The methodologies for the transactions of real estate
Transactions of real estate are the procedure by which the rights to a particular piece of property or real estate are transferred amongst two parties or more. The convention states that usually the two groups are those of sellers and of buyers. There might be some cases where a third party might also get included because of certain procedures of the local jurisdiction where the property resides. These property transactions often become complicated due to various factors like:
• The transfer procedure of property rights
• The monetary value of the transaction, which is generally huge
• The Rules and Regulations imposed by the government or the local law
A real estate transaction in the US has some basic methodologies; some of them might be self-imposed while others might be government regulated like:
• One should put up the property for sale in the market by either hiring a broker or by FSBO.
• The buyer should also enlist similar help to get hold of properties they desire
• The next course of action is the ‘showing’ or ‘open house’ towards the potential purchasers.
• The offer of the interested buyers is then submitted and sometimes some nominal entitlement search is done by an escrow company before the settlement is finalized.
• Next is the arrangement of money to pay for the purchase of the property, which is often done via bank loans or mortgages
• Finally, the closing of the sale occurs with all the third party payments and documents signing.
One should be very careful through the entire duration of the transaction against possible frauds.