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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. Before the problem of economy arises, it has been the most profitable industry 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. The mere fact that one can earn commission from it, the real estate world is a lucrative business. However, before you can become a real estate agent one would need to have a license. Understand Real Estate Law and Get a Real Estate License One of the indispensable requirement is the age. In order to qualify for a license, one has to be at least 18 years old. When we speak of education, keep in mind that the law differ from one state to another as well as from country to country, so might as well follow the ones where you are residing at. Understanding of the subject matter as well as having a legit age is important because real estate is not a joke. Since there will be a written exam on it, it is important to study how the real estate mechanism works. TO finally get the license, one has to pass the real estate law exam. The Essentials of Real Estate Law
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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. Residential real estate, on the other hand, is a sale or rental of property to families for daily uses. Between the two, it is the residential real estate that is more heavily regulated. Since the 70’s, the world of real estate law offers more protection to home buyers by needing a truth in statement from the seller. 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.
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The most common scenario is becoming a mortgagor to a bank, and upon default, there will be foreclosure. This is where business comes in because the lending institution will enjoy interest. This is where the business comes in. 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.