Let's Talk About Real Estate

What comes to your mind when you hear the word 'Real Estate'? Sometimes people associate the term with either owning an estate, or they consider it as something that is not within their reach.

Real Estate largely revolves around landed properties and buildings. it is the interest a person has in a land property. There are different types of Real Estate and they include: Residential, Commercial, Industrial, and Agricultural.

We may have come across some real estate terms used to describe professionals involved in real estate, either directly or in passing. Some of them may include: Real Estate Agents: When it comes to property transactions, these professionals assist clients to either buy or sell.

Property Managers: For every property purchased, there must be maintenance and operation of properties. These professionals ensure a smooth operation and maintenance of properties.

Developers: Developers are in charge of building and renovating properties, either for sale or for lease. They work with architects each step of the way.

Appraisers: When it comes to Real Estate, one must keep in mind that it can either be valued or devalued depending on the degree of environmental degradation. It is the duty of an appraiser to determine the value of properties for sale, insurance, or tax purposes.

Real Estate Brokers: These professionals oversee property transactions, and they also manage real estate agents.

Now let's delve into Real Estate Transactions.

Real Estate Transactions is basically the buying, selling, leasing, or renting of properties. The entire process of a real estate transaction can either be easy or complex, both of which depends on the professionals that one gets involved.

Keep in mind that there are different steps involved in a real estate transaction. Some of these non-negotiable steps include:

Property Listing: The availability of rental, lease, or sales properties, is called property listing. It is simply the properties listed for acquisition, rentals, or lease.

Offer and Acceptance: The next step after going through a property listing, is to make an offer to whoever is selling, to either rent, buy, or even rent to own. The seller may choose to accept or decline an offer, depending on the negotiations.

Inspection: After an offer is accepted, what comes next is the inspection of the property involved. Note that at this juncture, due diligence must be put in place. From inspection, to reviewing of relevant documents, to crossing all t's and dotting all i's.

Closing: This is the final step in transaction, and yes, a lawyer must be involved to be on a safe side.

Finally, when it comes to Real Estate, one must be well informed before delving into it. The question is, is it worth it? The obvious answer would be, yes!