Real estate laws are the legal statements which specify certain terms, conditions, scenarios and obligations which individuals and organizations should follow while making any dealings regarding land and buildings of any kind including apartments, homes, cultivating land or farms. They should be followed in sale and purchase and activities involving rent and lease of any property. These laws are made to protect both parties involved in any such agreement.
The five occasions when one needs to know the basics of real estate laws are: buying or selling some property, entering into a property lease agreement, entering into a mortgage agreement, home closures and foreclosures and entering into a tenant-landlord agreement. All these occasions are important as they involve a great deal of mental and financial investment.
You should, therefore, pay enough attention to even the minutest of all details before entering into any such deal and making any decision. We will discuss three of the cases mentioned above when knowing these laws will help you in some ways.
The first and foremost time when you should know what your rights and duties as a seller or buyer are according to law is when you sell or purchase some property. These laws tell you what you should do before making the transaction to stay free of tension and any future litigation. Most of the real estate laws direct both buyer and seller to go for proper documentation of each and every step so that things may be presented as evidence in case any dispute arises in near or far future.
Both the buyer and seller have to add every term and condition of the exchange to make the process go smooth. A precaution at this stage is to avoid using your wit at such a spot and to take help of an expert. Involvement of a technical hand can save you from scams and provides much better legal protection.
When you are going to enter into a lease contract, the need to know real estate laws arises when you are to decide and document the conditions which will terminate the contract, transfer of property provisions and the use of property. Having known what you can do and what you need not do to avoid lawsuits or unfair claims on your property will help you as long as you are involved in the agreement.
The third and last occasion are when you are entering a landlord-tenant agreement. You should well consider the landlord/tenant laws and should well bargain your rights. As a tenant, you can, and should, check for the present condition of the residence, the number of tenants written in the agreement and the terms and conditions of increasing the rent. As a landlord, one should make it clear to the tenant that what are the circumstances in which you have the right to terminate the contract, the number of residents and the period for which the agreement is valid.
Buying and selling of property involve a lot of money changing hands, which means there may be an occasion to be taken advantage of. If you want to safeguard your property and your finances, you may need professional assistance. This way, one can make sure that you are going about your real estate transactions the right way, every time.