Common individuals understand real estate as simply buying and selling property. But there’s actually more to it than meets the eye. Considering that most people rely on agents when it comes to selling and buying properties, most of them completely trust these third party representatives without realizing the legal matters involved. To make things worse, the growing real estate industry has become a pool for opportunists who prey on unsuspecting victims.
Aside from real estate agents, there are other individuals involved in real estate transactions. The first is the buyer advocate, a licensed professional that does everything on behalf of the buyer. And the vendor advocate, representing the vendor. Negotiating and bargaining to gain the advantage for whoever they work for, a profit would always be their priority. If you’re not cautious, middlemen will impose their will and grab any opportunity to earn from you.
The best thing to do, when it comes to real estate deals, is to talk to an attorney and ask for legal advice. Certain rights and rules apply when it comes to acquiring and selling properties. If they are not clearly understood, you might be putting yourself and your investments in danger. A few considerations must be taken into account before getting involved in a deal: zoning violations, possible environmental hazards, restrictions that limit any use of the property, mortgage issues, any potential problems with the house’s title, accuracy of estimated property value and real estate taxes.
Real estate is a huge investment and any problems will most likely be huge as well. Be careful, don’t forget to consult an attorney and invest wisely.
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