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What is a Quick Sale in Real Estate?
Keeping all of the different agreements and contracts present in the world of real estate straight can be tough, especially since so many of them seem to do similar things as other already existing contracts. A real estate license agreement is used by a land owner who is looking to license a piece of land to another party for use. Such examples would be a university licensing a piece of land to a company to build retail space on or to a company to rent out a retail space for a set period of time. A university could also use a license agreement to rent out land or buildings to a fraternity or any other outside party. Let's break down one of these real estate license agreements and see how they work.
Compared to other real estate forms and agreements, a real estate license agreement usually runs about ten pages and is considered a fairly lengthy legal document. Just like most contracts, a real estate license agreement starts by defining the parties involved in the legal agreement and the address of the property that is being licensed. This section will be followed by several "Whereas" definitions that lay out who owns what, who is in what position relative to each other and any other legal jargon that needs to be ironed out for the rest of the contract to make sense.
In the next section, the group that is giving the license will outline everything they expect from the lessee in terms of what they can do with the property, how they can use it, what the limitations are and what happens if they violate the terms of the lease. While we are dealing with real estate license agreements, you may come across similar agreements if you're a sports fan looking to buy season tickets as many sports teams now use personal seat licenses, or licenses for suite rentals at arenas and stadiums.
The rules sections of most real estate license agreements start by defining the term of the lease then move on to officially declaring that the current lease holder is giving control of the property to the lessee. The following sections tend to be lengthy and are very important to the meat of the contract. The renting party will spell out all of the rules and regulations you must abide by during your license agreement. Most of them are common sense, but some companies have been famous for inserting unreasonable clauses into the rules section which, if signed, are legally binding.
The next part of the contract talks about any responsibilities the outside party has in the way of repairs and maintenance, while the following section will talk about the rights the owning party has when it comes to visiting the property and inspecting it.
Every real estate license agreement has a clause or two about new additions or changes the renting party can make on the property, as well.
As you can see, the average real estate license agreement can be a bit complicated, so if you aren't familiar with how they work, get some advice before you put your pen to paper.
The Origins of the Six Percent Real Estate Agent Commission
Real estates have different laws and terminologies. One of which is a quick sale. This is the most commonly used term in this field of business. Better understanding of what a quick sale is quite important. As a businessman, you can determine how to make a huge amount of profit if you have enough knowledge about the more common real estate terms. For debtors on the other hand, there are some benefits that they could get from knowing this information as well.
There are quite a number of things that you need to know before you get yourself fully engaged into this kind of business. Some of these things would include the benefits both to debtors and businessmen, function of a short sale, the whole process and its effects.
To start with, a quick sale is a form of a business deal which involves buying a property for a price lower than its normal value. This normally happens when the mortgage loan could not be paid by the borrower, or home owner. After a couple of months that the debtor failed to pay for the loan, the lender decides to sell the property for a lower price, rather than putting too much pressure on the borrower.
The whole quick sale process starts when both parties agree to sell the unpaid property for an amount relatively lower than the outstanding balance. Since this involves a huge amount, real estate lawyers for both parties should be present. By doing this process, it guarantees both the borrower and lender that the whole process will be taken care off legally. This is an added insurance that no one gets ripped off and that these two parties will equally benefit from it.
The debtor should sign a consent form saying that he/she agrees to the short sale agreement. The bank will also sign another consent form to if the institution agreed to the price offered. The bank has the power to object to the amount offered. There are instances that the buyer has to wait for the bank's decision - it may range from two days up to five months.
Once everything is settled, including the legal papers, the property will not undergo foreclosure, thus, less bank fees and other expenses will be spared. Borrowers on the other hand will benefit since having a poor credit score can be avoided.
With regard to business, most people take the advantage of a quick sale to earn huge profits. Say for instance, there is a property with an outstanding balance of $300,000. You and the lender can agree to pay the remaining balance at $250,000. After which, the businessman is not obliged to pay for the remaining $50,000.
Since you have agreed to pay for a lump amount, the bank agrees that the debt has already been paid. After which, they grab this great opportunity to sell the property for a higher price.
Understanding the process will help in creating profits. You just have to understand the process better and seek the help of experts for your better appreciation of the whole picture.
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