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Things to Remember In 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. It has been one of the most fulfilling career in the world. It is not a wonder why there are a lot of people who want to make real estate a primary source of income. With the commissions that a person can earn from the real estate world, it is really a lucrative business. 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. The legal age would be 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. This is quite expected since people would be expected to learn real estate law to get a license. Again, it is important that one knows real estate law since there is 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 Laws
The two types of real estate are either commercial or residential. When we speak of commercial real estate, it is a sale or a lease of property for some commercial or proprietary use. On the other hand, the residential real estate refers to the selling or leasing of the real property. Between the two, it is the residential real estate that is more heavily regulated. 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 may also be guilty of fraud. Real estate law may differ from state to state. To this effect, an inspector is a must.
Lessons Learned from Years with Laws
Not all homeowners can pay cash in full, most of them seek help from a financial institution. This is where business comes in because the lending institution will enjoy interest. Should the property buyer default in the future, the financial institution will have the right to take the title of the property so they can resell it to recover the mortgage debt. 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 legitimate transaction, it protects the sellers, the purchasers and the lending institutions or any establishments of similar kind.