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Things to Remember In Real Estate Law 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. And before the economic crunches, it was one of the top money making industries in the country. It is not a wonder why there are a lot of people who want to make real estate a primary source of income. The mere fact that one can earn commission from it, the real estate world is a lucrative business. Unfortunately, it is not for everybody because one has to pass the exam in order to becomes a licensed real estate agent. The Real Estate Law:What Is This All About? The first requirement in obtaining a real estate license is the age. The legal age would be 18 years old. When we speak of education, keep in mind that the law differ from one state to another as well as from country to country, so might as well follow the ones where you are residing at. Understanding of the subject matter as well as having a legit age is important because real estate is not a joke. Once again, it is important that one knows 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
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There are two kinds of real estate, they are the commercial and residential real estate. From the word commercial it means business uses. On the other hand, the residential real estate refers to the sale or rental of the real property. The law was heavily regulated in residential real estate than the commercial real estate. The real estate law require the sellers to furnish a copy of the truth statement for the protection of the buyers. In other words, the seller is obliged to disclose all the problems relating to the house being sold. 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 seller may also be guilty of fraud. Real estate law may differ from state to state. To this effect, an inspector is a must.
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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 how the business works. 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. So clearly real estate law is there to protect the purchasers, the sellers and the lending institutions as well.