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. 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. However, you need to pass the exam and get the license in order to work as a real estate agent.
The Real Estate Law:What Is This All About?
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. This is quite expected since people would be expected to learn real estate law to get a license. Once again, it is important that one knows Templeton real estate law since there will be a written exam on it. TO finally get the license, one has to pass the real estate law exam.
The Fundamentals of Real Estate Law
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 sale or rental of the real property. As compared to commercial, the real estate law is heavily regulated to the residential for many persons. 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. This means that all sellers dealing with the real estate property is required to tell the truth and disclose all the issues related to the house they are selling. Failure to disclose such problems like the presence of termites or a wet or leaky basement could render the purchase agreement null and void. The sellers may also be sued for fraud. Templeton Construction law may differ from state to state. To this effect, an inspector is a must.
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. This is where the business comes in.
During the closing transactions, a part of the real estate law dictate the terms and conditions as well as the fees and expenses and this is normal. Being a legitimate transaction, it protects the sellers, the purchasers and the lending institutions or any establishments of similar kind.