Taking the day off to celebrate my 50th Birthday with my family!Remember, showing Charlottesville Real Estate , one of my favorite things to do with clients.If you see me driving around the Charlottesville or Crozet area, give me a wave or honk!Call or email me if you need anything.

Laxman

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Real Estate Value Foreclosures

It is possible to find properties selling for 50% of their potential fixed-up value, most people will find it easier, and more efficient, to focus on properties selling in the 65% to 80% of value range. Some of the value seasoned investors seek when buying these homes can come from the normal terms of the loan, such as very old loans that have been paid upon for many years. Some can come from price appreciation in a “seller’s market” where homes are appreciating rapidly in price. Some can come from the lender not wanting to deal with the property due to damage or necessary repairs, where the lender will accept less than they are owed on the property. So, how do you find these properties and what steps do you take.

Real Estate Terms
It can be very valuable if you are looking for distressed property and homes in loan default. Picking an agent is something you should spend some time thinking about though, rather than just walk into a Realty office and start talking to the first agent you find. Some agents and offices work closely with lenders and asset managers to sell properties the lenders have taken back. There is a page on this site with a list of free on-line Foreclosures. Spend some time going through the lenders, and write down the names and numbers of agents in your area that have properties listed. That should give you a decent start on finding an area real estate agent familiar with foreclosures.

English country house

The English country house is generally accepted as a large house or mansion, once in the ownership of an individual who also usually owned another great house in town allowing one to spend time in the country and in the city.Country houses and stately homes are sometimes confused—while a country house is always in the country, a stately home can also be in a town. Apsley House, built for the Duke of Wellington at the corner of Hyde Park(No. 1, London it was called), is one example. Other country houses such as Ascott in Buckinghamshire were deliberately designed not to be stately, and to harmonise with the landscape, while some of the great houses such as Kedleston Hall and Holkham Hall were built as "power houses" to impress and dominate the landscape, and were certainly intended to be "stately homes". Today many former stately homes, while still country houses, are far from stately and most certainly not homes.The country house was not only a weekend retreat for aristocrats, but also often a full time residence for the minor gentry who were a central node in the so-called squirearchy that ruled Britain until the Reform Act 1832(as documented in The Purefoy Letters, 1735–53 by L G Mitchell). Even some of the formal business of the shire was transacted in the Hall.Contents [hide]1 Evolution2 Power houses and family homes3 Zenith4 Decline5 Today's English country house6 References7 See also8 External links[edit]EvolutionThe country houses of England have evolved over the last 500 years. Before this time larger houses were more often than not fortified, reflecting the position of their owners as feudal lords, de facto overlords of their manor. The Tudor period of stability in the country saw the first of the large unfortified mansions. Henry VIII's policy of the Dissolution of the Monasteriessaw many former ecclesiastical properties turned over to the King's favourites, who then converted them into private country houses. Woburn Abbey, Forde Abbey and many other mansions with Abbey or Priory in their name often date from this period as private houses. Other terms used in the name of houses to describe their origin or importance include Palace,Castle, Court, Hall, Mansion, Park, House, Manor, Place and Tower.It was during the later half of the reign of Elizabeth I and her successor James I that the first architect designed mansions, thought of today as epitomising the English country house, and began to make their appearance. Burghley House, Longleat House, and Hatfield House are perhaps amongst the most well known. Hatfield House was one of the first houses in England to show the Italianate influences of the renaissance, which was eventually to see the end of the hinting-at-castle-architecture "turrets and towers" Gothic style. By the reign of Charles I,Inigo Jones and his form of Palladianism had changed the face of British domestic architecture completely. While there were later various Gothic Revival styles, the Palladian style in various forms, interrupted briefly by baroque, was to predominate until the second half of the 18th century when, influenced by ancient Greek styles, it gradually evolved into theneoclassicism championed by such architects as Robert Adam.Some of the best known of England's country houses tend to have been built by one architect at one particular time: Montacute House, Chatsworth House, and Blenheim Palace are examples. It is interesting that while the latter two are ducal palaces, Montacute, although built by a Master of the Rolls to Queen Elizabeth I, spent the next 400 years in the occupation of his descendants who were Gentry without a London townhouse, rather than aristocracy. They finally ran out of funds in the early 20th century.However, the vast majority of the lesser-known English country houses, often owned by both gentry and aristocracy, are an evolution of one or more styles with facades and wings in various styles in a mixture of high architecture, often as interpreted by a local architect or surveyor and determined by practicality as much as the whims of architectural taste. An example might be Brympton d'Evercy in Somerset, a house of many periods that is unified architecturally by the continuing use of the same mellow local Ham Hill stone.The fashionable William Kent redesigned Rousham House only to have it quickly and drastically altered to accommodate space for the owner's twelve children. Canons Ashby, home topoet John Dryden's family, exemplifies this: a medieval farmhouse enlarged in the Tudor era around a courtyard, given grandiose plaster ceilings in the Stewart period and then givenGeorgian facades in the 18th century. The whole is a glorious mismatch of styles and fashions which seamlessly blend together—this could be called the true English country house.Wilton House, one of England's grandest houses, is in a remarkably similar vein; although, while the Drydens, mere squires, at Canons Ashby employed a local architect, at Wilton the mighty Earls of Pembroke employed the finest architects of the day: first Holbein, 150 years later Inigo Jones, and then Wyatt followed by Chambers. Each employed a different style of architecture, seemingly unaware of the design of the wing around the next corner. These varying "improvements", often criticised at the time, today are the qualities which make English country houses unique. Scarcely anywhere else in the world would an elite class have allowed, or indeed pursued, such an indifference to style.[edit]Power houses and family homes15th century: Compton Wynyates. Today the private residence of the family who built it, Compton Wynyates was one of the last houses in England to be laid siege in the 17th centuryThe inhabitants of the English country house have become collectively referred to as the Ruling class, because this is exactly what they did in varying degrees, whether by holding high political influence and power in national government or in the day-to-day running of their own localities in such offices as magistrates, or occasionally even clergy. Thesearistocrats continued, in diminishing degrees, to frequently hold the highest offices until well into the second half of the 20th century. Sir Winston Churchill and Sir Alec Douglas-Home were the last Prime Ministers to spring from this class. So necessary was the country house deemed to be that following the election of the first Labour Government in 1921,Viscount Lee of Fareham donated his country house Chequers to the nation for the use of a Prime Minister who might not possess one of his own. Chequers still fulfils that need today as do both Chevening House and Dorneywood country houses, donated for sole use of high-ranking ministers of the crown.[edit]ZenithHouse party, Hardwick House, Hawstead,Suffolk, 1887.During the 18th and 19th centuries to the highest echelons of British society the country house served as a place for relaxing, hunting and running the country with one's equals at the end of the week, with some houses having their own theatre where performances were held. However, there were many Squires who lived permanently on their country estates, seldom visiting London at all. The country house was the centre of its own world, providing employment to literally hundreds of people in the vicinity of its estate. In previous eras when state benefits were unheard of, those working on an estate were among the most fortunate, receiving secured employment and rent-free accommodation. At the summit of these fortunate people was the indoor staff of the country house. Until the 20th century, unlike many of their contemporaries, they slept in proper beds, wore well-made adequate clothes and received three proper meals a day, plus a small wage. In an era when many still died for lack of medicine or malnutrition, the long working hours were a small price to pay. The filmGosford Park, the reality series The Edwardian Country House and some episodes of the TV series Upstairs, Downstairs accurately recreated the stratified and repressed but secure atmosphere of the English country house just surviving into the age of the automobile.Many aristocrats owned more than one country house and would visit each according to the season: Grouse shooting in Scotland,pheasant shooting and fox hunting in England. The Earl of Rosebery, for instance, had Dalmeny House in Scotland, Mentmore Towers inBuckinghamshire and another near Epsom just for the racing season. The largest country house in England is Blenheim Palace, compared with Hopetoun House in Scotland, Castletown House in Ireland and possibly Penrhyn Castle, Chirk Castle, Erddig or Glynllifon in Wales. The largest in Derbyshire isChatsworth House, and in Cambridgeshire is Wimpole Hall.[edit]DeclineHardwick House, Hawstead, Suffolk. Built by the Drury family, the home was purchased by theCullums, who enlarged it. When the last Cullum heir died in the 20th century, the house was demolished, the ruins used for building materials.The slow decline of the English country house coincided with the rise of modern industry, which provided alternate means of employment for large numbers of people and contributed to upwardly mobile middle classes, but its ultimate demise began immediately followingWorld War I. The huge staff required to maintain them had either left to fight and never returned, departed to work in the munitions factories, or to fulfil the void left by the fighting men in other workplaces. Of those who returned with the cessation of war, many left the countryside for better-paid jobs in towns. The final blow for many country houses came following World War II; having been requisitioned during the war, they were returned to the owners in poor repair. Many of whom having lost their heirs, if not in the immediately preceding war then in World War I, were now paying far higher rates of tax, and agricultural incomes from the accompanying estates had dropped. Thus, the solution appeared to be to hold contents auctions and then demolish the house and sell its stone, fireplaces, and panelling. And this is exactly what happened to many of Britain's finest houses.Today in Britain, country houses provide for a variety of needs. Many are owned by public bodies such as Kedleston Hall, Knole House,Lyme Park, Montacute House, Petworth House, West Wycombe Park and Waddesdon Manor, owned by the National Trust, Brodsworth Hall, Kenwood House & Osborne House are owned by English Heritage and are open to the public as museums as part of the so-called "Stately home industry". Some, including Wilton House and Chatsworth House, and many smaller houses such as Pencarrow in Cornwalland Rousham House in Oxfordshire are still owned by the families who built them, retain their treasures and are open during summer months to the public. Fewer still are owned by the original families and are not open to the public: Compton Wynyates is one. Easton Neston in Northamptonshire, one of the last of the architecturally important country houses never to have been opened to public viewing, was sold in 2005 for £15 million by Lord Hesketh.[edit]Today's English country houseThe majority have become schools, hospitals, museums and prisons. Some, for example, Cliveden, Coworth House, Hartwell House, Peckforton Castle & Taymouth Castle, have become luxury hotels. Examples used as schools or other educational uses include Ashridge House, Bramshill House, Dartington Hall, Harlaxton Manor, Heslington Hall, Prior Park, Scarisbrick Hall, Stowe House, Tring Park & Westonbirt House. Hewell Grange is now an open prison. Compton Verney is now an art gallery, Cusworth Hall is now the museum of South Yorkshire Life, Duff House & Paxton House are outstations of the National Gallery of Scotland, Temple Newsam House is a museum of the decorative arts, St Fagans National History Museum is based in and around St Fagans Castle, Wollaton Hall is now a natural history museum. The National Portrait Gallery (London) has several outstations at country houses: Montacute House is partially used to display Elizabethan and Jacobean portraits; Beningbrough Hall is used to display 18th-century portraits and Bodrhyddan Hall displays 19th-century portraits.Alton Towers has become an amusement park. Knebworth House stages rock concerts in the park. Glyndebourne has an opera house attached. Port Lympne is now a zoo, several houses also have Safari parks in the grounds: Knowsley Hall (The house has never been open to the public), Longleat & Woburn Abbey. Clouds House is used as a centre for treating alcoholics and drug addicts. Moor Park is a golf club-house. Halton House is used by the Royal Air Force and Minley Manor is used by the army. Another common use of country houses is to convert them for multiple occupation Kinmel Hall, New Wardour Castle, Sheffield Park House & Stoneleigh Abbey whose former park Stoneleigh Park is used for exhibitions and agricultural shows. Culzean Castle, Margam Castle & Tatton Hall are at the centre of country parks. Goodwood House is a centre of both horse & motor racing. Ince Blundell Hall is now a nunnery. Toddington Manor is being convert into an art gallery and home by Damien Hirst. Many houses are now in the ownership of Local government and operated as country house museums including Ashton Court, Aston Hall being the first to be so owned from 1864, Cardiff Castle, Heaton Hall & Tredegar House. Ditchley is owned and used for conferences by the Ditchley Foundation. Some houses have survived as conserved ruins: Kirby Hall, Lowther Castle & Witley Court. These are among the fortunate few. In Britain during the 1920s to the early 1960s, thousands of country houses were demolished including East Cowes Castle, Hamilton Palace & Nuthall Temple.Today owning a "Country House" can be a mixed blessing. Usually listed as a building of historic interest, they can only be maintained under Government supervision, often interpreted by the owners as interference as the most faithful, most accurate, and most precise restoration and recreation is also usually the most expensive and the one Government inspectors insist upon. This system does, however, ensure that all work is correctly and authentically done. The negative side is that many owners cannot afford the work, so a roof remains leaking for the sake of a cheap roof tile. Although the ownership or management of some houses has been transferred to a private trust such as Blair Castle, Burghley House, Grimsthorpe Castleand Hopetoun House. Other houses have transferred art works and furnishings under the Acceptance in Lieu scheme to ownership by various national or local museums, but are retained for display in the building. This enables the former owners to offset tax, the payment of which would otherwise have necessitated the sale of the art works, for example tapestries and furniture at Houghton Hall are now owned by the Victoria and Albert Museum. Increasing numbers of country houses hold licenses for weddings and civil ceremonies. Another source of income is use as a film location, many of the houses listed on the page have been used for this purpose. Many of the larger houses are available for hire for Corporate entertainment. Another source of revenue is using houses for Murder mystery games.

house sela

Real estate

Real estate is a legal term (in some jurisdictions, such as the United Kingdom, Canada, Australia, USA and The Bahamas) that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location—immovable.[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (sometimes called chattel or personalty under chattel law or personal property law).However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Real property is typically considered to be Immovable property[2] The terms real estate and real property are used primarily incommon law, while civil law jurisdictions refer instead to immovable property.

House and Land Packages

roperty investment – House and Land Packages (NSW)
What to consider when buying house & land packages in NSW as an investment
NSW house and land packages continue to be a shrewd investment strategy for astute property investors who are looking for capital gains, high rental income and gross yields and more control over their investment.

Declining housing affordability in Sydney is prompting more people to look at alternatives to buying. Renting is seen as a more cost effective and viable option to be able to live in popular Sydney suburbs.

Here are the important factors to consider when buying a Sydney house and land deal for investment purposes in NSW.

Location of property
Traditionally, new Sydney house and land developments are located in areas that have a high rental demand. It is important to research your desired location and check:
whether there are any major developments or infrastructure planned for your desired location such as a new shopping complex, highway or schoolwhat is the capital growth of the region you wish to buy a house and land package inwhat is the average rent and yield of similar new houses in the area and the projected rate of population growth and demographics of the region.
Remember investing in property is a long term strategy and the property market is a cyclical market so make sure you check previous reports, current reports and projected planning reports for the area.

Potential rental income and yieldThe high number of immigrants who choose Sydney as their home, the rising population growth and low supply of houses in desirable areas has contributed to low vacancy rates in NSW.

Make sure you check rental reports in the region where the new house and land development is located and find out how other similar properties in the area are performing.

Tenant friendly houses in Sydney (NSW) share some of the following attributes:

within 10kms of the Sydney CBDnear a Sydney beach side suburbs like Bondi or Coogeeclose to one of Sydney’s main shopping centre access to nearby schools or one of Sydney’s many universities such as the University of Sydney near to public transport and highways such as the M2, M4, M5 or M7 a short distance from restaurants and cafes such as Leichhardt or Newtown and located in a region with a diverse industry and employer base.

Investing in a new house with in a highly desired location will result in low vacancy rates, higher gross rental yields and strong capital growth.

Capital growth of the area
It’s important to research the capital growth potential of the area that you are planning to buy in. Houses generally have a greater potential for capital growth than apartments because of the land content, scarcity of land and high demand for quality properties in highly desired suburbs.

The advantage of buying a house is also the potential to add value such as extending the property, installing a new bathroom or removing internal walls to create spacious, open plan living. You are not restricted by a Body Corporate as you would be if you owned an apartment or townhouse but you do have to comply with local planning laws.

There is also a bigger resale market for houses as they are attractive to both investors and owner occupiers. Capital growth in Sydney for houses may be affected by the following factors:

If the house is bought off the plan and there is a long settlement period, there may be potential for capital growth when the property is finally completed. The location of the property. Historically, the best performing houses in terms of capital growth have always been within 10km of Sydney. Population growth, lack of affordability in Sydney and scarcity of land. Demographic changes to the region increasing a demand for certain types of property. Whether there are any major developments or infrastructure planned for your Sydney location such as a shopping complex or a new highway.

It’s important to research the capital growth potential of the area that you are planning to buy in as capital growth is the one of the main reasons why people purchase new houses as investment properties.

Tax advantages
One of the major benefits for buying a NSW house and land deal is that there are considerable tax benefits and savings such as no stamp duty.

If you own an investment property, you may be able to deduct capital works deductions which apply to the period your property is rented or is available for rent and are generally spread over a period of 25 or 40 years.

Any legitimate expense incurred in running your investment property should also be tax deductible against your overall income. These can include:

capital works deductions such as adding a garage, painting your roof or building a fence;loan interest and related bank fees; repairs and maintenance of fixture and fittings; insurances; property management fees; any legitimate expense incurred in running your investment property; depreciation – the ability to claim the cost of replacing fixtures and fittings such as carpets, curtains and so forth in advance of actual replacement.

Consult your accountant before buying an investment property to find out all the possible tax deductions you may receive.

Expenses
As well as the usual costs of buying an investment property, a house owned for investment purposes is also subject to land tax and it is calculated annually as at midnight on 31 December of the year preceding the year of assessment (i.e. 2010 assessment is based on land holdings at 31 December 2009) in NSW.

The advantage of buying a house over an apartment, unit or townhouse is that it does not attract any strata fees or have the high maintenance costs of an apartment such as elevators, gymnasiums and pools. Other costs to factor into your budget are:

conveyancing loan application and valuation feesmortgage insurance (if applicable) and a tax depreciation report.

Other ongoing expenses include building and home contents insurance, council and water rates, property management fees and landlord’s insurance.

The scarcity of land, the increasing population rate and the demand for quality properties is driving capital growth and pushing vacancy rates to a historic low in NSW. Some houses in Sydney located in popular suburbs such as inner city or beachside suburbs have almost doubled or tripled their value over the last ten years.

Buying a NSW house and land package will always be a popular investment strategy because of the land component and scarcity of land in Sydney, the potential for capital growth, the ability to add value to the property and more control over your investment.

Find Investment Property has listings for some of the best Sydney house developments currently available so start searching to find your next property deal and add a Sydney off the plan property to your investment portfolio.

Real estate investment trust

   A Real Estate Investment Trust or REIT (pronounced /ˈriːt/) is a tax designation for a corporation investing in real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute 90% of their income, which may be taxable, into the hands of the investors. The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks.[citation needed]

Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other firms.

REITs can be classified as equity, mortgage or hybrid.

The key statistics to look at in a REIT are its net asset value (NAV), adjusted funds from operations (AFFO) and cash available for distribution (CAD). REITs face challenges from both a slowing economy and the global financial crisis, depressing share values by 40 to 70 percent in some cases.[1]Contents [hide]
1 Australia
2 Brazil
3 Bulgaria
4 Canada
5 Germany
5.1 Qualification
6 Hong Kong
7 India
8 Japan
9 Pakistan REITs
10 Singapore
11 United Kingdom
12 United States
12.1 Qualification
13 References
14 See also
15 External links

[edit]
Australia
Main article: Australian real estate investment trust

After originating in the United States in 1960, the REIT concept was launched in Australia in 1971. General Property Trust was the first Listed Property Trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice.[citation needed]

There are now more than 70 A-REITs listed on the ASX, with market capitalisation in excess of A$100bn.[citation needed]

Australia is also receiving growing recognition as having the world’s largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX.[citation needed]
[edit]
Brazil

REITS were introduced in Brazil in 1993 by the law 8668/93 and initialy ruled by the instruction 205/94 and, nowadays, by instruction 472/08 from CVM (Comissao de Valores Mobiliários - which is the Brazilian equivalent of SEC). Locally they are denominated FIIs or "Fundos de Investimento Imobiliário". FII's dividends are free of taxes for personal investors (not companies) since 2006, but only for the funds which has at least 50 investors and that are publicly negotiated in the stock market. FIIs, referred to as “REIT” as the similar investment vehicle in the US, have been used either to own and operate independent property investments and associated with a single property or a portion thereof, or owning several real properties (multiple properties) and funding them through the public capital markets.[citation needed]
[edit]
Bulgaria

REITS were introduced in Bulgaria in 2004 with the so called "Special Purpose Investment Companies Act". They are pass-through entities for corporate income tax purposes (i.e. they are not subject to corporate income tax), but are subject to numerous restrictions.[citation needed]
[edit]
Canada

Canadian REITs were established in 1993. They are required to be configured as trusts and are not taxed if they distribute their net taxable income to shareholders. REITs have been excluded from the income trust tax legislation passed in the 2007 budget by the Conservative government. Many Canadian REITs have limited liability.[2]
[edit]
Germany

Germany is also planning to introduce German REITs (short, G-REITs) in order to create a new type of real estate investment vehicle. Government fears that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless there still is political resistance to these plans, especially by the social democratic party ('SPD'). As of June 2006 the ministry of finance has announced that they still plan to introduce G-REITs in 2007. The legal details seem to adopt much of UK-REITs regulations (taxation, public listing, etc.), as far as it is possible to tell yet.[citation needed]

A law concerning G-REITs was enacted 1 June, 2007, and is retroactive to 1 January, 2007.[3]
[edit]
Qualification
REITs will have to be established as a corporation "REIT-AG" or "REIT-Aktiengesellschaft".
At least 75% of its assets have to be invested in real-estate.
At least 75% of the G-REIT's gross revenues must be real-estate related.
At least 90% of the REIT's taxable income has to be distributed to its shareholders through dividends.
The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.
[edit]
Hong Kong

REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of the Government. Since 2005, there have been 7 REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success due to low yield. Except for The Link and Regal Real Estate Investment Trust, share prices of all but one are significantly below IPO price. Hong Kong issuers' use of financial engineering (interest rate swaps) to improve initial yields has also been cited as having deterred investors' interest[4]
[edit]
India

India is currently in the process of formulating definitive legislation for the introduction and smooth functioning of REITs in the Indian real estate market. Once introduced these Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The best benefit being that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing real estate. The government and Securities and Exchange Board of India SEBI through various notifications is in the process of easing the norms of investing in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies, mutual funds etc. With the current real estate boom and the market being flooded with Initial Public Offer of various listed real estate companies in India it will be the best time for investors to own a share of the profiting market economy. Legislative framework, revised investment norms, a favourable investment opportunity, and a clear taxation policy will provide the right kind of investing opportunity in India in the time to come.[citation needed]
[edit]
Japan

Japan is one of a handful of countries in Asia with REIT legislation (other countries/markets include Hong Kong, Singapore, Malaysia, Taiwan and Korea), which permitted their establishment in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange, and most participants are Japanese conglomerates and foreign investment banks.[citation needed]

Since the burst of the real estate bubble in 1990, property prices in Japan have seen steady drops through 2004, with some signs of price stabilization and possibly price increase in 2005 and 2006. Some see J-REITs as a way to increase investment in the real estate market, although notable increases in asset values has not yet been realized.[citation needed]

A J-REIT may be structured as an independent corporation or as a contractual relationship through a trust bank.[citation needed]

In addition to REITs, Japanese law also provides for a parallel system of special purpose companies which can be used for the securitization of particular properties, but not for the maintenance of a real estate portfolio.[citation needed]
[edit]
Pakistan REITs

Pakistan's regulatory body Securities and Exchange Commission of Pakistan is in process of implementing REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors diversifying into real estate as well. The Securities and Exchange Commission of Pakistan following regulatory framework similar to Singapore and Hong Kong REITs.[citation needed]

The Securities and Exchange Commission of Pakistan expects that about six REITs will be licensed within the first year, mainly large assets management companies applying for it. Pakistan is recently seeing an outflux of investments by foreign real estate development mostly Malaysian and Dubai based companies.[5]
[edit]
Singapore

Commonly referred to as S-REITs. There are currently 20 REITs listed on the SGX, starting with CapitaMall Trust [6] in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties.[citation needed]

S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes [7], or alternatively as Business Trusts [8].

S-REITs benefit from tax advantaged status.
[edit]
United Kingdom

The legislation laying out the rules for REITs in the United Kingdom was enacted in the Finance Act 2006 and came into effect in January 2007 when nine UK property companies converted to REIT status, including the five that were FTSE 100 members at that time: British Land, Hammerson, Land Securities, Liberty International and Slough Estates (now known as "SEGRO"). The other four were: Brixton, Great Portland Estates, Primary Health and Workspace Group.[citation needed]

British REITS have to distribute 90% of their income. They must be a close-ended investment trust and be UK resident and publicly listed on a stock exchange recognised by the Financial Services Authority.[citation needed]

To support the introduction of REITs in the UK, the REITs and Quoted Property Group was created by several commercial property and financial services companies. Other key bodies involved are the London Stock Exchange the British Property Federation and Reita. The Reita campaign was launched on 16 August 2006 by the REITs and Quoted Property Group, in order to provide a source of information on REITs, quoted property and related investments funds. Reita's aim is to raise awareness and understanding of REITs and investment in quoted property companies. It does this primarily through its portal www.reita.org, providing knowledge, education and tools for financial advisers and investors.[citation needed]

Doug Naismith, managing director of European Personal Investments for Fidelity International, said: "As existing markets expand and REIT like structures are introduced in more countries, we expect to see the overall market grow by some ten percent per annum over the next five years, taking the market to $1 trillion by 2010."[citation needed]
[edit]
United States
See also: List of public REITs in the United States

A real estate investment trust, or REIT, is a company that owns, and in most cases, operates income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends.[citation needed]
[edit]
Qualification

In order to qualify for the advantages of being a pass-through entity for U.S. corporate income tax, a REIT must:
Be structured as corporation, trust, or association[9]
Be managed by a board of directors or trustees[10]
Have transferable shares or transferable certificates of interest[11]
Otherwise be taxable as a domestic corporation[12]
Not be a financial institution or an insurance company[13]
Be jointly owned by 100 persons or more[14]
Have 95 percent of its income derived from dividends, interest, and property income[15]
Pay dividends of at least 90% of the REIT's taxable income
No more than 50% of the shares can be held by five or fewer individuals during the last half of each taxable year (5/50 rule)
At least 75% of total investment assets must be in real estate
Derive at least 75% of gross income from rents or mortgage interest
No more than 20% of its assets may consist of stocks in taxable REIT subsidiaries.