The longing for owning your own home, home property
is embedded in all of us. We all long to call something our own home, be
it a small house or a big mansion, all depending upon our need and image
we have of ourselves.
Real estate is a key indicator of economic growth in any nation, more so
in the developed world. The recent crash in the real estate prices, and
in homesteads in America, has brought its economy nearly to its knees.
One needs to be very careful in dealing with real estate. There are many
scams, and many scimitars are so savvy that they would have their mother
believe that she is getting a good deal! You need to check on the
reputation of the seller of real estate, you must check the land records
of the area in which you are considering investing in. Don't get fooled
by the documents you are shown. You must verify it with an independent
agency.
When you are investing in a built up house, you need to check whether it
meets your requirement. Once you think you like it, you would need to
check the home registration papers, its structural strength, what
repairs, if any are required, for water supply, electricity supply,
whether the owner has not alreay mortgaged with some bank or a real
estate developer. Of course, it would be better if you were to hire a
professional like an architect who could this investigation for you.
It's not cheap; but then, it is much cheaper than having to redo a whole
lot of things, which are far more expensive.
If you are selling your house, then obviously what has been written
above applies to you in a converse manner. it would be good on your part
to join hands with the person whom you are selling to, and clarify all
points. It helps you also if you were to show the original documents,
and help the seller in checking and rechecking various documents, and
title deeds. It would be a better idea for you to get a small
downpayment made in your name in the first instance. Once the buyer is
satisfied on all counts, you should ask for a Banker's Check payable in
your name. Normally, personal checks should not be taken for payment,
unless you know the person very well. Make sure that you draw up the
sale deed in a manner that if certain payments are not made, your right
to money is protected. This is best done by real estate lawyers and it
is recommended that you and the buyer go to one and get the deeds drawn
up properly and in a clear and concise manner.
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