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| Roatan-Real Estate Buyers Guide | |
Are you thinking of BUYING?
It is critical that you make the right decision when choosing both an agent and company for such a large financial commitment. This single decision on what company you choose can literally cost or save you thousands, maybe tens of thousands of dollars. There are questions you should be asking in order to make the correct decision.
The answers you receive, and some agents or companies may not wish you to answer, will determine the outcome of your purchase.
Hiring an agent is just like any hiring process. It puts you in charge. You are the boss and you get to make that decision on who to hire.
-Questions you may wish to ask your agent-
-What makes you different?
-Why should I hire you?
-How long have you been an agent on the island?
-Is your company part of the Realtors Association?
-Have you as an Agent signed the Association Ethics Code?
-Can you provide referrals?
-Does your company post Client Testimonials?
-Do you make sure the process goes correctly to protect me through the entire process?
Make sure you are comfortable with both the answers and the response time in that you ARE THE BOSS!
Asa Davis"
Exeter, RI. Click Here to Contact Us
NAR Realtor Pledge
Code of Ethics
NATIONAL ASSOCIATION OF REALTORS®
REALTORS’® Pledge of Performance and Service
The NATIONAL ASSOCIATION OF REALTORS® adopted the Code of Ethics in 1913, following the professions of medicine, law, and engineering. REALTORS® are real estate professionals who have chosen to join the National Association and abide by its strict Code of Ethics.
What does this mean to you? It means that any REALTOR® with whom you work has voluntarily agreed to abide by a Code of Ethics, based on professionalism and protection of the public. REALTORS® are subject to disciplinary action and sanctions if they violate the duties imposed by the Code of Ethics. The Code of Ethics is a detailed document that spells out the professional responsibilities of every REALTOR®. Do not hesitate to ask a REALTOR® for a copy of the Code, including the Standards of Practice. The Code is your assurance of dealing with a professional who has your best interests in mind. The Code of Ethics consists of seventeen Articles and related Standards of Practice. The basic principles of the Code are summarized below. Please note that the following is not a substitute for the Code, but simply a general overview of the Code’s key principles. For additional information about the Code of Ethics and its enforcement, speak with a REALTOR® or contact the local association of REALTORS® nearest you.
Duties to Clients and Customers
Article 1
REALTORS® protect and promote their clients’ interests while treating all parties honestly.
Article 2
REALTORS® refrain from exaggeration, misrepresentation, or concealment of pertinent facts related to property or transactions.
Article 3
REALTORS® cooperate with other real estate professionals to advance their clients’ best interests.
Article 4
When buying or selling on their own account or for their families or firms, REALTORS® make their true position or interest known.
Article 5
REALTORS® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.
Article 6
REALTORS® disclose any fee or financial benefit they may receive from recommending related real estate products or services.
Article 7
REALTORS® receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.
Article 8
REALTORS® keep entrusted funds of clients and customers in a separate escrow account.
Article 9
REALTORS® make sure that contract details are spelled out in writing and that parties receive copies.
Duties to the Public
Article 10
REALTORS® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, or national origin.
Article 11
REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional, or disclose any lack of expertise to their client.
Article 12
REALTORS® paint a true picture in their advertising and in other public representations.
Article 13
REALTORS® do not engage in the unauthorized practice of law.
Article 14
REALTORS® willingly participate in ethics investigations and enforcement actions.
Duties to REALTORS®
Article 15
REALTORS® make only truthful, objective comments about other real estate professionals.
Article 16
Respect the exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with their clients.
Article 17
REALTORS® arbitrate financial disagreements with other REALTORS® and with their clients.
NATIONAL ASSOCIATION OF REALTORS®
Buying Property in this country as a process differs considerably than most procedures in the North America though the basic steps and results are very much the same. The following is a step by step process, though not always identical to the below, in that circumstances at any step can change the time lines, it should help you get a general idea of what will or may happen.
First determine who you are dealing with and consider this - What is the difference between a REALTOR® and a real estate agent?
A REALTOR® broker is a member of the National Association of REALTORS® and therefore is bound by it's strict Code of Ethics. REALTORS® are committed to treat all parties to a transaction honestly and are expected to maintain a higher level of knowledge about the buying and selling process than practitioners who aren’t NAR members. Identify them by the REALTOR® logo a stylized block R on their business card, membership pin, or other marketing literature.
1-In your search for property the first step is picking a real estate company that you feel comfortable with, has been responsive to your inquiries and overall you feel may be the best choice for your research and needs.
2-After finding that company and communicating with them about your goals for the property, (vacation, retirement, investment), and the budget for such, The REALTOR will find various options for your consideration. Make sure all your questions are answered completely.
3-After making your decision on a specific property you then would start the paperwork process. This preliminary offer to purchase may change slightly from company to company, some using contracts that every other paragraph may be in Spanish, (understanding this is not only a Central American country, but also a International market), all are far shorter than most any contract for property you may have previously experienced. Overall a document that states your name, residency and citizenship along with the property you wish to purchase, the pricing, (stages of-e.g.-earnest money, deposit, final payment or agreed upon payments) and any contingencies that may apply.
The Sales Agreement will outline the fact that you will purchase the stated property and that the Seller will provide said property free and clear of any encumbrances or liens, stating the pricing, when and how it will happen. One party wishes to BUY one wishes to SELL and how that will happen. Simple on North American standards.
4-From the point of earnest money and deposit, (10% the norm), the wheels start turning. The Buyer will need to designate an attorney, (you can either ask your real estate companies advise or research your own), for the property document and contract review on your behalf.
5-The Seller will provide via his representative all pertinent documents which will include the “Escritura Publica” or “Dominia Plena”, (the only two publicly registered acceptable title documents). NOTE- some transactions are initiated via “Private” documents, but the transaction time for these will be far lengthier in that the Seller would first have to apply for “Dominia Plena”, have that registered previous to selling to you.
This may be a riskier process. Not that the property itself is a problem, just that you are committing for maybe up to a year your funds in escrow while the process happens making the Sellers property “sellable” so to speak. Also included may be a survey, past property tax documentation and possibly what is called a Catastral.
The documents provided will then go to the attorney you have chosen for the transaction. He will then check those documents at the “Registry”, (where documents are filed and stored), make sure that there are no law suits, liens, loans etc and that the property taxes are up to date. Your real estate representative/company acts as the liaison between you, the attorney, the Seller, (and sometime a company that holds your IRA or 401K if making the purchase with those funds or a Title Insurance company. (Title Insurance here is not like there. It is an option here not all but required as it is there). Your representative will also be responsible for any contingencies that need to be fulfilled previous the final closing date. These can include but are not limited to a new survey, road access, (some properties have water access only here and are purchased that way),
6-Your real estate company, via your attorney or direct from your attorney, should provide both Buyer and Seller with English translations of the final paperwork, (that will eventually be filed in Spanish), that you or your representative* will be signing at the closing. This gives you the opportunity to get a “sneak preview” of sorts of what will be signed and final. (*representative-it is not necessary for you to be at the closing if you choose not to be or need to close but can not make the trip. You can get an Apostille for your delegation of power or power of attorney on your behalf. Your attorney would give you the proper format for this, you would then send to your Secretary of State of residency they would authenticate the document, comes back to your attorney who puts it through a process her in the country capitol of Tegucigulpa, then whoever you appoint can accept the property on your behalf.
7-You then, (or your representative), will get a copy of the closing document with signatures of you the Buyer and the Seller. This again a very simple process signing putting the finger print of each on the documents and you are done.
8-Some months later, a fast as 2-3 or as long as 8-9, you will get a Spanish Document Title in your name delivered by your attorney to you or your real estate company. These original documents need to be handled under lock and key or fireproof box or safe. It is the one original document. It is wise to have your real estate company hold on to a copy as well as your attorney.
9-“Time lines” – Basically a cash deal if all paperwork is in order, attorney available and all goes very smooth, you can close in a little as a week, sometimes two. 30 days is standard and acceptable. The same can be done with a mortgage contract when the Seller is financing the buyer. If you purchase Title Insurance it would be rare to get it done earlier than 30 days, more likely around 45 and if you are purchasing by utilizing your 401K or IRA an additional 30 days would be about right.
At ROATAN - REAL ESTATE we wish to give you the information you need to make the decision that may be best for you for your investment property, retirement goals or vacation home.
We hope you choose Roatan - Real Estate as the company to represent your interests and are happy to assist you in the process with both properties we represent or any property available on the island using our skills in the negotiation of the best deal for you !
Why Roatan – Real Estate ?
-We represent Buyers at no charge to them. Let us find your piece of Paradise!
-With Brokerage Membership in both ANABIR, (Honduran National Real Estate Association) and affiliate Membership in the International “Realtors” Association, you can relax and know that your transaction will be handled professionally.
-With our staff educational back ground in Marketing, Management and Environmental Science we represent all that is needed to provide you the knowledge to help guide you in making your real estate buying experience here on the island a pleasant one.
-Our staff has a strong representation of islanders…………. who would know the island better?
-Our Web Page can serve as your personal data base for properties, Ownership Information and other helpful tools about the island.
-Our Listings offer a wide variety of the best the island has to offer and the availability to access all MLS listings directly from our site.
-Helpful and informative NEWS LETTERS that give you the legal in’s and out’s of owning property here on Roatan, along with updates on island events, (you can check out previous issues here on this site – NEWSLETTERS LINK from the HOMEPAGE).
-Title Insurance is available through our office giving you peace of mind about your purchase here on the island.
-Our office is experienced in handling purchases that have 401K and/or IRA Funding
-Quick reaction time! Our offices are equipped with both high speed internet services and U.S. phone lines so you can call us any time to answer your questions, address your concerns, and just plain be there for you. If you wish to call you can reach us on the following U.S. phone numbers-Mount Pleasant Number 786-380-4864
