Legal procedures are always very important for a safe property transaction so that no further problems are created in future. In this article, we will try to discuss some legal steps during a property transaction keeping in mind both the party- buyer and seller.
Legal Procedure for Real Estate Businessman
It’s very important to license you business not only for ethical cause, but also for the safety of the business. A real estate license is usually get issued by governments. It is the way through which a person gets the permission to legally transact property to buyers and sellers. For getting this license need to fulfill some requirements. Today we will discuss some steps that can help you get a real estate license. This can make your path smoother in the world of real estate.
It is the first step in this procedure. You have to get prepared with all the requirement and cost so that you don’t have to wait longer and face procrastination.
These are some of the eligibility requirements:
- There is a minimum age limit which is generally 18-21 years.
- An adult citizen of the country.
- Background check and no police record.
- Fingerprint preservation.
- A minimum educational qualification.
- A proper license application.
Know the Cost
This is not constant so it would be wise to get to know the cost registered in your state. In a general sense and according to United States, costs for licensing ranges from 200-700 US Dollars. The application for licensing may cost you with the range of 75-150 US Dollars.
Legal Procedure for Real Estate Customers
As a customer, you need some legal procedures that will establish your rights on the property. If you have chosen a property and think it as the right one, then you should be ready for the paper works. That is literally the most important part of buying a property. So, no matter how boring and painful they seem, you have to go through the process.
Declaring the Property Value
First you have to learn the current value of the property relating to the are it is located. You have to inform the municipality authority about your purchasing price. If you don’t mention the correct price, there is a lot of chance that you can be tied with a heavy fine. If you want to avoid that, then don’t think of avoiding the procedure. Some broker or realtors can suggest you to lower the price while informing, but don’t listen to them, it is risky.
Title of The Property
After the determination of the price, you and the seller need to separately pay the 2% of the of the title duty to the definite bank. After paying this, you can apply for land registry with the required documents. There will also be your photographs attached to the documents. After fulfilling all the procedure with land registry office, the transaction can be executed.
While getting inheritance of any property, there is also some legal duties to be done. But the procedures are different in some way from literally buying a property.
Hope this article will help both the real estate businessmen and the buyers to carry on with the legal procedure while a property transaction.
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