Relocation scams

Shifting base is a hectic episode as one needs to relocate all the furniture’s and amenities from one place to another. There are people who can pack our things and transfer it to the desired location. They make our task easier and allow a safe haul.

The movers may charge you a little extra but it reduces the load that comes along with packing. Local moves are priced differently as compared to long distant moves.

Look out for moving scams that take place frequently. There are many fraudulent companies that pose as movers but are actually rogues. Hence one should carry out proper research before giving away your belongings. Hire reputable companies who have legal documents proving their existence and it is always safer to accompany the movers so that you can keep a check on your things.

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Staging your home

Home staging is presenting your home to the buyer in a way that attracts them towards it. It is accessorizing your home with flowers, candles, decorative items, linens, etc. It is the small things that the house offers, that allure the buyer.

Accessorizing does not mean cluttering every corner of the house. In order for the house to look spacious, there should be minimal furniture so that the buyer can visualize their own furniture in the same space. If the house is scattered, it gives out a negative impression. Also a cluttered house appears smaller as the contents take up all of the space.

Since buyers have many options to choose from, it is important to present it in the most enchanting manner. The house should look like a home that is nurtured with care and gives out a homely aroma. Things should be kept in place and any extra furnishings should be moved into to store room or a closet.

The kitchen, bathroom, bedroom should me neatly arranged. The walls should be painted well and the floors should be polished. Curtains should be dry cleaned and furniture’s should be sparkling. But one should keep in mind that the staged home should not look artificial. In order to stand out amongst many sellers staging your home is seems like a pleasing option.

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Go Green

Building a green home can be quite expensive and difficult affair but it ultimately aims at conservation of fuels with the help of natural elements like wind, water and sun.

A place is designed in a way such that it allows sunlight to enter the house directly so that electricity is conserved. Also this solar energy is trapped in order to run other electrical appliances.

Another criterion for having a green house is building a house according to the number of people in the family. When a family consists of 2 but is build to accommodate 10, it is sheer waste of resources.

If the house is located at a place which welcomes huge amount of pollution due to vehicles or industries, then it cannot be called as green home. The house should be established in an area away from the traffic and noise in a serene place surrounded by trees and natural elements.

Such houses are a rare site but it is an effective method to conserve energy and the depleting natural resources.

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Ways of advertising your property

In order to get the best deals on your property it is important to advertise in a way that attracts the most and best customers to choose from. The most contemporary way of marketing is carried out online. As more and more people are getting internet savvy, online real estate sites are becoming favourable. It is the easiest form of looking at a property and saves a lot of time. These sites offer a detailed report on the area, pricing, pictures, location, contact numbers, etc.

The more seasoned form of advertising is newspaper advertising. When giving ads in paper or online one must know that just one advertisement might not work. You will have to re-publish the add after a while. When it is online, delete your content and again post it so that it again takes the position of fresh arrivals and thus enhancing the number of clicks. The reader may not read the article on a particular day hence it is important to publish it again to increase the chances of readability.

If you do not have the time to propagate yourself, contact a real estate broker who will do all the exploration for you and get a buyer suiting your needs. This form is expensive as the broker can demand a share of the deal.

Apart from newspapers the ad can be printed in a magazine or distributed with the help of flyers. The ads can be printed in magazines related to real estate but readership of such magazines is limited hence it can also be printed in a general magazine.

If one does not wish to attract too many buyers, word of mouth is an effective technique. In this method the message only reaches some people who are related to your neighbours, friends or family and the procedures are closely knit.

Any of these methods or more can be applied depending on your essentials.

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Loan Modification

When banks provide home loans, one opts for the loan plan that gives more money but at low interest rate. The loan procedures are designed formerly by the bank and the borrower just selects from the multiple options. People are not aware that the loan plan can be modified according to your requirement.

One can avail better bargains over the terms and conditions of the loans. How should one pay? when can one pay back?, can be decided before signing the papers. A person with good credit history gets fast loan approval.

Modification can be carried out if one can prove that they are in crisis. Late payment on mortgages, proof of wages, etc act as proof of a catastrophe and on the basis of this the loan application is modified or the dates can be extended.

Modification can lead to lowering of monthly payment, increase in the tenure for foreclosures, decrease in the rate of interest and extension in the date of submission.

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Is auctioning a safe option?

Auctioning is a process where several people bid on a particular good or service and the highest bidder can take away the item. Real estate auctioning is carried out to acquire a quick owner. Bidding can be initiated by a trust to gather some funds. When a property goes to trust, the trust can use it the way they want and to sell it seems like a valuable option hence the process of bidding is commenced.

The pros of bidding are that a property can be procured within a short interval of time. Within a day you see the property and process the transactions. Also if the percentage of bidders is less the property can be procured at lower value than the market price. Thus it is also a good investment option.

The cons of auctioning is that one has to pay some amount of deposit after the procedure to grab hold of the property. Rest of the payment has to be effectuated within a stipulated amount of time. If one is unable to do so he/she may not only lose the property but also the down payment.

One needs to have their finances in place and before going for the auction some amount of money should be available for the down payment. Also take a tour of the property before investing. You may find out the drawbacks after paying the amount. Hence check for any flaws formerly.

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Double Closing

Real estate is an investment option that can help double your money within a short span of time. Though one requires huge amount of funds to begin a real estate transaction, once the money is invested at the right place, the returns could be bountiful.

Closing is when the deal is finalized and the title is transferred to the buyer from the seller. A double closing occurs when there is third party involved in the transaction who benefits from the process. When a person purchases a plot and finds that another buyer is ready to buy it at an appraised value, then the first buyer would be willing to sell the property to the second buyer with enormous profit margin. Simultaneous closing is effectuated where the middleman buys the property and sells it at the same time.

Double closing is also done when the buyer or seller do not wish to reveal their identity. The buyer and seller never come in contact with each other instead an investor (middleman) helps in the transactions and completes the legal formalities.

The catch here is that the buyer and seller may find out about the double closing if the contract is read accurately and that may stop them for signing it. When the seller finds out that someone is willing to pay more for his/her property then why would he/she sign. And if the buyer finds out that the property is available at lower costs, then why would he/she pay more? Double closing thus needs a lot of skill, knowledge and luck.

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Short sale before foreclosure

Short sale is when the amount of a real estate is depreciated by negotiation or is sold by a financially crippled seller. During times of financial crisis one has to let go their property in order to pay the debt and cover the losses. In such a circumstance immediate barter becomes a requirement hence the price is reduced to gain quick buyers.

This kind of bargain can be termed beneficial for both the seller and buyer. The buyer benefits if an esteemed property is available at low price and the seller benefits because he/she can pay away the debts.

In order to negotiate, the buyer can do some research on similar properties and in neighboring areas to find out its worth. If the buyer finds that the property is over priced, he/she can show some comparisons to the seller and lower the price.

The whole procedure can take a long time to effectuate and can turn out to be risky if the seller does not keep the buyer informed. Hence the buyer should ask for proofs of the financial documents like the bank papers pertaining to the property before making a decision.

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The rules of down payment

Down payment is some amount of money provided to the seller before buying a property to guarantee your commitment towards the property. A part of the property price has to be paid from your own pocket after which one can take a home loan or personal loan.

Down payment varies depending on the investment plan or the sellers demands. Heavy down payment may reduce the interest rates while interest rates soar on minimal down payment.

The down payment you pay also affects your ability to qualify for a loan. Banks provide loans depending on your capacity to fulfill the down payment needs and a fixed monthly income. If one is unable to pay the down payment then the loan application may get rejected.

Make sure that the loan programme allows you pay a particular amount of down payment. The loan is designed in accordance with the down payment. Hence decide on a loan provider before finalizing a property and paying the down payment.

If one is unable to pay the down payment themselves then there are other ways to retrieve it. For example one can get money by surrendering some assets like a life insurance policy, shares, etc.

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Chain of title and Insurance

A property may be transferred from one hand to other and in the whole transaction the property goes through many alterations. The registrar office maintains the records of these transfers and it is known as chain of title. A document that gives the history of ownership of land along with the current owner is known as chain of title.

It is important to maintain a record of land transactions so that all the legalities can be met with. A system known as Torrens title system is used for this purpose that helps in tracking the past and present ownership.

Since the property switches hands several times it can get dilapidated or internally damaged. The damages may be foreseen by the new owner but he/she may have to face the brunt of repairing the damages. To avoid this situation the concept of title insurance was introduced. Insurance of buildings was made mandatory in 2001 but not everybody follows this rule.

Getting insurance on chain of title can be quite beneficial. An insured property increases the confidence of a new buyer and can also aggrandize the bank formalities as an insured property seems more dependable. Insurance can increase the cost attached with the property but it ensures that the owner is investing in a secured estate.

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Concept of Land Trust

A piece of land that has limited access to the public comes under the land trust. Land that needs conservation is under the ownership of the government or private party so that the resources are not hampered. Usually land used for agricultural purposes or wild-life conservation are owned in this manner. Land trust is either under a non-profit organization or one party holds its ownership for the benefits of another.

For the administration of the land monetary assistance is provided by the government with the help of grants or donations. The taxes attributed with these lands are lowered as it is not for commercial use.

A way of donating for these lands is through bargain sale. In a bargain sale the landowner sells the property to an organization at a lower rate than its actual worth. The remaining amount is considered a donation to the organization. Hence the donation may not be in tangible form but the organization saves money on its investments.

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A promissory note

A promissory note is issued in writing by the borrower stating that he/she will repay the money within a specific time and with certain amount of interest. Promissory notes are usually drafted for small amounts as it has some restrictions. In case of a real estate loan, a lien or mortgage is much preferred over promissory note.

The note includes the amount that needs to be repaid, the date of sanctioning and the last date of submission, names of the lender and borrower, reason for taking the loan, the rate of interest, terms of the loan, clauses leading to late payment, etc.

The promissory note is a part of negotiable instruments act of 1881 as the amount or time for the payment is negotiable depending on the promisor and promise. An unsecured money market instrument issued in the form of a promissory note is called Commercial paper. This was introduced in the year 1990 with a view to enabling highly rated corporate borrowers/ to diversify their sources of short-term borrowings and to provide an additional instrument to investors.

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Home Registration

The registration process in India can be exasperating as it takes immense amount of time and money. Depending on the time availability between the buyer and seller, a time is affixed with the registrar. Registration formalities take place in the sub registrar’s office.

Registration of home or land is carried out to ascertain the property rights to the owner. Once the house is registered under a particular name, that person becomes the owner of the house. It is thus important to carry out these formalities in presence of an advocate and solve all the legal issues pertaining to land registration.

The property location, legal ownership document, date of purchase of the title, property transfer and inheritance issues, if transferred the legal authority of the transferee, clearance certificate from urban land ceilings authorities, payment of all dues like property taxes, electricity and water bills and any previous alterations in the property registration are the points that require careful scanning. All the documentation and negotiation procedures cannot be met with without the presence of a lawyer.

Home Registration ensures that the right person gets hold of the property and is the sole owner of the land.

(ref.www.indiahousing.com)

Tenancy for years

Tenancy for years

Tenancy for years is allotment of tenancy for a fixed amount of time hence it is also known as fixed term tenancy. This fixed term can range from a few days to a few years though the term ‘tenancy for years’ seems like it lasts for years but the period varies.

Termination can be effectuated by mutual agreement between the landlord and the tenant or it can be terminated by the landlord due to breach of contract or it lasts until the occurrence of an event.

The mutual agreement is signed when the landlord needs to acquire the property or the tenant needs to shift. A notice is issued post which the tenant needs to vacate the place. This kind of agreement is known as ‘surrender of the lease.’ Breach of contract like failure to pay rent or using the property for illegal activities can lead to termination by the landlord.

Tenancy for years can terminate after a specified event. For example if the contract says ‘until the crop harvests’, the agreement automatically terminates after the event has occurred. It can be further extended depending on the requirement of the tenant and landlord.

The fixed term tenancy comes to the rescue of the landlord as it assures that he/she gets their monthly due on time. Even if the tenant leaves the property without mutual consent the landlord has the right to claim rent payments until the agreement expires.

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