The Importance of Knowing Real Estate Law
Real estate has always been one of the most common investments among the citizens.when you ask the citizens, they would probably agree that the most common yet the largest investments they ever made is a real estate. And before the economic crunches, it was one of the top money making industries in the country. Without a doubt, a lot of people would like to try how this work fits them. A real estate is really a lucrative business since one can earn commission out from it. Unfortunately, it is not for everybody because one has to pass the exam in order to becomes a licensed real estate agent.
Understanding the Real Estate Law
One of the indispensable requirement is the age. In order to qualify for a license, one has to be at least 18 years old. The credentials when it comes to high school education must at least be a high school graduate, however the law vary from state to state, from country to country so it would really depends on what the law mandates on your country. Understanding of the subject matter as well as having a legit age is important because real estate is not a joke. Once again, it is important that one knows real estate law since there will be a written exam on it. One has to pass the exam to get the license.
The Essentials of Real Estate Law
Lessons Learned from Years with Options
There are two kinds of real estate, they are the commercial and residential real estate. Commercial real estate, of course, is a sale or a lease of property for commercial use. On the other hand, the residential real estate refers to the selling or leasing of the real property. The law was heavily regulated in residential real estate than the commercial real estate. The real estate law require the sellers to furnish a copy of the truth statement for the protection of the buyers. the truth in statement means that all the sellers are required to disclose the issues related to the house. There will be a void of purchase agreement if the seller did not disclose the issues of the house like the presence of holes or termites. The seller could also be sued for fraud. However, you have to know that the real estate differ from one state to another. To this effect, an inspector is a must.
Learning The “Secrets” of Laws
Most home buyers would need to get a mortgage from a bank or lending institution. This is where business comes in because the lending institution will enjoy interest. This is how the business works.
Nevertheless, a part of the real estate law would tend to dictate that property buyers be told of all fees and expenses during the closing of transactions. Being a legit transaction, it serves to protect all the parties.