Thank you to cedps for allowing me to talk about the work of the charitable organization Community Refund in Nicaragua. It’s a collaboration between real estate agents, real estate attorneys, title insurance providers and real estate investors to generate funds for the local community at the time of closing. All parties to a Nicaragua real estate transaction are offered the opportunity of donating a percentage of their closing fees or funds. So in an ideal world:
- The real estate agent will donate 1% of their commission
- The title insurance company 1% of their title insurance fee
- The real estate attorney 1% of their due diligence fee
- The buyer 1% of their purchase price
- The real estate vendor 1% of the sale price
The result – a large donation to go back to the community. After all everyone benefits if the community in which they are buying real estate is able to grow and prosper.
One of the best programs of Community Refund is Savings Start. It’s designed to help people from the local community save money to start their business. It;’s designed as a training program teaching key business skills such as computer literacy, business planning, marketing and sales. There is also a requirement to open a savings account to which Community Refund offers matched donations.
A number of small businesses have already been set up by entrepreneurs on the back of the Savings Start program. I’m proud to be a part of it. It’s a great example of how a local real estate industry can ensure that some of the benefits flow to the local community. Everyone will be better for it