property is in the “Restricted Zone” it will have to be held with a Fideicomiso (Bank Trust). The Restricted Zone is defined as any property that lies within 100 KM of an international border or 50 KM from the coast. The international borders are the United States, Guatemala and Belize. A Fideicomiso is a bank trust that holds title to a property in the Restricted Zone with the foreigner as the beneficiary.

What is a trustee? In México there are Banks which are authorized to open fiduciary accounts and conduct trust operations. The Trustee holds legal title to the real estate property during the term of the Mexican trust contract, and is also empowered with rights and powers necessary to achieve the objectives to the contractual agreement creating the Trust.

What exactly is a Mexican Bank Trust? The Fideicomiso or Mexican Bank Trust is a mechanism that enables foreign persons or companies to purchase property in Mexico. The trust mechanism was created to allow foreign investors to participate in Mexico’s rapidly expanding sectors, while exercising complete and legal control over their investments while complying with Mexico’s investment laws.

The trust is a property interest held by a Mexican bank. The purpose of the bank is to manage the property for the benefit of the owner of the trust. Real estate investment trusts enable foreign entities to invest in Mexico’s coastal and border areas which were once restricted from foreign investment of any kind.

Only Mexican banking institutions authorized and regulated under Mexican laws can serve as trustees. The beneficiary of the trust, the foreigner, retains the use and control of the property held in trust and makes the investment decisions with respect to the property. This can include the decision to transfer such property interest to another foreigner realizing all of the economic benefits that accompany equity ownership in Mexico’s attractive coastal properties.

Trusts are established for initial 50 year periods and can be renewed indefinitely for additional 50 year periods. The beneficiary may transfer or assign his beneficial interest to any person and keep the profits from the sale of the property subject to applicable tax laws and expenses for the sale. Property held under a trust can be passed on to future generations and the person to whom the bequest is made is not burdened with an inheritance tax.

Fideicomisos are an easy and safe way for you to own property in Mexico. They are government sanctioned and offer strong protection. Potential investors are encouraged to contact us for assistance in setting up your Mexican bank trust.

To get a Fideicomiso you or the seller must provide to the bank the following information:

A) A copy of the real estate title or deed indicating the exact surface area and boundaries. B) A copy of a draft of the property. C) The name (s) of the beneficiary (ies), nationality, address and phone number. D) The agreed purchase price.

Upon receiving the information and documents, the bank shall proceed to apply to the Mexican foreign affairs ministry, for the Trust Permit; once obtained at the Bank, they will proceed to execute and legalize the Mexican Trust Contract before a Mexican Notario. Notaries in México have far greater legal authority than those in the United States. The Mexican notary public is an attorney at law, who is authorized by the Government to give final formality to the title transfer process in his protocol Book. The resulting document taken from his protocol book is registered at the public registry of the properties, and it will give evidence of the title in the name of the buyer.

As the Trust Beneficiary, you will have the use and possession of the property, that is, you may live on the land, undertake any alterations and improvements. You also have the capacity to instruct the Trustee on mortgaging the real estate, renting it, selling, transferring your beneficial interest to another person or corporation.

If you sell the property to another foreigner, you may assign your beneficial interest to the new purchaser. This assignment of rights must be formalized before a Mexican Notario, prior to the payment of the federal and local taxes and fees that arise from the transfer of beneficial rights.

You will have the obligation to pay the duties on the property such as annual property tax, condominium fees, maintenance fees, water, electricity, annual Trustee fee, etc.

The fees which the Trust Division of the bank you chose to issue your Fideicomiso will vary. Here is an example of one bank’s fees.

A) A one time charge for Trustee acceptance, $500.00 USD, payable upon the signing of the Mexican Trust Contract.
B) A yearly fee of $500.00 USD for the handling and servicing of the Trust, payable in advance. This fee will be increased by the Trustee every two years, according to the United States inflation rate. Every year, on the anniversary date of the Trust, the Bank shall mail to your address the bill of the annual fee for keeping the property in Trust. All the Trust fees will incur the value added tax (IVA) and are subject to change.

You can expect other expenses that the beneficiary must meet upon the celebration of the trust deed. You must pay out the fees, taxes and expenses that arise from the purchase as well as the formalization of the Trust deed before a Mexican Notario. Also, you will pay the cost of the permit that must be obtained from the Mexican foreign affairs ministry to acquire the property in Trust, and the recording of the Trust deed at the National Registry of Foreign Investments.

The Beneficiary has the right to appoint a substitute Beneficiary who will receive all the rights and obligations that arise from the Mexican Trust contract, if the Beneficiary dies during the life of the Trust. With this designation of substitute Beneficiaries, your heirs will not need to follow any probate proceeding before the Mexican courts, which could take time and attorneys fees. They would only have to give notice to the bank of the deceased and show the death certificate and their identifications. Then, the bank will give instructions to a Mexican Notario as to the proper protocol of the documents and with the resulting deed registering them as the new owners (Beneficiaries) of the Trust property.

(From Baja123.com)

Information taken from sources believed reliable but not guaranteed.

Map of Providenciales,

Turks and Caicos Islands

This report created by the Inspectors of Boulevard Property Inspection should help!

Please click on the link below to access the report

In Search of the Perfect House

Follow the link below to see a recent report produced by Carson Dunlop Boulevard Home Inspectors regarding some ‘ball park’ estimates for repairs and/or improvements to a typical three bedroom home.

Home Improvement Costs

Click on the link below to download your copy.

Harmonized Sales Tax Information

Information taken from sources believed reliable but not guaranteed

When choosing a sales representative to work with to Buy or Sell a home it is important that they explain what your options are as far as their Professional relationship with you and you with them. This is commonly referred to as “Agency Disclosure”.

Establish at your first meeting whether you are going to be in a CUSTOMER or a CLIENT relationship with your REALTOR®. Click here for Agency relationships explained in more detail

Click here for more information