|
GLOSSARY OF TERMS: Spanish to English [switch to English to Spanish]
• ABOGADO O LICENCIADO EN DERECHO – ATTORNEY AT LAW : Person admitted to practice law in his respective state and authorized to perform both civil and criminal legal functions for clients, including drafting of legal documents, giving of legal advice, and representing such before courts, administrative agencies, boards, etc.
• ADQUISICION – ACQUISITION : The process of taking title to or ownership of something.
• AGENTE DE BIENES RAICES O AGENTE INMOBILIARIO – REAL ESTATE AGENT : A person certified by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission.
• ASOCIACION DE CONDUEÑOS – HOMEOWNER ASSOCIATION (HOA) : A group that governs a subdivision, condominium, or planned community. The association collects monthly fees from all owners to pay for common area maintenance, handle legal and safety issues, and enforce the covenants, conditions, and restrictions set by the developer.
• ASOCIACION MEXICANA DE PROFESIONALES INMOBILIARIOS (AMPI) –MEXICAN ASSOCIATION OF REAL ESTATE PROFESSIONALS : AMPI is the largest Real Estate Association in Mexico, founded in 1957 in Mexico City, with 20 members. Today has over 1,000 members and represents about 10,000 practitioners through the country. AMPI include: Appraisers, Developers, councilors and Brokers, which are subject to our By laws and adopted our code of ethics.
• BENEFICIARIO – BENEFICIARY : The recipient of trust income, benefit plan, or gifts in a will.
• BIENES RAICES O BIENEN INMUEBLES – REAL ESTATE : Land and anything permanently affixed to it, including buildings.
• CERTIFICACION – CERTIFICATION : The formal assertion in writing of some fact.
• COMPENSACION – COMPENSATION : To offset an error, defect, or undesired effect.
• COMPRA – PURCHASE : To acquire (real estate) by means other than descent or inheritance, to obtain by paying money or its equivalent.
• COMPRADOR – BUYER : A person that acquires possession, ownership, or rights to the use or services of by payment especially of money.
• COMPRAVENTA – SALE AGREEMENT : Also known as "Agreement of Purchase and Sale" or "Purchase Agreement. The contract that sets out the terms and conditions agreed to by the purchaser and the vendor in the sale of land.
• CONDICION – CONDITION : Clauses in the agreement that must be fulfilled before the Agreement becomes firm and binding. If the condition is not fulfilled, the Agreement will usually become null and void and any deposit paid returned to the Purchaser.
• CONDOMINIO – CONDOMINIUM : A condominium regime s are is a Mexican legal notary public document that are is not legally obtainable until construction is complete.
• CONSUMIDOR – CONSUMER : an individual or corporation that acquires or enjoys property, products or services as the end-user.
• CONTRATO – CONTRACT : A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed.
• CONVENIO – AGREEMENT : A manifestation of mutual assent on the part of two or more persons as to the substance of a contract.
• CORREDOR – BROKER : An intermediary who brings parties together for specific purposes. A mortgage broker brings borrowers together with lenders; a real estate broker brings purchasers together with vendors. Often charges a percentage of the contract price as a fee. Specific training required to become a Real Estate Broker, a professional designation.
• COSTOS DEL CIERRE DE LA OPERACION – CLOSING COSTS : Monies expended by a party in completing a transaction, over and above the purchase price, including: legal fees, taxes, mortgage application charges, interest adjustments, registration fees, appraisal fees, etc.
• CUENTA EN PLICA (NOT VERY COMMON IN MEXICO) – ESCROW : Escrow is the means by which the buyer deposits his earnest money with an escrow agent and is delivered for later delivery to the seller once the title transfer process is complete. Although growing in importance, escrow is not commonly used in Mexico at this time.
• DECLARACION – DISCLOSURE : A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
• DEPOSITO – DEPOSIT : The money paid up-front by a purchaser as security for her completing the transaction. Also known as "good faith money" or "earnest money". An instrument which is not registered on title but placed in the records for a given piece of land for information purposes.
• DERECHO – RIGHT : In a narrower signification, an interest or title in an object of property; a just and legal claim to hold, use, or enjoy it, or to convey or donate it, as he may please.
• DERECHOS DE TIEMPO COMPARTIDO – TIMESHARE RIGHTS : Timeshare rights (as opposed to real property rights) are contractually acquired interests to use property according to the terms of the relevant timeshare purchase contract.
• DESARROLLADOR – DEVELOPER : One who attempts to put land to its most profitable use through the construction of improvements.
• DILIGENCIA DEBIDA – DUE DILIGENCE : Such a measure of prudence, activity, or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent man under the particular circumstances; not measured by any absolute standard, but depending on the relative facts of the special case.
• DOCUMENTO DE DECLARACION – DISCLOSURE STATEMENT : This document provides information concerning the current physical, legal and economic condition of the property.
• DUEÑO – OWNER : The person in whom is vested the ownership, dominium, or title of property; proprietor.
• EJIDO – COMMON LAND : system of communal ownership of agricultural land.
• ESCRITURA PUBLICA – DEED : The legal document that transfers ownership of a piece of property.
• ESTADO FINANCIERO – FINANCIAL STATEMENT : A document which sets out the assets, income, expenses and debts of a person or company to allow a third person to assess that person or corporation's financial health (i.e. when considering lending money to that person or corporation).
• ESTIPULACION – COVENANT : A legal assurance or promise in a deed or other document, or implied by law.
• ESTIPULACIONES, CONDICIONES Y RESTRICCIONES – CC & R'S COVENANTS, CONDITIONS, AND RESTRICTIONS : Which are the rules of general application governing the relations between land owners in a specific subdivision, development, condominium development or cooperative housing facility. May be registered on title.
• FIDEICOMISO – TRUST : A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust's corpus assets and income for the economic benefit of all of the beneficiaries.
• FIDUCIANTE – TRUSTOR : One who creates a trust.
• FIDUCIARIO – TRUSTEE : Person holding property in trust.
• GRAVAMEN – LIEN : A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
• IMPUESTO – TAX : To levy an assessment against, usually by government powers. Unpaid taxes usually form a special lien on property owned by the taxpayer, ahead of registered mortgages. The money charged as an assessment.
• LISTA DE SERVICIOS MULTIPLES – MULTIPLE LISTING SERVICE (MLS) : A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own. Most multiple-listing services accept exclusive-right-to-sell or exclusive agency listings from their member brokers. MLS in Mexico does not operate in exactly the same fashion as in the U.S., but it promotes ethical and fair dealing and encourages cooperation among real estate professionals.
• NOTARIO PUBLICO – PUBLIC NOTARY : Under Mexican law, only Notaries are authorized to prepare and record a property deed. Notaries are attorneys appointed by the state government to specialize in various matters (including real estate transactions). Notaries who are also responsible for collecting ion of taxes at closing.
• OBLIGACION – DUTY : Obligatory tasks, conduct, service, or functions that arise from one's position (as in life or in a group).
• PAGARE – PROMISSORY NOTE : A financing instrument that states the terms of the underlying obligation, is signed by its maker and is negotiable (transferable to a third party).
• PERITO VALUADOR – APPRAISER : A person selected or appointed by competent authority or interested party to make an appraisement.
• PRESUPUESTO – BUDGET : The amount of money that is available for, required for, or assigned to a particular purpose.
• PROCURADURIA FEDERAL DEL CONSUMIDOR (PROFECO) – CONSUMER PROTECTION AGENCY : An Agency which functions are to promote and protect consumer rights and to procure equity and legal certainty between consumers and commercial suppliers.
• PROPIEDAD – PROPERTY : The rights of ownership in lands or goods.
Land.
• PROVEEDOR – SUPPLIER : An individual or corporation that customary or periodically offers, distributes, sells, rents or concedes the use or enjoyment of property, products or services.]
• RECIBO – RECEIPT : Written acknowledgment of the receipt of money, or delivery of a thing of value, without containing any affirmative obligation upon either party to it; a mere admission of a fact, in writing.
• REGISTRAR – RECORDING : The act of entering or recording documents affecting or conveying interests in real estate in the recorder's office established in each county. Until it is recorded, a deed or mortgage ordinarily is not effective against subsequent purchasers or mortgagees.
• REGISTRO – REGISTRY : A register, or book authorized or recognized by law, kept for the recording or registration of facts or documents.
• REGISTRO PUBLICO DE LA PROPIEDAD – PUBLIC REGISRTY OF PROPERTY : The Public Registry of Property is the central recording entity for all public documentation concerning property. In order to ensure its ownership rights against the seller and third parties, a buyer should record all property transfers at the Public Registry of Property for the jurisdiction in which the property is located. (Timeshare acquisitions are the lone exception to this recording requirement.) Notaries typically handle registration.
• REPORTE PUBLICO – PUBLIC REPORT : The Public Report is considered both a “license for a developer to offer” Mexican property for sale in Arizona and a public information statement providing valuable information to the buyer.
• RESTRICCION – RESTRICTION : Any limitation on the use of property.
• REVENTA – RESALE : Exists where a person who has sold goods or other property to a purchaser sells them again to someone else.
• SEGURO – INSURANCE : Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.
• SEGURO DE TITULO – TITLE INSURANCE : A policy issued to lenders and buyers to protect against loss due to disputed property ownership.
• SOCIEDAD ANONIMA – CORPORATION : An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.
• SUBDIVISION – SUBDIVISION : A tract of land divided by the owner, known as the sub-divider, into blocks, building lots and streets according to a recorded subdivision plat, which must comply with local ordinances and regulations.
• TERCERO – THIRD PARTY : One not a party to an agreement, a transaction, or an action but who may have rights therein.
• TITULO – TITLE : The legal document conferring ownership of a piece of real estate.
• TRANSFERENCIA – TRANSFER : An act of the parties, or of the law, by which the title to property is conveyed from one person to another.
• VALORACION – APPRAISSAL : An evaluation to determine what a piece of property would sell for in the current marketplace.
• VALOR DE MERCADO – MARKET VALUE : The most probable price property would bring in an arm's-length transaction under normal conditions on the open market.
• VENDEDOR – SELLER: Vendor: one who has contracted to sell property.
• VENTA FINANCIADA – SELLER FINANCING : When the seller of a property agrees to payment of part of the purchase price over time with the debt to the seller registered on title as a mortgage.
• ZONA RESTRINGIDA – RESTRICTED ZONE : The Mexican Constitution regulates the ownership of the land and establishes that " . . . in a zone of 100 kilometers along the border or 50 kilometers along the coast, a foreigner cannot acquire the direct ownership of the land". These areas are known as the "Restricted or Prohibited Zones".
(For latest update see http://azmc.org/mexico/realestate/update)
|