Basics of Real Estate Law

Real estate is such a broad topic. This topic covers almost the whole world and every individual has concerns regarding this.

Like any other things in this world, certain laws govern real estate, the so called real estate law. Nevertheless, to fully understand what real estate law is, it is necessary to define real estate. What is real estate?

Real estate is a legal term that includes land along with anything permanently affixed to the land such as buildings, fences and things attached to the buildings, such as plumbing, heating, and light fixtures. The properties not affixed are regarded as personal property.

Just like real estate, the real estate law is such a broad topic as well. If you are going to discuss it in a very simple way, real estate law is only the law, rules, regulation and other legal matters that governed real estate.

Real estate law entails things like owning real property, the typical restrictions imposed on owning real property, the common forms of property ownership and many others. As said earlier, it is very broad.

In this article, real estate will be discussed through the basics of real estate law. The basics of real estate law include understanding real property, the ownership, the restrictions, and the forms of property ownership. The basics discuss the topic regarding ownership of real estate.

Understanding its basics, you will definitely have the right thought about real estate law.

One of the basics of real estate law is real property. What is real property? Real property is simply the real estate. The real property is used interchangeably with real estate.

However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from the real property, referring to ownership rights over real estate.

Real estate also entails about owning real property. What is owning real property about? Owning real property allows you the right to do with the land as you please aside from those subject to restrictions imposed by real estate law.

Owning a real property means you can do anything with it such as use it; give it away; sell or transfer it; use it for a collateral for loan; bequeath it to intended beneficiaries or let it sit where it is without doing anything to it. In other words, owning real property is having total rights on a land and no one can ever question you for it is yours.

In owning a real estate, some typical restrictions are being imposed by law. There are countless laws that restrict what you can do with the real property. It may be federal, state, county and local laws. The enforcement of these laws resides with the various agencies.

The most common restrictions imposed by government are zoning. It is an environmental hazard, public easement, right of way.

If there are restrictions imposed, there are also forms of property ownership. These are joint tenancy; tenancy in the entirety; sole ownership; tenants in common and community property.

In joint tenancy, two or more people own the property at the same time in equal shares. In tenancy in the entirety, some estates have especial form of joint tenancy when the joints are husband and wife- with each owning one half.

In sole ownership, the property is owned entirely by one person. Two or more persons own common tenants' property at the same time. Meanwhile, community property is only recognized in the estates. It is a special form of joint tenancy between husband and wife, each owning one-half of their properties. Upon death, the decedent's interest passes in a manner similar to tenants in common.

The basics of real estate are the best information needed in order to understand real estate law. With this basics information, although real estate is very broad, you have the capabilities of understanding it into its deeper sense.

Real Estate Marketing Flyers; 24/7 Marketing

A real estate marketing flyer box is a "24 hours a day agent", and is standard equipment among high producing real estate agents.

And what do you suppose you do with them? Stuff them with real estate marketing flyers, of course! And as you may know, real state marketing flyers are the bread and butter of the real estate indusrtry.

A good, informative real estate marketing flyer has enough information on it to get the most desireable response; a phone call or email message to you. The rest, as the say, will be up to you.

The flyer should at a minimum have your full name, address, and phone number(s), your photograph, a photograph or two of the listings, price, property description, and description of the location, neighborhood, and amenities.

A good real estate marketing flyer will also be attractively designed, neat and devoid of clutter. It should also be done in clear and easy to read type fonts. Although color copies are relatively expensive these days it is still a good idea to have at least a splash of color.

Perhaps your real estate marketing flyer can reflect the happenings in your community, such as a photograph of the local sports team, an attractive park in the area, or a scenic view. Let the flyer sell you and your listings for you!

And as implied above, real estate marketing flyers are no longer restricted to placement inside homes. Additionally, you can place them outside homes and have them market your listings 24/7.

Many real estate marketing flyer boxes come equipped with easy reach business card dispensers. Some all-weather-resistant construction boxes will hold over one hundred single sheet flyers in a upright fashion. No slouching, no bunching! The self-closing lid and ventilation system keeps the real estate marketing flyers just like new.

So, if you're not marketing via real estate marketing flyers, or if you are not marketing with outside flyer boxes you may want to consider stepping it up a notch or two. Afterall, the more successful agents are marketing 24/7! Are you?

The Saga Of An Ideal Real Estate Agent

Behind the success of a man is a woman, and behind the success of a real estate business is an ideal agent. Indeed, it's the human resource that is considered to be the most important factor for real estate business to succeed.

Indeed, real estate can be a lucrative activity when managed properly by the right person. But what does it take to be an ideal real estate agent? Here's how:

1. Have a solid track.

Most people who succeeds in life knows where they want to got, what they want to do, and the reasons behind it. And so, for a person to be a successful real estate agent, he or she must encompass this trait in order to succeed in the industry.

2. An ideal real estate agent knows who he or she is.

Skills, strategies, and marketing tools will all go to waste if the real estate agent does not have a solid assessment of his or her own personality.

Consequently, a successful real agent is honest in his or her endeavors especially those that involves transactions with a client. If, in the first place the real estate agent is not being true to himself or herself, then the real estate agent will most likely have difficulty in dealing with other people.

This all boils down to the fact that an achiever is a believer not of any other thing, but in himself.

3. Optimism.

A lot of people who succeeds in life are optimistic. This means that a person has always a positive outlook in life. An optimistic person believes that there is no such thing as failure. And an ideal real estate agent knows this too.

4. Motivation power.

An ideal real estate agent knows how to motivate or move people into action. It's that unique power of every sales person to device a strategy that can motivate their clients to buy the product he or she is selling.

5. Awareness of the value of properties.

To become an ideal real estate agent, one should be aware of the ebb and flow of the cost of the properties. These should be taken into consideration with utmost care and skill.

6. They should not price.

To be an ideal real estate agent is to be considerate with their client's purchasing capability. They should be sensitive enough to detect if the price of the real estate is reasonable enough to hit their market.

7. An ideal real estate agent does not engage into hard selling.

8. An ideal real estate agent knows how to make a pleasant showcase of the property.

Getting Into The Real Estate Market

You have probably heard that getting into the real estate business is a great way to make money. Thousands of people have turned to the real estate game in order to make money. And a lot of these people have turned themselves into self made millionaires. Wouldn't you like to be next in line? The good thing is that making money in this industry is more than possible. If you know how to get started, and make the right decisions, you can make tons of money.

Before you get too involved in the real estate business you need to ask yourself what you want to do. There are many ways to make money with real estate, and you will need to plan your route early on.

Real estate investing can be done in two ways. First off, you can buy a property, fix it up, and then resell it for a profit. This is a great way to make money if you know how to manage what you are doing. Also, you can buy a property and then rent it out. The advantage to do this is that you will have a monthly income coming in from each property that you own. If you have enough real estate making you money each month you will never have to work again, and the only thing you will have to do is make sure each property is kept up to part.

Unfortunately, getting started is not quite as easy as it may sound. Sure, all you need to do is buy a property, but after that things can get a bit tricky.

After you have a piece of real estate in your name the real fun starts. You will need to get it up to par, and then make a decision on what you want to do with it. Either way, the property will have to be in good enough shape to sell or rent out. For this reason you will probably have to do some repairs. Are you handy enough to make these repairs on your own? If so, you can save yourself a lot of money. But if you are not, you will have to hire somebody to help you out. This is not a problem, but it can cut into your overall profits.

Getting into the real estate business is one of the best ways to make money in today's market. Many people have turned to this industry as a full-time job. And a lot of these people have made millions of dollars. If you want to be next, jump into the real estate business today. You never know what could happen.

Choosing the Right Real Estate Agent

Buying or selling your house is one of the most important financial decisions you will have to make. It is very important that you think it through first before deciding.

You can either buy or sell the house yourself or you can hire a real estate agent to do the work for you.

What is a Real Estate Agent?

Real estate agents are salespersons. They are licensed people who work to negotiate and manage real estate sales.

Choose a Good Real Estate Agent.

People usually use real estate agents to sell their house instead of buying one. You basically do not need a real estate agent when you are buying a house but they can be helpful if you are interested in looking for a specific kind of house. A good real estate agent can spend a lot of time in the field to look for a house that you specified.

Before hiring a real estate agent, keep in mind that there are good real estate agents that are willing to work with you and there are the bad real estate agents that are only interested in your money.

You should also interview real estate agents in person to get the feel if you are comfortable with them or not. Personal interviews can determine if they are serious about the business or just in it for the money.

Try to get recommendations first from family and friends, and then locate their recommendations to set up your interview. You can also look for real estate agents in the internet.

Good real estate agents are committed people who try their best to get you the best deal possible. They should advise you about the real estate laws and tell you about the neighborhood the house you are buying is located. They will usually include details like schools, parks, malls, church and more essential for people's everyday lives.

Here are examples of bad real estate agents:

? A bad real estate agent would get easily irritated if you rejected the first house they present to you. It would look like they are only interested to get the commissions than giving you more criteria for a house.

? Another example of it is that bad real estate agents are the ones who require a fee before they even start to show you the houses. This fee is used to guarantee themselves that the buyer is will only buy a house through them.

Here are examples of good real estate agents:

? A good real estate are often patient when you reject a house after the other. This would mean professionalism and can mean that they want you to have the best deal possible.

? Another way to determine if you hired a good real estate agent to sell your house is that they make the house look presentable as possible. They do what they can to sell the house as soon as possible and looks everywhere for prospective buyers.

To choose real estate agents, ask people about the agent's reputation. They should have a lot of success in selling houses with the best deal possible. Keep in mind that good real estate agents have many houses listed. Bad ones may only have only few houses listed. Look in your local home classified magazines about the listing of houses.

Do not rush in to hire real estate agents. Take your time and you will find excellent real estate agents to work for you more efficiently. Remember that buying or selling a house is one of the biggest and important decisions you will ever make.

Home Equity Can Also Lead To Home Foreclosure

Home foreclosure happens for a number of reasons. Sometimes the homeowner is not at fault. The housing crisis experienced this year is no because people failed to make their payment but they couldn't afford them anymore. The loans that they thought would keep them safe are the ones that are causing them to loose their homes. There are many homeowners who depend on home equity line of credit. Unfortunately this is one of the major causes of foreclosed homes.

According to Home Equity Index 16.53% of the loans last September 2007 were past 60 days due or have entered the foreclosure process. That's more than twice the rate last year and triple than June 2005. More properties succumbed to the housing crisis by 94% in October compared to last year.

Home Equity Can Also Lead To Home Foreclosure.

There are different types of home equity. They differ based on the interest rate charged to the homeowner. Basically the home equity line of credit is borrowing money from the bank using your house as collateral. Homeowners can open a line of credit that they can use as long as they comply with their payments. Many homeowners use it as a convenient financial instrument that they can use in case they need it.

Unfortunately this type of loan can also lead homeowners to loose their house and get bad credit in addition. What happens is that they don't anticipate the adjustments that will be made by their banks on their interest rates. Most of them are teased by low rates which will vary from time to time.

Interest rates can vary from 4% to 17%. Homeowners have no way of telling when the rates are going to change and find themselves unexpectedly faced with higher payments. In other cases, banks and mortgage companies usually lure customers with teaser rates. The advertisements inform the homeowners with low interest rates but do not include future adjustments. Teaser rates are usually advertised at 4%. Once the contracts are signed these rates can skyrocket.

The application for the loan also has fees. Other companies and banks charge a one time payment or small ones spread out. Apart from paying the interest rates borrowers also have to pay other fees just to get the loan approved.

Homeowners can utilize other options such as second mortgages with fixed rates. They can also obtain an FHA secure refinance program.

Home Foreclosure: What Happened And What You Need To Know

Home foreclosure has become a widespread problem this year. More homes will probably be foreclosed in the future. This mortgage crisis has become a tragedy for the families and individuals who have no other place to live. A lot of people hear about this crisis but most of them don't really know what is happening. A lot of people have suddenly started losing their homes and unable to pay their mortgage. Why are the banks and mortgage lenders suddenly getting rid of all these properties?

There are many possible reasons why a homeowner finds himself or herself in this situation. Apart from procrastination, unexpected emergencies can also happen. There are a times that cash is suddenly needed that greatly affects the budget. For people who don't have much this can be a very big problem. Paying with plastic is also a hard habit to give up. When we pay with credit cards its harder to keep track of your other expenses besides the monthly bills.

The main reason why homeowners are not able to catch up with their payment is because of rising mortgage rates. A few years ago banks decided to give mortgage loans to people who have financial crisis at a low rate. The bank then devised a new way to avoid payback risks. Homeowners were given adjustable rate mortgages.

The housing market suddenly took a turn for the worse. Houses which were selling for $300,000 before were now valued at $190,000 at best. Homeowners were stuck with adjustable rate mortgages because they can't refinance. Instead of paying $1,500 a month homeowners are now paying double the price to keep up with their mortgage payments. Their rates may start off at 5% to 7% but increase as the year passes. Soon homeowners find themselves with 10% to 12% mortgage rates that they can no longer afford.

This still happens today as other homeowners are tricked or mislead by mortgage lenders. Homeowners assume that the value of their homes will increase and refinance after a year or two while paying a fixed rate. They don't know that these rates increase over time to very high levels that will eventually lead to foreclosure.

If you don't want your house to fall into a home foreclosure trap, be sure to read the fine print. Calculating your odds in the future will also be a good idea. More often than not the real reason is not missing the payment but not being able to afford it.

Home Foreclosure: Your List That Profits

In recent years the mortgage crisis has steadily worsen. Many people are loosing their houses to home foreclosure. While this can be a disaster to the homeowners, other people can benefit from this situation. People who cannot afford a new house will be able to buy one at a wholesale price. Investors can also gain profit from these properties. There are hundreds and thousands of properties that go on the auction block every year.

Buyers and investors can take advantage of pre-foreclosures to be able to get a good deal. This happens when the homeowners fail to make their payments (usually after 3 or 4 missed monthly payments). The bank or the mortgage lender repossess the property and sells it on the market to recover the amount. These properties are usually sold below real market value.

The List That Matters

To be able to get the best properties research is very important. Foreclosed homes can vary from single family houses to mansions. The mortgage crisis affects a wide range of demographic. People were able to afford their condominiums and studio lofts but somewhere along the way missed several payments. Investors have a wide selection of properties to choose from. As long they know where to look, they have a good chance of acquiring a high profit property.

To be able to find foreclosed homes all you need is the foreclosure list. This list is available for the public in many places. You can find free lists in the county records office or county clerk. You can view them without paying a fee.

If you don't have any time to search in the public records you can go online. There are many websites that have lists. Unfortunately some of these websites charge a fee if you want more details or if you want to receive updates directly in your email. Searching on the internet is easy and convenient.

Banks and mortgage lenders advertise foreclosed properties in the local newspaper. Other lenders provide lists for potential buyers who are interested.

Lists can be divided into bank, HUD, VA, and government foreclosure, court auction, sale by owners, and homeowner bankruptcy. These subdivided sections will help buyers and investors in searching for a specific type of list.

Investing in home foreclosures can be a rewarding business. As long as you work hard, don't mind doing a lot of research you will have lucrative prospects ahead.

Secure A Loan From FHA

Home foreclosure can happen due to a number of circumstances. Sometimes homeowners are not able to pay their mortgage due to interest rates. With higher costs of living most of us barely can pay our bills. A lot people are facing this crisis. Fortunately the government has come up with a plan to help those who are in need and fell behind on their payments. Adjustable rates are a major problem with homeowners. Some of them have gone to higher levels that they can no longer afford.

Due to this problem the Federal Housing Administration has come up with a plan. To help homeowners with adjustable rates that they can no longer keep up with, the FHA has devised the FHA Secure Refinance Program. The new program offers assistance to those who are facing possible foreclosure due to high monthly payments. This new program allows homeowners to refinance their mortgages with adjustable rates. Homeowners can acquire a fixed rate FHA loan.

The new program also helps homeowners who were mislead by their mortgage lenders. Adjustable rate mortgages most often have teaser rates to lure customers. If the homeowner qualifies for the FHA loan program the funds will come from mortgage lender. Since these lenders are referred by the government you will be sure to get a legitimate scam free deal.

Since the loan is offered by the government, it's not just safe but also allows homeowners to qualify even if they have poor credit. The program is not looking for a high credit score but a good profile. The government has focused on the homeowner's credit history instead of a credit score. If you're a homeowner that is concerned that the mortgage crisis will affect your qualification for a refinance with low credit score the program can help you.

To qualify for the program the homeowner should have non-FHA adjustable rate mortgage. They should have a history of paying their mortgages on time before the lender adjusted their ARM to a higher rate. The ARM rate will be reset between June 2005 and December 2009. They should have 3% cash or equity and have enough income for the new mortgage payment.

Homeowners should always keep in mind that the FHA is not lending them money; their debts are insured with a lender approved by the government. The new program may assist owners from loosing their houses to home foreclosure but they are just a mere assistance for those with high ARM rates.

Home Foreclosure: Make The Most Of Your Time

Home foreclosure is a common problem and yet most of us don't really know how long it takes. It's an important issue that all homeowners spend some time worrying about. Most homeowners have no idea between the time of the missed payments and the eviction date. Since they don't know when the foreclosure process has officially started, when the auction will occur and how long they have left after a new owner buys the deed they feel that they have no options left and no control over the situation.

Fortunately there is a way to know the timeframe of the foreclosure process. Most of it will depend on the state laws. Once you miss your first payment you must immediately look for them to be able to come up wit a plan. Time lines vary from state and state. The time when the notices should be mailed, scheduling of the auction or sale, and redemption periods are determined by the state.

Mortgage lenders also usually send notification letters and start making calls after missing 3 or 4 monthly payments. Most of them usually understand that their borrowers may have suffered from a financial crisis and need more time. It will take weeks or months before the actual foreclosure is filed in court and the more time before the auction starts. But this does not mean that homeowners can procrastinate.

After the auction the new owner will send a letter. The notice will tell you how much time you are given to move out of the house. You're willingness to pay the rent will also give you more time for staying in the house. There's also a possibility that the judge will grant you a redemption period. During this period the homeowner is given the chance to pay back his or her debt. Homeowners can opt for refinancing or paying the mortgage in another way.

The foreclosure process also depends on how quick the mortgage lender pursues your case. The key here is to have open communication with the bank or the mortgage lender. If they know that the homeowner is making steps to get back on track this will give them more time. Homeowners must not ignore the mail from their lenders. Taking time to respond will tell them that you have a solution at hand.