Real Estate Law: Learn To Earn A Living
Real estate has always been the hottest topic when it comes to investment. And before the economic crunches, it was one of the top money making industries in the country. 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, before you can become a real estate agent one would need to have a license.
The Real Estate Law:What Is This All About?
The first requirement in obtaining a real estate license 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. Again, it is important that one knows Paso Robles 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
When we speak of real estate, there are two kinds, the residential and the commercial real estate. Commercial real estate, of course, is a sale or a lease of property for commercial use. On the other hand, the residential real estate refers to the selling or leasing of the real property. As compared to commercial, the real estate law is heavily regulated to the residential for many persons. It was habitually practiced that the real estate law demands a protection to home buyers by requiring a truth in statement from the sellers. 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 of disclosing such issues like the presence of termites, or there is a hole in the roof could render the purchase agreement void. The sellers may also be sued for fraud. However, you have to know that the real estate differs from one state to another. To this effect, an inspector is a must.
The most common scenario is becoming a mortgagor to a bank, and upon default, there will be foreclosure. In return, the lending institution will get a security 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.
Like any careers, a part of the deal is fixed by the Real Estate Law. Being a legit transaction, it serves to protect all the parties. Check out http://boyajianlaw.com/#!real-estate-law to know more and get started.