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Real Estate Investors may have Lost One-Third Investment

“Investors have pumped in $25 billion into the Indian real estate market over the last three years but with land values having gone down they could have lost a third of the value of their investment,”said Deepak Parekh,chairman,HDFC, in a letter to shareholders. Parekh said that the $25 billion are invested through IPOs, QIPs (qualified institutional placements), AIM listing (alternate investment market) and foreign direct investment. A large part of these funds were used for buying land at exorbitant prices.

“With land values having come down, my estimate is that investors could have lost a third of the value of their investment,” he said. Advocating caution, Parekh said investors in real estate have to be more discerning. They should be more realistic on valuation expectations and not throw caution to the wind, he said. He also criticised the recent trend where housing loans are offered at attractive interest rates in initial years. “We are seeing some variations of teaser type housing loans being offered. The lure of low interest rate at the start of taking a housing loan is enticing. But are customers being made aware of future implications,” he asked.

Parekh noted that the genesis of the US housing crisis lay in loans that offered artificially low interest rates in the initial years but once the rate normalised, many found themselves unable to service the loan. These are the lessons one should learn from, he said. However, the HDFC Chairman pointed out the same disturbing trend being seen in India where some variation of teaser type housing loans are being offered in the market. “Are these lending institutions providing “what if” scenarios to their customers, he asked.

Real Estate Law in Chile, South America: Conducting a Title Search :

Beyond just knowing what documents to request and their significance for a title search in Chile, knowing the local problems and history is essential. For example, what are considered problems in urban areas are not even recorded in rural areas, and vice versa. What is true in the North of Chile and the South of Chile is not an issue in the Central Regions of Chile. Let us start by emphasizing that a complete title search should be done by an attorney; not a real estate agent or someone else.

Just some of the problems you or your attorney in Chile must consider on a region by region bases are the delicate status of the water rights, colonization laws, the effects of past agricultural policies of the Government, poorly conducted surveys, zoning and building permits, to name a few. What to look for is mostly determined by the history of local development patterns of the region.

Knowing were to look for the problems with any particular property is not an easy task, and finding the right strategy for a complete title search takes time. The best advice is take that time and do not rush into a purchase, or allow anyone to rush you in to a purchase in Chile until the title search is complete; however, a complete title search along with a solid contract based on that title search will help you eliminate almost all the risk associated with buying real estate in Chile.

Documents Needed for a Title Search in Chile

To start a title search you must have the registration information for the latest title on the property. The most important information is the county were it was registered, the number and page of the registration, and the year when the registration took place. The public record for each year will have the same serial numbers and pages, so knowing the year is essential. If you have this information, at the County Registry you can request the Certificate of Valid Ownership ( Certificado de Dominio con Vigencia ). With just this information a qualified attorney in Chile will be able to start the title search processes that leads to all the other documents for the property.

You must keep in mind that a comprehensive title search will include an examination of all registrations for 10 years. This time frame it is based on the maximum statute of limitations established by law for bringing legal claims against a property in Chile. Many problems, or potential problems, can be detected based only on the information collected by the title registration. For example, potential legal claims based on inheritance, pending contract obligations, and so on.

Each county (or group of counties in the less populated areas of the Chile) has its own regional Registry. For purchases of property in southern Chile, handling a title search from Santiago will imply dealing with the regional authorities, local municipalities, and the registries in the city where you are purchasing the property. Often in remote towns you will have to deal with the public offices in the provincial capital and regional authorities to collect all of the needed documents. For example, if you are purchasing property near Futaleufu, this will mean dealing with the Municipality in Futaleufu, the Registry in Chaiten, and the regional authorities such as the IRS office in Puerto Montt. All of these are hundreds of miles apart, and each has its own office politics and culture.

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Real Estate Investors may have Lost One-Third Investment

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