Saturday, October 28, 2006
The real estate business is burdened with scams, fraud and immoral practices. As such, it is a highly-regulated business. As a real estate saver, you are treading on areas of law which you must be familiar.
A good real estate attorney would assist you along the way, but you must survive to educate yourself as well. At a minimum, you must be known to the following:
Landlord-Tenant Rules
What actually does it take to evict someone? How much does it would cost? How long does it would take? Could I serve notices myself, or do I require a process server? Are there special housing rules that apply in your own city? Is there a limit to the amount of lease increases I could ask for? Is there a limit to save deposits? Do I have to give interest on a save deposit to my tenant? How long could I hold a save deposit after the tenant leaves? Is there a minimum elegance period before I could charge a late fee?
Legal Documents
What form of agreement, deed, mortgage, note, lease, etc is usually used in my area? Are there particular forms required for licensed real estate agents? Am I necessary to use these forms if I am an agent acting as a principal? You must learn the local forms and how to custom-tailor them for your wants. A good attorney and my Nuts & Bolts of Creative Real Estate Transactions course would help.
Recording Rules
Where do lawful documents get recorded? What are the filing fees? What format should the documents follow? Is there a transfer tax? Contact your home title company or the County recorder's office for information.
Fair Housing
Could I make a difference against some groups when I rent my property? Obviously, you cannot discriminate against people based on race, religion, sex, age, etc. However, some state and the cities have some special restrictions, such New York City. Where you can not discriminate against lawyers!
Licensing Laws
Learn Real Estate Agent Licensing Laws. In few cases, your practices as an investor might be treading close that of an agent. Check with your nations licensing agency for more information. If you are rehabbing homes, you might require complying with building rules and be licensed as a homebuilder or even developer. Also, be careful of Consumer Protection laws that regulate high-pressure sales, foreclosure purchases, sale-leasebacks and even other distress real estate transactions.
A good real estate attorney would assist you along the way, but you must survive to educate yourself as well. At a minimum, you must be known to the following:
Landlord-Tenant Rules
What actually does it take to evict someone? How much does it would cost? How long does it would take? Could I serve notices myself, or do I require a process server? Are there special housing rules that apply in your own city? Is there a limit to the amount of lease increases I could ask for? Is there a limit to save deposits? Do I have to give interest on a save deposit to my tenant? How long could I hold a save deposit after the tenant leaves? Is there a minimum elegance period before I could charge a late fee?
Legal Documents
What form of agreement, deed, mortgage, note, lease, etc is usually used in my area? Are there particular forms required for licensed real estate agents? Am I necessary to use these forms if I am an agent acting as a principal? You must learn the local forms and how to custom-tailor them for your wants. A good attorney and my Nuts & Bolts of Creative Real Estate Transactions course would help.
Recording Rules
Where do lawful documents get recorded? What are the filing fees? What format should the documents follow? Is there a transfer tax? Contact your home title company or the County recorder's office for information.
Fair Housing
Could I make a difference against some groups when I rent my property? Obviously, you cannot discriminate against people based on race, religion, sex, age, etc. However, some state and the cities have some special restrictions, such New York City. Where you can not discriminate against lawyers!
Licensing Laws
Learn Real Estate Agent Licensing Laws. In few cases, your practices as an investor might be treading close that of an agent. Check with your nations licensing agency for more information. If you are rehabbing homes, you might require complying with building rules and be licensed as a homebuilder or even developer. Also, be careful of Consumer Protection laws that regulate high-pressure sales, foreclosure purchases, sale-leasebacks and even other distress real estate transactions.
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